Stifel Financial Corp Grows Position in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Stifel Financial Corp grew its stake in DigitalOcean Holdings, Inc. (NYSE:DOCN) by 12.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 25,072 shares of the company’s stock after acquiring an additional 2,854 shares during the quarter. Stifel Financial Corp’s holdings in DigitalOcean were worth $854,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in DOCN. Norges Bank purchased a new stake in shares of DigitalOcean during the fourth quarter worth about $14,772,000. CenterBook Partners LP acquired a new position in DigitalOcean in the 4th quarter valued at $7,633,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new position in shares of DigitalOcean during the 4th quarter worth $5,382,000. Bank of New York Mellon Corp boosted 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 worth $26,979,000 after purchasing an additional 130,263 shares during the last quarter. Finally, Sei Investments Co. increased its stake in DigitalOcean by 274.5% in the fourth quarter. Sei Investments Co. now owns 176,813 shares of the company’s stock valued at $6,024,000 after purchasing an additional 129,595 shares during the last quarter. Hedge funds and other institutional investors own 49.77% of the company’s stock.

Insiders Place Their Bets

In other news, insider Bratin Saha sold 3,948 shares of the company’s stock in a transaction dated 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 in the company, valued at approximately $13,139,034.48. This represents a 1.09 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.74% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

DOCN has been the topic of a number of research analyst reports. Cantor Fitzgerald raised their price target on DigitalOcean from $39.00 to $43.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 26th. Canaccord Genuity Group decreased their target price on shares of DigitalOcean from $50.00 to $45.00 and set a “buy” rating on the stock in a research report on Monday, April 7th. UBS Group lowered their target price on shares of DigitalOcean from $44.00 to $32.00 and set a “neutral” rating for the company in a report on Thursday. JPMorgan Chase & Co. increased their price target on shares of DigitalOcean from $40.00 to $45.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 26th. Finally, Bank of America upped their price objective on DigitalOcean from $28.00 to $31.00 and gave the stock an “underperform” rating in a report on Wednesday, February 26th. One analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, DigitalOcean presently has a consensus rating of “Hold” and a consensus target price of $39.83.

DigitalOcean Stock Performance

DigitalOcean stock opened at $29.17 on Friday. The firm has a market capitalization of $2.66 billion, a PE ratio of 34.32, a price-to-earnings-growth ratio of 3.12 and a beta of 1.88. DigitalOcean Holdings, Inc. has a one year low of $25.45 and a one year high of $47.02. The stock’s 50 day moving average price is $32.25 and its 200 day moving average price is $36.63.

DigitalOcean (NYSE:DOCN) last announced its earnings results on Tuesday, May 6th. The company reported $0.56 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.11. DigitalOcean had a net margin of 10.86% and a negative return on equity of 43.11%. The business had revenue of $210.70 million during the quarter, compared to the consensus estimate of $208.63 million. During the same period in the prior year, the firm earned $0.43 earnings per share. The business’s quarterly revenue was up 14.1% compared to the same quarter last year. On average, analysts forecast that DigitalOcean Holdings, Inc. will post 1.01 earnings per share for the current fiscal year.

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).