Renaissance Technologies LLC grew its holdings in DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) by 11.7% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 488,700 shares of the company's stock after buying an additional 51,000 shares during the period. Renaissance Technologies LLC owned 0.53% of DigitalOcean worth $16,650,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. 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. Geode Capital Management LLC increased its holdings in shares of DigitalOcean by 0.6% during the 4th quarter. Geode Capital Management LLC now owns 1,473,421 shares of the company's stock worth $50,211,000 after buying an additional 9,088 shares during the last quarter. Principal Financial Group Inc. raised its position in shares of DigitalOcean by 10.4% during the 3rd quarter. Principal Financial Group Inc. now owns 1,301,499 shares of the company's stock valued at $52,568,000 after buying an additional 122,651 shares during the period. Arrowstreet Capital Limited Partnership grew its position in DigitalOcean by 6.7% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,231,125 shares of the company's stock worth $41,944,000 after acquiring an additional 77,145 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in DigitalOcean by 19.7% during the fourth 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 last quarter. 49.77% of the stock is currently owned by institutional investors and hedge funds.
DigitalOcean Price Performance
Shares of DOCN traded down $0.50 during mid-day trading on Friday, reaching $27.36. The company's stock had a trading volume of 782,545 shares, compared to its average volume of 1,298,331. The company's 50 day moving average is $36.12 and its 200 day moving average is $37.95. The stock has a market cap of $2.52 billion, a PE ratio of 32.19, a price-to-earnings-growth ratio of 3.12 and a beta of 1.87. DigitalOcean Holdings, Inc. has a 12-month low of $25.45 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 on Tuesday, January 21st. The shares were sold at an average price of $36.80, for a total value of $157,835.20. Following the completion of the transaction, the insider now owns 372,762 shares in the company, valued at approximately $13,717,641.60. This represents a 1.14 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.74% of the stock is currently owned by insiders.
Wall Street Analyst Weigh In
DOCN has been the topic of several 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 report on Monday, January 27th. Bank of America lifted their target price on shares of DigitalOcean from $28.00 to $31.00 and gave the company an "underperform" rating in a report on Wednesday, February 26th. Citigroup began coverage on DigitalOcean in a research report on Friday, January 24th. They set a "buy" rating and a $45.00 price target for the company. Canaccord Genuity Group decreased their target price on DigitalOcean from $50.00 to $45.00 and set a "buy" rating on the stock in a research note on Monday, April 7th. Finally, Stifel Nicolaus dropped their target price on DigitalOcean from $40.00 to $33.00 and set a "hold" rating for the company in a research report on Monday, April 7th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $42.18.
Get Our Latest Stock Analysis on DOCN
DigitalOcean Company Profile
(
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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