DigitalOcean Holdings, Inc. (NYSE:DOCN) Shares Acquired by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. boosted its position in DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) by 66.5% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 82,558 shares of the company's stock after acquiring an additional 32,966 shares during the period. Envestnet Asset Management Inc. owned 0.09% of DigitalOcean worth $2,813,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of DOCN. Norges Bank purchased a new stake in DigitalOcean during the fourth quarter valued at $14,772,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new position in DigitalOcean during the 4th quarter valued at approximately $5,382,000. Bank of New York Mellon Corp raised its position in shares of 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 buying an additional 130,263 shares in the last quarter. Sei Investments Co. grew its stake in shares of DigitalOcean by 274.5% during the fourth quarter. Sei Investments Co. now owns 176,813 shares of the company's stock valued at $6,024,000 after buying an additional 129,595 shares during the last quarter. Finally, Principal Financial Group Inc. raised its stake in shares of DigitalOcean by 10.4% during the third quarter. Principal Financial Group Inc. now owns 1,301,499 shares of the company's stock valued at $52,568,000 after acquiring an additional 122,651 shares in the last quarter. Hedge funds and other institutional investors own 49.77% of the company's stock.

DigitalOcean Stock Up 3.9 %

Shares of NYSE DOCN traded up $1.22 during midday trading on Thursday, reaching $32.12. 220,582 shares of the stock were exchanged, compared to its average volume of 1,319,827. The firm has a 50-day simple moving average of $33.75 and a two-hundred day simple moving average of $37.26. DigitalOcean Holdings, Inc. has a twelve month low of $25.45 and a twelve month high of $47.02. The firm has a market cap of $2.93 billion, a price-to-earnings ratio of 37.82, a PEG ratio of 3.12 and a beta of 1.87.

Insider Transactions at DigitalOcean

In related news, insider Bratin Saha sold 3,461 shares of the business's stock in a transaction dated Monday, April 21st. The shares were sold at an average price of $26.86, for a total transaction of $92,962.46. Following the transaction, the insider now directly owns 394,367 shares in the company, valued at approximately $10,592,697.62. The trade was a 0.87 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.74% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on DOCN shares. JPMorgan Chase & Co. raised their price objective on DigitalOcean from $40.00 to $45.00 and gave the stock a "neutral" rating in a report on Wednesday, February 26th. Cantor Fitzgerald upped their price objective on shares of DigitalOcean from $39.00 to $43.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 26th. Barclays reduced their price target on shares of DigitalOcean from $48.00 to $38.00 and set an "overweight" rating for the company in a report on Monday, April 21st. Morgan Stanley lowered their target price on DigitalOcean from $52.00 to $41.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Finally, The Goldman Sachs Group reiterated a "buy" rating on shares of DigitalOcean in a report on Saturday, March 1st. 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 company's stock. According to MarketBeat.com, DigitalOcean has an average rating of "Hold" and a consensus price target of $41.27.

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).