Corebridge Financial Inc. Sells 2,703 Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN)

Corebridge Financial Inc. cut its stake in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) by 7.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 34,877 shares of the company’s stock after selling 2,703 shares during the quarter. Corebridge Financial Inc.’s holdings in DigitalOcean were worth $1,188,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Harbor Investment Advisory LLC raised its stake in DigitalOcean by 380.0% during the fourth 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 last quarter. JTC Employer Solutions Trustee Ltd acquired a new stake in DigitalOcean during the 4th quarter worth about $45,000. SBI Securities Co. Ltd. acquired a new position in shares of DigitalOcean in the 4th quarter valued at about $66,000. KBC Group NV boosted its position in shares of DigitalOcean by 37.6% during the 4th quarter. KBC Group NV now owns 2,884 shares of the company’s stock valued at $98,000 after purchasing an additional 788 shares in the last quarter. Finally, Sanctuary Advisors LLC acquired a new stake in DigitalOcean during the fourth quarter worth approximately $174,000. Institutional investors and hedge funds own 49.77% of the company’s stock.

DigitalOcean Price Performance

NYSE DOCN opened at $28.64 on Friday. The company has a fifty day moving average price of $39.63 and a 200-day moving average price of $39.03. DigitalOcean Holdings, Inc. has a 1 year low of $26.63 and a 1 year high of $47.02. The firm has a market cap of $2.64 billion, a price-to-earnings ratio of 33.69, a PEG ratio of 3.12 and a beta of 1.80.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on DOCN. UBS Group increased their price target on DigitalOcean from $39.00 to $44.00 and gave the stock a “neutral” rating in a report on Wednesday, February 26th. JMP Securities raised their price target on shares of DigitalOcean from $47.00 to $55.00 and gave the stock a “market outperform” rating in a report on Monday, January 27th. Cantor Fitzgerald lifted their price target on shares of DigitalOcean from $39.00 to $43.00 and gave the company a “neutral” rating in a research note 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 objective on the stock. Finally, Stifel Nicolaus boosted their target price on DigitalOcean from $35.00 to $40.00 and gave the company a “hold” rating in a research report on Wednesday, December 18th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, DigitalOcean has a consensus rating of “Hold” and an average target price of $43.27.

Insiders Place Their Bets

In other DigitalOcean news, insider Bratin Saha sold 3,948 shares of the company’s stock in a transaction 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 completion of the transaction, the insider now owns 358,696 shares in the company, valued at $13,139,034.48. This represents a 1.09 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.74% of the stock is currently owned by insiders.

DigitalOcean Company 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).