Intech Investment Management LLC Purchases 7,534 Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN)

Intech Investment Management LLC lifted its holdings in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) by 43.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 24,774 shares of the company's stock after acquiring an additional 7,534 shares during the quarter. Intech Investment Management LLC's holdings in DigitalOcean were worth $844,000 as of its most recent filing with the Securities & Exchange Commission.

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

Analysts Set New Price Targets

Several brokerages recently weighed in on DOCN. Cantor Fitzgerald upped their price target on DigitalOcean from $39.00 to $43.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 26th. Citigroup initiated coverage on shares of DigitalOcean in a research note on Friday, January 24th. They set a "buy" rating and a $45.00 price objective on the stock. JMP Securities lifted their target price on shares of DigitalOcean from $47.00 to $55.00 and gave the company a "market outperform" rating in a report on Monday, January 27th. Bank of America raised their price objective on DigitalOcean from $28.00 to $31.00 and gave the company an "underperform" rating in a research report on Wednesday, February 26th. Finally, Morgan Stanley raised DigitalOcean from an "equal weight" rating to an "overweight" rating and boosted their target price for the stock from $40.00 to $41.00 in a report on Thursday, January 16th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $43.27.

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DigitalOcean Trading Down 3.1 %

Shares of NYSE:DOCN traded down $1.13 during mid-day trading on Thursday, reaching $35.57. The stock had a trading volume of 864,998 shares, compared to its average volume of 1,207,578. The company has a market cap of $3.27 billion, a P/E ratio of 41.84, a price-to-earnings-growth ratio of 3.12 and a beta of 1.80. The business's 50 day moving average price is $40.23 and its 200 day moving average price is $39.34. DigitalOcean Holdings, Inc. has a 1 year low of $26.63 and a 1 year high of $47.02.

Insider Activity

In other DigitalOcean news, insider Bratin Saha sold 4,289 shares of the company's 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 sale, the insider now directly owns 372,762 shares in the company, valued at $13,717,641.60. This represents a 1.14 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 0.74% of the company's stock.

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).