Russell Investments Group Ltd. boosted its stake in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) by 11.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 162,467 shares of the company's stock after purchasing an additional 17,025 shares during the quarter. Russell Investments Group Ltd. owned about 0.18% of DigitalOcean worth $5,535,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Stifel Financial Corp increased its position in shares of DigitalOcean by 3.6% in the 3rd quarter. Stifel Financial Corp now owns 22,218 shares of the company's stock valued at $897,000 after acquiring an additional 777 shares during the period. Geode Capital Management LLC raised its stake in shares of DigitalOcean by 7.9% in the third quarter. Geode Capital Management LLC now owns 1,464,333 shares of the company's stock worth $59,156,000 after purchasing an additional 106,636 shares during the last quarter. Tidal Investments LLC acquired a new stake in shares of DigitalOcean during the third quarter worth about $423,000. Franklin Resources Inc. boosted its position in DigitalOcean by 17.1% in the third quarter. Franklin Resources Inc. now owns 39,078 shares of the company's stock valued at $1,714,000 after buying an additional 5,718 shares during the last quarter. Finally, Principal Financial Group Inc. increased its holdings in DigitalOcean by 10.4% in the 3rd quarter. Principal Financial Group Inc. now owns 1,301,499 shares of the company's stock worth $52,568,000 after buying an additional 122,651 shares during the period. Hedge funds and other institutional investors own 49.77% of the company's stock.
Insider Activity at DigitalOcean
In other DigitalOcean news, insider Bratin Saha sold 3,948 shares of DigitalOcean stock in a transaction that occurred on Tuesday, March 18th. The stock was sold at an average price of $36.63, for a total value of $144,615.24. Following the transaction, the insider now directly owns 358,696 shares in the company, valued at approximately $13,139,034.48. This trade represents a 1.09 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.74% of the stock is owned by insiders.
DigitalOcean Price Performance
Shares of DOCN traded down $0.50 during midday trading on Friday, reaching $27.36. 782,545 shares of the stock were exchanged, compared to its average volume of 1,298,331. The company has a market capitalization of $2.52 billion, a price-to-earnings ratio of 32.19, a PEG ratio of 3.12 and a beta of 1.87. DigitalOcean Holdings, Inc. has a twelve month low of $25.45 and a twelve month high of $47.02. The business's 50-day moving average price is $36.12 and its 200 day moving average price is $37.95.
Analysts Set New Price Targets
Several analysts have recently commented on the stock. Stifel Nicolaus dropped their price objective on shares of DigitalOcean from $40.00 to $33.00 and set a "hold" rating on the stock in a report on Monday, April 7th. Canaccord Genuity Group lowered 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. Morgan Stanley lowered their price objective on DigitalOcean from $52.00 to $41.00 and set an "overweight" rating on the stock in a research report on Wednesday. Citigroup started coverage on shares of DigitalOcean in a report on Friday, January 24th. They set a "buy" rating and a $45.00 price target on the stock. Finally, UBS Group raised their target price on DigitalOcean from $39.00 to $44.00 and gave the company a "neutral" rating in a research report on Wednesday, February 26th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, DigitalOcean currently has an average rating of "Hold" and an average price target of $42.18.
Read Our Latest Research Report on DOCN
About DigitalOcean
(
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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