Arrowstreet Capital Limited Partnership Boosts Stake in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Arrowstreet Capital Limited Partnership boosted its position in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) by 6.7% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,231,125 shares of the company's stock after purchasing an additional 77,145 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 1.33% of DigitalOcean worth $41,944,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of DOCN. Harbor Investment Advisory LLC lifted its position in shares of DigitalOcean by 380.0% in the 4th quarter. Harbor Investment Advisory LLC now owns 720 shares of the company's stock worth $25,000 after purchasing an additional 570 shares during the period. JTC Employer Solutions Trustee Ltd bought a new position in DigitalOcean in the fourth quarter worth approximately $45,000. SBI Securities Co. Ltd. purchased a new stake in DigitalOcean during the fourth quarter worth $66,000. KBC Group NV increased its holdings in shares of DigitalOcean by 37.6% in the 4th quarter. KBC Group NV now owns 2,884 shares of the company's stock valued at $98,000 after acquiring an additional 788 shares during the period. Finally, New Age Alpha Advisors LLC purchased a new position in shares of DigitalOcean in the 4th quarter valued at $115,000. 49.77% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have issued reports on DOCN. Citigroup started coverage on DigitalOcean in a research note on Friday, January 24th. They issued a "buy" rating and a $45.00 target price on the stock. Needham & Company LLC reiterated a "hold" rating on shares of DigitalOcean in a research note on Wednesday, February 26th. Canaccord Genuity Group raised their target price on shares of DigitalOcean from $48.00 to $50.00 and gave the company a "buy" rating in a research note on Wednesday, February 26th. Cantor Fitzgerald upped their price target on DigitalOcean from $39.00 to $43.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 26th. Finally, JPMorgan Chase & Co. raised their price objective on DigitalOcean from $40.00 to $45.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 26th. One research analyst has rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $43.27.

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Insider Activity at DigitalOcean

In related news, insider Bratin Saha sold 4,289 shares of DigitalOcean stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $36.80, for a total transaction of $157,835.20. Following the completion of the transaction, the insider now directly owns 372,762 shares in the company, valued at approximately $13,717,641.60. This trade represents a 1.14 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.74% of the stock is currently owned by insiders.

DigitalOcean Trading Down 8.3 %

NYSE DOCN traded down $2.59 on Friday, hitting $28.64. 3,024,909 shares of the company's stock traded hands, compared to its average volume of 1,254,801. The firm's 50-day moving average price is $39.86 and its two-hundred day moving average price is $39.11. The firm has a market capitalization of $2.64 billion, a PE ratio of 33.69, a P/E/G ratio of 3.12 and a beta of 1.80. DigitalOcean Holdings, Inc. has a 1-year low of $26.63 and a 1-year high of $47.02.

DigitalOcean Company 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).