Mirae Asset Global Investments Co. Ltd. Reduces Holdings in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Mirae Asset Global Investments Co. Ltd. cut its holdings in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) by 46.0% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 12,064 shares of the company's stock after selling 10,273 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in DigitalOcean were worth $421,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Geode Capital Management LLC boosted its stake in DigitalOcean by 7.9% in the third quarter. Geode Capital Management LLC now owns 1,464,333 shares of the company's stock valued at $59,156,000 after acquiring an additional 106,636 shares in the last quarter. Jacobs Levy Equity Management Inc. boosted its stake in DigitalOcean by 32.8% in the third quarter. Jacobs Levy Equity Management Inc. now owns 1,397,588 shares of the company's stock valued at $56,449,000 after acquiring an additional 345,119 shares in the last quarter. Principal Financial Group Inc. boosted its stake in DigitalOcean by 10.4% in the third quarter. Principal Financial Group Inc. now owns 1,301,499 shares of the company's stock valued at $52,568,000 after acquiring an additional 122,651 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in DigitalOcean by 14.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 565,763 shares of the company's stock valued at $22,851,000 after acquiring an additional 70,700 shares in the last quarter. Finally, Nordea Investment Management AB raised its holdings in shares of DigitalOcean by 4.5% in the fourth quarter. Nordea Investment Management AB now owns 267,244 shares of the company's stock worth $9,196,000 after buying an additional 11,481 shares during the last quarter. 49.77% of the stock is currently owned by institutional investors.

Insider Buying and Selling at DigitalOcean

In other DigitalOcean news, insider Bratin Saha sold 16,989 shares of DigitalOcean stock in a transaction on Monday, November 18th. The shares were sold at an average price of $36.85, for a total value of $626,044.65. Following the completion of the transaction, the insider now owns 390,296 shares of the company's stock, valued at approximately $14,382,407.60. The trade was a 4.17 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Matt Steinfort sold 12,498 shares of DigitalOcean stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $40.00, for a total transaction of $499,920.00. Following the completion of the sale, the chief financial officer now owns 517,498 shares in the company, valued at approximately $20,699,920. This trade represents a 2.36 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 37,244 shares of company stock valued at $1,416,208. Corporate insiders own 0.74% of the company's stock.

Analysts Set New Price Targets

A number of research firms have issued reports on DOCN. Citigroup began coverage on shares of DigitalOcean in a report on Friday, January 24th. They issued a "buy" rating and a $45.00 price target for the company. Cantor Fitzgerald began coverage on shares of DigitalOcean in a report on Friday, January 17th. They issued a "neutral" rating and a $39.00 price target for the company. Stifel Nicolaus raised their price target on shares of DigitalOcean from $35.00 to $40.00 and gave the stock a "hold" rating in a report on Wednesday, December 18th. JMP Securities raised their price target on shares of DigitalOcean from $47.00 to $55.00 and gave the stock a "market outperform" rating in a report on Monday, January 27th. Finally, JPMorgan Chase & Co. raised their price target on shares of DigitalOcean from $32.00 to $40.00 and gave the stock a "neutral" rating in a report on Friday, October 25th. Six analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to MarketBeat, DigitalOcean currently has an average rating of "Moderate Buy" and an average price target of $42.73.

DigitalOcean Stock Performance

Shares of DigitalOcean stock traded down $1.32 during trading on Friday, hitting $44.52. 885,841 shares of the company's stock were exchanged, compared to its average volume of 1,145,288. The business has a 50-day simple moving average of $38.17 and a 200-day simple moving average of $38.46. DigitalOcean Holdings, Inc. has a 52-week low of $26.63 and a 52-week high of $46.46. The stock has a market capitalization of $4.11 billion, a price-to-earnings ratio of 52.38, a PEG ratio of 3.19 and a beta of 1.81.

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).