Grandeur Peak Global Advisors LLC Has $8.87 Million Stock Holdings in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Grandeur Peak Global Advisors LLC reduced its position in DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) by 28.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 260,432 shares of the company's stock after selling 103,949 shares during the period. Grandeur Peak Global Advisors LLC owned about 0.28% of DigitalOcean worth $8,873,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Harbor Investment Advisory LLC raised its stake in DigitalOcean by 380.0% during the 4th quarter. Harbor Investment Advisory LLC now owns 720 shares of the company's stock valued at $25,000 after purchasing an additional 570 shares during the period. JTC Employer Solutions Trustee Ltd acquired a new stake in DigitalOcean during the 4th quarter worth about $45,000. SBI Securities Co. Ltd. purchased a new position in DigitalOcean during the 4th quarter valued at about $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 purchasing an additional 788 shares during the period. Finally, New Age Alpha Advisors LLC acquired a new position in shares of DigitalOcean in the 4th quarter valued at about $115,000. Hedge funds and other institutional investors own 49.77% of the company's stock.

Wall Street Analysts Forecast Growth

DOCN has been the topic of a number of research analyst reports. JMP Securities boosted their price objective on shares of DigitalOcean from $47.00 to $55.00 and gave the company a "market outperform" rating in a research report on Monday, January 27th. Canaccord Genuity Group dropped their price target on shares of DigitalOcean from $50.00 to $45.00 and set a "buy" rating on the stock in a research note on Monday, April 7th. Citigroup assumed coverage on DigitalOcean in a research report on Friday, January 24th. They issued a "buy" rating and a $45.00 target price on the stock. Stifel Nicolaus reduced their price target on DigitalOcean from $40.00 to $33.00 and set a "hold" rating for the company in a report on Monday, April 7th. Finally, JPMorgan Chase & Co. increased their price objective on DigitalOcean from $40.00 to $45.00 and gave the stock a "neutral" rating in a report on Wednesday, February 26th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, DigitalOcean presently has a consensus rating of "Hold" and an average target price of $42.18.

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DigitalOcean Price Performance

Shares of NYSE DOCN traded up $0.53 during trading hours on Tuesday, hitting $28.12. 1,102,614 shares of the stock were exchanged, compared to its average volume of 1,295,381. DigitalOcean Holdings, Inc. has a one year low of $25.45 and a one year high of $47.02. The company's 50 day moving average is $37.50 and its 200 day moving average is $38.26. The firm has a market capitalization of $2.59 billion, a P/E ratio of 33.08, a P/E/G ratio of 3.12 and a beta of 1.87.

Insiders Place Their Bets

In other DigitalOcean 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 value of $157,835.20. Following the transaction, the insider now directly owns 372,762 shares of the company's stock, valued at $13,717,641.60. The trade was a 1.14 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.74% of the company's stock.

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).