Raymond James Financial Inc. Makes New $2.97 Million Investment in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Raymond James Financial Inc. acquired a new position in DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 87,175 shares of the company's stock, valued at approximately $2,970,000. Raymond James Financial Inc. owned approximately 0.09% of DigitalOcean as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in DOCN. Harbor Investment Advisory LLC grew its holdings in shares of DigitalOcean by 380.0% in the fourth quarter. Harbor Investment Advisory LLC now owns 720 shares of the company's stock valued at $25,000 after acquiring an additional 570 shares in the last quarter. Advisors Asset Management Inc. boosted its position in DigitalOcean by 150.4% in the third quarter. Advisors Asset Management Inc. now owns 974 shares of the company's stock worth $39,000 after purchasing an additional 585 shares during the last quarter. JTC Employer Solutions Trustee Ltd purchased a new position in DigitalOcean in the fourth quarter worth $45,000. SBI Securities Co. Ltd. bought a new position in DigitalOcean in the 4th quarter valued at $66,000. Finally, FSA Wealth Management LLC purchased a new stake in shares of DigitalOcean during the 3rd quarter valued at $85,000. Hedge funds and other institutional investors own 49.77% of the company's stock.

Insider Activity

In related news, insider Bratin Saha sold 3,948 shares of DigitalOcean stock in a transaction on Tuesday, March 18th. The stock was sold at an average price of $36.63, for a total transaction of $144,615.24. Following the completion of the sale, the insider now owns 358,696 shares of the company's stock, valued at approximately $13,139,034.48. This trade represents a 1.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.74% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research firms recently weighed in on DOCN. Canaccord Genuity Group increased their price target on shares of DigitalOcean from $48.00 to $50.00 and gave the company a "buy" rating in a research report on Wednesday, February 26th. Bank of America increased their target price on shares of DigitalOcean from $28.00 to $31.00 and gave the company an "underperform" rating in a research report on Wednesday, February 26th. Needham & Company LLC reaffirmed a "hold" rating on shares of DigitalOcean in a report on Wednesday, February 26th. Citigroup initiated coverage on DigitalOcean in a research note on Friday, January 24th. They issued a "buy" rating and a $45.00 price objective on the stock. Finally, Stifel Nicolaus raised their target price on DigitalOcean from $35.00 to $40.00 and gave the stock a "hold" rating in a research report on Wednesday, December 18th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $43.27.

DigitalOcean Price Performance

DOCN stock traded up $1.39 during mid-day trading on Wednesday, reaching $35.18. 1,146,724 shares of the company traded hands, compared to its average volume of 1,243,680. The company has a fifty day moving average price of $40.01 and a 200-day moving average price of $39.16. DigitalOcean Holdings, Inc. has a 52-week low of $26.63 and a 52-week high of $47.02. The company has a market capitalization of $3.24 billion, a P/E ratio of 41.39, a P/E/G ratio of 3.12 and a beta of 1.80.

DigitalOcean Profile

DigitalOcean Holdings, Inc, through its subsidiaries, operates a cloud computing platform in North America, Europe, Asia, and internationally. The company's platform provides on-demand infrastructure and platform tools for developers, start-ups, and small and growing digital businesses. It also offers infrastructure-as-a-service (IaaS) solutions comprising compute and storage services, as well as networking projects, including Cloud Firewalls software, Managed Load Balancers software, and Virtual Private Cloud (VPC).