KLP Kapitalforvaltning AS Makes New $429,000 Investment in DigitalOcean Holdings, Inc. (NYSE:DOCN)

KLP Kapitalforvaltning AS purchased a new stake in DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 12,600 shares of the company's stock, valued at approximately $429,000.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Knights of Columbus Asset Advisors LLC grew its stake in shares of DigitalOcean by 12.5% during the fourth quarter. Knights of Columbus Asset Advisors LLC now owns 54,946 shares of the company's stock valued at $1,872,000 after purchasing an additional 6,092 shares during the last quarter. Hillsdale Investment Management Inc. boosted its position in DigitalOcean by 0.4% in the 4th quarter. Hillsdale Investment Management Inc. now owns 84,500 shares of the company's stock valued at $2,879,000 after buying an additional 300 shares during the last quarter. Sei Investments Co. increased its stake in shares of DigitalOcean by 274.5% in the 4th quarter. Sei Investments Co. now owns 176,813 shares of the company's stock valued at $6,024,000 after buying an additional 129,595 shares during the period. Intech Investment Management LLC increased its stake in shares of DigitalOcean by 43.7% in the 4th quarter. Intech Investment Management LLC now owns 24,774 shares of the company's stock valued at $844,000 after buying an additional 7,534 shares during the period. Finally, Cibc World Markets Corp bought a new stake in shares of DigitalOcean during the fourth quarter worth $209,000. Institutional investors own 49.77% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on DOCN shares. Cantor Fitzgerald lifted their price objective on DigitalOcean from $39.00 to $43.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 26th. JPMorgan Chase & Co. lifted their price target on shares of DigitalOcean from $40.00 to $45.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 26th. JMP Securities increased their price objective 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. Morgan Stanley raised shares of DigitalOcean from an "equal weight" rating to an "overweight" rating and lifted their target price for the stock from $40.00 to $41.00 in a report on Thursday, January 16th. Finally, Needham & Company LLC reissued a "hold" rating on shares of DigitalOcean in a research note on Monday. One research 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 MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $42.18.

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Insider Activity at DigitalOcean

In related news, insider Bratin Saha sold 3,948 shares of the business's stock in a transaction on Tuesday, March 18th. The shares were sold at an average price of $36.63, for a total value of $144,615.24. Following the sale, the insider now directly owns 358,696 shares of the company's stock, valued at approximately $13,139,034.48. The trade was a 1.09 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.74% of the stock is owned by insiders.

DigitalOcean Stock Performance

NYSE:DOCN traded up $5.16 on Wednesday, reaching $31.07. The company's stock had a trading volume of 3,471,614 shares, compared to its average volume of 1,284,094. The firm has a market cap of $2.86 billion, a PE ratio of 36.55, a PEG ratio of 3.12 and a beta of 1.87. The business's 50-day moving average price is $38.32 and its two-hundred day moving average price is $38.56. DigitalOcean Holdings, Inc. has a 1-year low of $25.15 and a 1-year high of $47.02.

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).