Strategic Financial Concepts LLC Acquires Shares of 17,035 DigitalOcean Holdings, Inc. (NYSE:DOCN)

Strategic Financial Concepts LLC acquired a new position in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 17,035 shares of the company's stock, valued at approximately $580,000.

Other institutional investors have also added to or reduced their stakes in the company. Versor Investments LP purchased a new stake in DigitalOcean during the 3rd quarter worth about $751,000. FORA Capital LLC bought a new position in DigitalOcean in the 3rd quarter worth about $1,149,000. Victory Capital Management Inc. increased its stake in DigitalOcean by 79.8% in the 3rd quarter. Victory Capital Management Inc. now owns 31,169 shares of the company's stock worth $1,259,000 after acquiring an additional 13,837 shares during the last quarter. Public Sector Pension Investment Board increased its stake in DigitalOcean by 13.5% in the 3rd quarter. Public Sector Pension Investment Board now owns 134,214 shares of the company's stock worth $5,421,000 after acquiring an additional 16,000 shares during the last quarter. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new position in DigitalOcean in the 4th quarter worth about $5,382,000. Hedge funds and other institutional investors own 49.77% of the company's stock.

Analyst Upgrades and Downgrades

DOCN has been the topic of a number of research analyst reports. Citigroup initiated coverage on DigitalOcean in a research note on Friday, January 24th. They issued a "buy" rating and a $45.00 target price on the stock. Needham & Company LLC restated a "hold" rating on shares of DigitalOcean in a research note on Tuesday, November 5th. Morgan Stanley upgraded DigitalOcean from an "equal weight" rating to an "overweight" rating and upped their target price for the stock from $40.00 to $41.00 in a research note on Thursday, January 16th. JMP Securities upped their target price on DigitalOcean from $47.00 to $55.00 and gave the stock a "market outperform" rating in a research note on Monday, January 27th. Finally, JPMorgan Chase & Co. increased their price objective on DigitalOcean from $32.00 to $40.00 and gave the company a "neutral" rating in a research report on Friday, October 25th. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $42.73.

DigitalOcean Stock Performance

DOCN traded down $3.16 on Friday, hitting $39.88. 745,239 shares of the company were exchanged, compared to its average volume of 1,096,200. The firm has a fifty day simple moving average of $38.63 and a two-hundred day simple moving average of $38.75. DigitalOcean Holdings, Inc. has a 12 month low of $26.63 and a 12 month high of $47.02. The stock has a market capitalization of $3.68 billion, a PE ratio of 46.88, a price-to-earnings-growth ratio of 3.21 and a beta of 1.81.

Insider Buying and Selling

In other DigitalOcean 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 value of $157,835.20. Following the completion of the sale, the insider now owns 372,762 shares in the company, valued at approximately $13,717,641.60. This trade represents a 1.14 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Matt Steinfort sold 12,498 shares of the stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $40.00, for a total value of $499,920.00. Following the completion of the sale, the chief financial officer now owns 517,498 shares of the company's stock, 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. Insiders have sold a total of 20,255 shares of company stock worth $790,163 in the last ninety days. 0.74% of the stock is owned by insiders.

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).