Rhumbline Advisers Sells 2,008 Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN)

Rhumbline Advisers trimmed its stake in DigitalOcean Holdings, Inc. (NYSE:DOCN) by 1.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 176,809 shares of the company’s stock after selling 2,008 shares during the period. Rhumbline Advisers’ holdings in DigitalOcean were worth $6,024,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Geode Capital Management LLC raised its holdings in 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 in the last quarter. Jacobs Levy Equity Management Inc. grew its position in shares of DigitalOcean by 32.8% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,397,588 shares of the company’s stock worth $56,449,000 after buying an additional 345,119 shares during the last quarter. Principal Financial Group Inc. raised its stake in shares of DigitalOcean by 10.4% during the 3rd quarter. Principal Financial Group Inc. now owns 1,301,499 shares of the company’s stock worth $52,568,000 after acquiring an additional 122,651 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in DigitalOcean by 14.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 565,763 shares of the company’s stock valued at $22,851,000 after acquiring an additional 70,700 shares during the last quarter. Finally, Nordea Investment Management AB boosted its stake in DigitalOcean by 4.5% in the fourth quarter. Nordea Investment Management AB now owns 267,244 shares of the company’s stock valued at $9,196,000 after acquiring an additional 11,481 shares in the last quarter. 49.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at DigitalOcean

In related news, CFO Matt Steinfort sold 12,498 shares of the company’s stock in a transaction dated 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 owns 517,498 shares in the company, valued at $20,699,920. This represents a 2.36 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Bratin Saha sold 4,289 shares of DigitalOcean stock in a transaction dated 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. The trade was 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 owned by insiders.

DigitalOcean Trading Up 7.5 %

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

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on DOCN shares. Needham & Company LLC reaffirmed a “hold” rating on shares of DigitalOcean in a research report on Wednesday. Citigroup assumed coverage on DigitalOcean in a research report on Friday, January 24th. They set a “buy” rating and a $45.00 target price on the stock. Morgan Stanley raised DigitalOcean from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $40.00 to $41.00 in a report on Thursday, January 16th. UBS Group upped their price objective on shares of DigitalOcean from $39.00 to $44.00 and gave the company a “neutral” rating in a report on Wednesday. Finally, 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 research report on Wednesday. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $43.27.

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).