Norges Bank Acquires Shares of 433,576 DigitalOcean Holdings, Inc. (NYSE:DOCN)

Norges Bank bought a new stake in DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 433,576 shares of the company's stock, valued at approximately $14,772,000. Norges Bank owned about 0.47% of DigitalOcean at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new position in DigitalOcean in the fourth quarter valued at $5,382,000. Bank of New York Mellon Corp lifted its holdings in shares of DigitalOcean by 19.7% during the 4th quarter. Bank of New York Mellon Corp now owns 791,861 shares of the company's stock worth $26,979,000 after acquiring an additional 130,263 shares during the period. Sei Investments Co. boosted its position in shares of DigitalOcean by 274.5% in the fourth quarter. Sei Investments Co. now owns 176,813 shares of the company's stock worth $6,024,000 after acquiring an additional 129,595 shares during the last quarter. Principal Financial Group Inc. grew its holdings 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 purchasing an additional 122,651 shares during the period. Finally, Vanguard Group Inc. increased its position in DigitalOcean by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 8,434,555 shares of the company's stock worth $287,365,000 after purchasing an additional 117,133 shares during the last quarter. 49.77% of the stock is currently owned by hedge funds and other institutional investors.

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Insider Activity

In other news, insider Bratin Saha sold 4,289 shares of the stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $36.80, for a total transaction of $157,835.20. Following the completion of the transaction, the insider now directly owns 372,762 shares in the company, valued at approximately $13,717,641.60. This represents a 1.14 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.74% of the company's stock.

DigitalOcean Price Performance

DOCN traded down $0.66 during trading hours on Friday, reaching $27.56. 1,496,729 shares of the stock traded hands, compared to its average volume of 1,290,493. DigitalOcean Holdings, Inc. has a fifty-two week low of $25.45 and a fifty-two week high of $47.02. The company has a market cap of $2.54 billion, a price-to-earnings ratio of 32.42, a PEG ratio of 3.12 and a beta of 1.87. The firm's fifty day simple moving average is $37.81 and its two-hundred day simple moving average is $38.38.

Analysts Set New Price Targets

Several analysts have recently issued reports on DOCN shares. Canaccord Genuity Group lowered their price objective on shares of DigitalOcean from $50.00 to $45.00 and set a "buy" rating for the company in a research note on Monday, April 7th. Morgan Stanley upgraded DigitalOcean from an "equal weight" rating to an "overweight" rating and lifted their target price for the company from $40.00 to $41.00 in a report on Thursday, January 16th. JMP Securities upped their price target on DigitalOcean from $47.00 to $55.00 and gave the stock a "market outperform" rating in a research note on Monday, January 27th. Needham & Company LLC reaffirmed a "hold" rating on shares of DigitalOcean in a research note on Monday, April 7th. Finally, UBS Group increased their target price on shares of DigitalOcean from $39.00 to $44.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 26th. 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. Based on data from MarketBeat, DigitalOcean presently has an average rating of "Hold" and an average price target of $42.18.

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).