Bank of New York Mellon Corp Acquires 130,263 Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN)

Bank of New York Mellon Corp increased its position in DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) by 19.7% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 791,861 shares of the company's stock after buying an additional 130,263 shares during the period. Bank of New York Mellon Corp owned 0.86% of DigitalOcean worth $26,979,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in DOCN. Harbor Investment Advisory LLC increased its stake in shares of 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 purchasing an additional 570 shares during the last quarter. Farther Finance Advisors LLC bought a new stake in DigitalOcean in the third quarter worth $30,000. Advisors Asset Management Inc. increased its position in DigitalOcean by 150.4% during the third quarter. Advisors Asset Management Inc. now owns 974 shares of the company's stock worth $39,000 after buying an additional 585 shares during the last quarter. JTC Employer Solutions Trustee Ltd bought a new position in DigitalOcean during the fourth quarter valued at about $45,000. Finally, Nisa Investment Advisors LLC lifted its position in shares of DigitalOcean by 56.4% in the third quarter. Nisa Investment Advisors LLC now owns 1,340 shares of the company's stock worth $54,000 after buying an additional 483 shares during the last quarter. Institutional investors own 49.77% of the company's stock.

DigitalOcean Stock Performance

Shares of DOCN traded down $1.12 during trading hours on Tuesday, reaching $35.83. 134,213 shares of the company traded hands, compared to its average volume of 1,308,582. The stock's fifty day moving average is $39.71 and its 200 day moving average is $39.38. DigitalOcean Holdings, Inc. has a 1-year low of $26.63 and a 1-year high of $47.02. The stock has a market cap of $3.30 billion, a P/E ratio of 42.44, a price-to-earnings-growth ratio of 3.12 and a beta of 1.80.

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Analyst Ratings Changes

A number of research analysts have recently commented on the company. JPMorgan Chase & Co. increased their price objective on DigitalOcean from $40.00 to $45.00 and gave the company a "neutral" rating in a report on Wednesday, February 26th. Bank of America increased their price target on DigitalOcean from $28.00 to $31.00 and gave the company an "underperform" rating in a report on Wednesday, February 26th. Cantor Fitzgerald lifted their price target on shares of DigitalOcean from $39.00 to $43.00 and gave the company a "neutral" rating in a research report on Wednesday, February 26th. Citigroup started coverage on shares of DigitalOcean in a research note on Friday, January 24th. They issued a "buy" rating and a $45.00 target price on the stock. Finally, Stifel Nicolaus lifted their target price on shares of DigitalOcean from $35.00 to $40.00 and gave the stock a "hold" rating in a report on Wednesday, December 18th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $43.27.

Insider Activity at DigitalOcean

In other news, insider Bratin Saha sold 3,468 shares of DigitalOcean stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $38.18, for a total transaction of $132,408.24. Following the sale, the insider now owns 379,795 shares of the company's stock, valued at approximately $14,500,573.10. This trade represents a 0.90 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.74% of the company's stock.

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).