Envestnet Asset Management Inc. Has $2.81 Million Stock Holdings in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Envestnet Asset Management Inc. grew its stake in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) by 66.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 82,558 shares of the company's stock after purchasing an additional 32,966 shares during the period. Envestnet Asset Management Inc. owned about 0.09% of DigitalOcean worth $2,813,000 as of its most recent SEC filing.

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

Insider Buying and Selling

In related news, insider Bratin Saha sold 3,948 shares of the stock in a transaction that occurred 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 in the company, valued at $13,139,034.48. This represents a 1.09 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.74% of the stock is owned by insiders.

DigitalOcean Stock Up 2.8 %

Shares of DigitalOcean stock opened at $30.79 on Friday. DigitalOcean Holdings, Inc. has a 12-month low of $25.45 and a 12-month high of $47.02. The stock has a 50 day moving average price of $34.42 and a two-hundred day moving average price of $37.51. The stock has a market capitalization of $2.83 billion, a P/E ratio of 36.22, a PEG ratio of 3.12 and a beta of 1.87.

Wall Street Analysts Forecast Growth

DOCN has been the subject of several recent analyst reports. UBS Group raised their target price on DigitalOcean from $39.00 to $44.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 26th. JPMorgan Chase & Co. lifted their target price on DigitalOcean from $40.00 to $45.00 and gave the company a "neutral" rating in a research note on Wednesday, February 26th. JMP Securities increased their price target on shares of DigitalOcean from $47.00 to $55.00 and gave the stock a "market outperform" rating in a research report on Monday, January 27th. Barclays lowered their price objective on shares of DigitalOcean from $48.00 to $38.00 and set an "overweight" rating on the stock in a research report on Monday, April 21st. Finally, The Goldman Sachs Group reiterated a "buy" rating on shares of DigitalOcean in a research report on Saturday, March 1st. One 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.com, the stock has a consensus rating of "Hold" and an average target price of $41.27.

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).

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