Private Advisor Group LLC Trims Stake in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Private Advisor Group LLC trimmed its stake in DigitalOcean Holdings, Inc. (NYSE:DOCN) by 0.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 44,244 shares of the company’s stock after selling 340 shares during the period. Private Advisor Group LLC’s holdings in DigitalOcean were worth $1,507,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of DOCN. Nisa Investment Advisors LLC boosted its holdings in DigitalOcean by 56.4% in the 3rd quarter. Nisa Investment Advisors LLC now owns 1,340 shares of the company’s stock worth $54,000 after buying an additional 483 shares during the period. Creative Financial Designs Inc. ADV boosted its holdings in DigitalOcean by 17.8% in the 3rd quarter. Creative Financial Designs Inc. ADV now owns 3,744 shares of the company’s stock worth $151,000 after buying an additional 566 shares during the period. Harbor Investment Advisory LLC boosted its holdings in DigitalOcean by 380.0% in the 4th quarter. Harbor Investment Advisory LLC now owns 720 shares of the company’s stock worth $25,000 after buying an additional 570 shares during the period. Advisors Asset Management Inc. boosted its holdings in DigitalOcean by 150.4% in the 3rd quarter. Advisors Asset Management Inc. now owns 974 shares of the company’s stock worth $39,000 after buying an additional 585 shares during the period. Finally, BSW Wealth Partners boosted its holdings in DigitalOcean by 4.3% in the 4th quarter. BSW Wealth Partners now owns 14,556 shares of the company’s stock worth $496,000 after buying an additional 600 shares during the period. 49.77% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently weighed in on DOCN shares. Morgan Stanley raised shares of 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 report on Thursday, January 16th. Stifel Nicolaus increased their price objective on shares of DigitalOcean from $35.00 to $40.00 and gave the company a “hold” rating in a report on Wednesday, December 18th. Canaccord Genuity Group increased their price objective on shares of DigitalOcean from $48.00 to $50.00 and gave the company a “buy” rating in a 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 objective for the company. Finally, JPMorgan Chase & Co. increased their price objective on shares of DigitalOcean from $40.00 to $45.00 and gave the company a “neutral” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the stock. According to MarketBeat, DigitalOcean presently has an average rating of “Hold” and a consensus price target of $43.27.

Insiders Place Their Bets

In related news, CFO Matt Steinfort sold 12,498 shares of the business’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $40.00, for a total transaction of $499,920.00. Following the completion of the transaction, the chief financial officer now directly owns 517,498 shares in the company, valued at $20,699,920. The trade was a 2.36 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Bratin Saha sold 4,289 shares of the business’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $36.80, for a total transaction of $157,835.20. Following the transaction, the insider now owns 372,762 shares of the company’s stock, valued at $13,717,641.60. This represents a 1.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 20,255 shares of company stock valued at $790,163. 0.74% of the stock is currently owned by insiders.

DigitalOcean Stock Up 7.5 %

Shares of DOCN stock opened at $43.89 on Thursday. The company’s 50 day moving average is $38.88 and its 200 day moving average is $39.14. DigitalOcean Holdings, Inc. has a 52-week low of $26.63 and a 52-week high of $47.02. The firm has a market cap of $4.05 billion, a price-to-earnings ratio of 51.63, a PEG ratio of 3.12 and a beta of 1.81.

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).