Allspring Global Investments Holdings LLC Raises Holdings in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Allspring Global Investments Holdings LLC grew its stake in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) by 29.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 96,306 shares of the company's stock after acquiring an additional 22,100 shares during the period. Allspring Global Investments Holdings LLC owned about 0.10% of DigitalOcean worth $3,284,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in DOCN. Harbor Investment Advisory LLC boosted its position in DigitalOcean by 380.0% during the 4th quarter. Harbor Investment Advisory LLC now owns 720 shares of the company's stock worth $25,000 after acquiring an additional 570 shares during the period. Farther Finance Advisors LLC bought a new stake in shares of DigitalOcean in the 3rd quarter worth about $30,000. Advisors Asset Management Inc. lifted its position in DigitalOcean by 150.4% during the 3rd quarter. Advisors Asset Management Inc. now owns 974 shares of the company's stock worth $39,000 after buying an additional 585 shares in the last quarter. JTC Employer Solutions Trustee Ltd bought a new position in DigitalOcean in the fourth quarter valued at about $45,000. Finally, Blue Trust Inc. raised its position in shares of DigitalOcean by 380.6% during the 3rd quarter. Blue Trust Inc. now owns 1,211 shares of the company's stock valued at $49,000 after acquiring an additional 959 shares during the last quarter. 49.77% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

DOCN has been the subject of a number of recent research reports. Needham & Company LLC reaffirmed a "hold" rating on shares of DigitalOcean in a research report on Tuesday, November 5th. Stifel Nicolaus increased their price target on shares of DigitalOcean from $35.00 to $40.00 and gave the stock a "hold" rating in a research report on Wednesday, December 18th. JMP Securities lifted their target price on DigitalOcean from $47.00 to $55.00 and gave the stock a "market outperform" rating in a report on Monday, January 27th. Cantor Fitzgerald started coverage on DigitalOcean in a research note on Friday, January 17th. They set a "neutral" rating and a $39.00 price target on the stock. Finally, Citigroup started coverage on shares of DigitalOcean in a research note on Friday, January 24th. They issued a "buy" rating and a $45.00 price objective for the company. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat.com, DigitalOcean currently has a consensus rating of "Moderate Buy" and a consensus target price of $42.73.

DigitalOcean Stock Down 8.6 %

DOCN stock traded down $3.70 during midday trading on Friday, hitting $39.35. The company's stock had a trading volume of 1,844,670 shares, compared to its average volume of 1,130,742. The company has a 50 day moving average of $38.63 and a two-hundred day moving average of $38.75. DigitalOcean Holdings, Inc. has a 12 month low of $26.63 and a 12 month high of $47.02. The firm has a market capitalization of $3.63 billion, a price-to-earnings ratio of 46.29, a price-to-earnings-growth ratio of 3.21 and a beta of 1.81.

Insider Activity

In other news, insider Bratin Saha sold 4,289 shares of the business's stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $36.80, for a total value of $157,835.20. Following the completion of the transaction, the insider now directly owns 372,762 shares of the company's stock, valued at approximately $13,717,641.60. The trade was a 1.14 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Matt Steinfort sold 12,498 shares of the company's stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $40.00, for a total value of $499,920.00. Following the transaction, the chief financial officer now directly owns 517,498 shares in the company, valued at approximately $20,699,920. The trade was a 2.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 20,255 shares of company stock worth $790,163. 0.74% of the stock is currently owned by corporate insiders.

About DigitalOcean

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).