Mitsubishi UFJ Asset Management Co. Ltd. cut its holdings in DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) by 52.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,012 shares of the company's stock after selling 14,400 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.'s holdings in DigitalOcean were worth $465,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. Harbor Investment Advisory LLC grew its holdings 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 buying an additional 570 shares during the last quarter. JTC Employer Solutions Trustee Ltd acquired a new stake in shares of DigitalOcean during the fourth quarter valued at $45,000. SBI Securities Co. Ltd. acquired a new stake in shares of DigitalOcean during the fourth quarter valued at $66,000. KBC Group NV increased 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, Sanctuary Advisors LLC purchased a new position in DigitalOcean in the 4th quarter valued at about $174,000. 49.77% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
DOCN has been the subject of a number of analyst reports. Needham & Company LLC reissued a "hold" rating on shares of DigitalOcean in a research report on Monday. Cantor Fitzgerald boosted their price target on DigitalOcean from $39.00 to $43.00 and gave the company a "neutral" rating in a report on Wednesday, February 26th. JMP Securities raised their price objective on DigitalOcean from $47.00 to $55.00 and gave the stock a "market outperform" rating in a report on Monday, January 27th. Bank of America lifted 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, Canaccord Genuity Group decreased their price target on DigitalOcean from $50.00 to $45.00 and set a "buy" rating on the stock in a research note on Monday. One investment analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, DigitalOcean has a consensus rating of "Hold" and a consensus target price of $42.18.
Read Our Latest Stock Report on DOCN
DigitalOcean Stock Performance
Shares of NYSE:DOCN traded down $0.52 during trading on Monday, reaching $28.14. 3,110,894 shares of the stock were exchanged, compared to its average volume of 1,265,857. The firm's 50-day moving average price is $39.39 and its 200 day moving average price is $38.90. The firm has a market cap of $2.59 billion, a price-to-earnings ratio of 33.10, a price-to-earnings-growth ratio of 3.12 and a beta of 1.87. DigitalOcean Holdings, Inc. has a 12-month low of $25.54 and a 12-month high of $47.02.
Insider Buying and Selling at DigitalOcean
In other news, insider Bratin Saha sold 4,289 shares of the company's stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $36.80, for a total value of $157,835.20. Following the completion of the sale, the insider now owns 372,762 shares of the company's stock, valued at $13,717,641.60. This represents a 1.14 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.74% of the stock is currently owned by corporate insiders.
DigitalOcean Profile
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Free Report)
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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