Wealthfront Advisers LLC Acquires New Holdings in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Wealthfront Advisers LLC purchased a new position in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 32,601 shares of the company's stock, valued at approximately $1,111,000.

Several other hedge funds have also bought and sold shares of DOCN. Geode Capital Management LLC grew its holdings in shares of DigitalOcean by 7.9% during the third quarter. Geode Capital Management LLC now owns 1,464,333 shares of the company's stock valued at $59,156,000 after buying an additional 106,636 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its holdings in shares of DigitalOcean by 32.8% during the third quarter. Jacobs Levy Equity Management Inc. now owns 1,397,588 shares of the company's stock valued at $56,449,000 after buying an additional 345,119 shares during the last quarter. Principal Financial Group Inc. grew its holdings in shares of DigitalOcean by 10.4% during the third 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 last quarter. Bank of New York Mellon Corp grew its holdings in shares of DigitalOcean by 19.7% during the fourth quarter. Bank of New York Mellon Corp now owns 791,861 shares of the company's stock valued at $26,979,000 after buying an additional 130,263 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of DigitalOcean by 3.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 583,920 shares of the company's stock valued at $19,894,000 after buying an additional 18,157 shares during the last quarter. Institutional investors and hedge funds own 49.77% of the company's stock.

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Wall Street Analysts Forecast Growth

DOCN has been the topic of a number of recent analyst reports. Stifel Nicolaus raised their price target on shares of DigitalOcean from $35.00 to $40.00 and gave the company a "hold" rating in a research report on Wednesday, December 18th. Canaccord Genuity Group raised their price target on shares of DigitalOcean from $48.00 to $50.00 and gave the company a "buy" rating in a research report on Wednesday, February 26th. Citigroup initiated coverage on shares of DigitalOcean in a research report on Friday, January 24th. They set a "buy" rating and a $45.00 price target on the stock. Cantor Fitzgerald raised their price target on shares of DigitalOcean from $39.00 to $43.00 and gave the company a "neutral" rating in a research report on Wednesday, February 26th. Finally, Morgan Stanley raised shares of DigitalOcean from an "equal weight" rating to an "overweight" rating and raised their price target for the company from $40.00 to $41.00 in a research report on Thursday, January 16th. One analyst has rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $43.27.

Insider Activity

In other news, insider Bratin Saha sold 3,948 shares of the business's stock in a transaction that occurred on Tuesday, March 18th. The shares were sold at an average price of $36.63, for a total value of $144,615.24. Following the sale, the insider now owns 358,696 shares of the company's stock, valued at $13,139,034.48. The trade was a 1.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.74% of the company's stock.

DigitalOcean Stock Performance

DOCN stock traded up $0.61 during mid-day trading on Wednesday, hitting $36.41. The company had a trading volume of 733,473 shares, compared to its average volume of 1,203,857. The stock's fifty day moving average price is $39.87 and its two-hundred day moving average price is $39.32. DigitalOcean Holdings, Inc. has a 12 month low of $26.63 and a 12 month high of $47.02. The firm has a market cap of $3.35 billion, a PE ratio of 42.83, a price-to-earnings-growth ratio of 3.12 and a beta of 1.80.

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).