Alliancebernstein L.P. Sells 11,814 Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN)

Alliancebernstein L.P. reduced its stake in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) by 8.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 128,584 shares of the company's stock after selling 11,814 shares during the period. Alliancebernstein L.P. owned 0.14% of DigitalOcean worth $4,381,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Norges Bank bought a new stake in DigitalOcean during the 4th quarter valued at approximately $14,772,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new position in DigitalOcean during the fourth quarter worth $5,382,000. Bank of New York Mellon Corp raised its stake in DigitalOcean by 19.7% during the 4th quarter. Bank of New York Mellon Corp now owns 791,861 shares of the company's stock valued at $26,979,000 after purchasing an additional 130,263 shares during the last quarter. Sei Investments Co. grew its position in DigitalOcean by 274.5% in the 4th quarter. Sei Investments Co. now owns 176,813 shares of the company's stock worth $6,024,000 after purchasing an additional 129,595 shares during the last quarter. Finally, Principal Financial Group Inc. increased its holdings 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 purchasing an additional 122,651 shares during the period. Institutional investors and hedge funds own 49.77% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on DOCN shares. Citigroup initiated 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. Needham & Company LLC restated a "hold" rating on shares of DigitalOcean in a research note on Monday, April 7th. JMP Securities lifted their price target on shares of DigitalOcean from $47.00 to $55.00 and gave the stock a "market outperform" rating in a research note on Monday, January 27th. Stifel Nicolaus dropped their price objective on shares of DigitalOcean from $40.00 to $33.00 and set a "hold" rating for the company in a research note on Monday, April 7th. Finally, Cantor Fitzgerald raised their price objective on shares of DigitalOcean from $39.00 to $43.00 and gave the stock a "neutral" rating in a report on Wednesday, February 26th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, DigitalOcean has a consensus rating of "Hold" and a consensus price target of $42.18.

Insider Transactions at DigitalOcean

In related news, insider Bratin Saha sold 4,289 shares of the firm's stock in a transaction that occurred on Tuesday, January 21st. The shares were 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 of the company's stock, valued at $13,717,641.60. This trade represents a 1.14 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.74% of the company's stock.

DigitalOcean Trading Down 1.8 %

NYSE DOCN traded down $0.50 during trading hours on Friday, reaching $27.36. 782,545 shares of the company's stock were exchanged, compared to its average volume of 1,298,331. The firm has a fifty day moving average of $36.12 and a 200-day moving average of $37.95. DigitalOcean Holdings, Inc. has a one year low of $25.45 and a one year high of $47.02. The stock has a market cap of $2.52 billion, a PE ratio of 32.19, a price-to-earnings-growth ratio of 3.12 and a beta of 1.87.

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).