36,789 Shares in DigitalOcean Holdings, Inc. $DOCN Purchased by Oak Ridge Investments LLC

Key Points

• Oak Ridge Investments LLC opened a new position in DigitalOcean (NYSE: DOCN), buying 36,789 shares worth about $1.77 million according to its latest 13F filing.
• Analysts have a consensus rating of "Moderate Buy" with a consensus target price of $76.08, and several firms have recently raised targets (e.g., Bank of America to $107 and Cantor Fitzgerald to $83).
• Insiders have been selling (CFO sold 20,000 shares; CAO sold 22,000 shares), while institutional ownership stands near 49.77% and some funds meaningfully increased stakes (e.g., Qube Research now owns 414,643 shares).

Oak Ridge Investments LLC purchased a new position in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 36,789 shares of the company's stock, valued at approximately $1,770,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in DOCN. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in DigitalOcean by 5.0% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 339,670 shares of the company's stock worth $11,342,000 after purchasing an additional 16,162 shares during the last quarter. Intech Investment Management LLC boosted its stake in DigitalOcean by 59.2% in the first quarter. Intech Investment Management LLC now owns 39,429 shares of the company's stock valued at $1,317,000 after acquiring an additional 14,655 shares during the last quarter. Amundi boosted its stake in DigitalOcean by 126,552.2% in the second quarter. Amundi now owns 29,130 shares of the company's stock valued at $827,000 after acquiring an additional 29,107 shares during the last quarter. Jump Financial LLC purchased a new position in DigitalOcean in the second quarter valued at about $3,212,000. Finally, Qube Research & Technologies Ltd boosted its stake in DigitalOcean by 69.7% in the second quarter. Qube Research & Technologies Ltd now owns 414,643 shares of the company's stock valued at $11,842,000 after acquiring an additional 170,339 shares during the last quarter. 49.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

DOCN has been the topic of a number of research analyst reports. Cantor Fitzgerald boosted their target price on shares of DigitalOcean from $68.00 to $83.00 and gave the company an "overweight" rating in a research note on Wednesday, February 25th. Royal Bank Of Canada set a $60.00 target price on shares of DigitalOcean in a research note on Tuesday, February 24th. Bank of America boosted their target price on shares of DigitalOcean from $103.00 to $107.00 and gave the company a "buy" rating in a research note on Thursday, April 9th. UBS Group boosted their target price on shares of DigitalOcean from $48.00 to $68.00 and gave the company a "neutral" rating in a research note on Wednesday, February 25th. Finally, Wall Street Zen cut shares of DigitalOcean from a "buy" rating to a "hold" rating in a research note on Sunday, January 4th. Nine research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, DigitalOcean has a consensus rating of "Moderate Buy" and a consensus target price of $76.08.

DigitalOcean Trading Up 5.8%

DigitalOcean stock opened at $80.00 on Tuesday. The firm's 50 day simple moving average is $70.92 and its 200 day simple moving average is $54.97. The firm has a market capitalization of $7.36 billion, a PE ratio of 31.62 and a beta of 1.43. DigitalOcean Holdings, Inc. has a 1-year low of $25.56 and a 1-year high of $94.66.

Insiders Place Their Bets

In other news, CFO Matt Steinfort sold 20,000 shares of DigitalOcean stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $55.40, for a total transaction of $1,108,000.00. Following the sale, the chief financial officer owned 545,916 shares of the company's stock, valued at approximately $30,243,746.40. The trade was a 3.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Cherie Barrett sold 22,000 shares of DigitalOcean stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $54.77, for a total transaction of $1,204,940.00. Following the sale, the chief accounting officer directly owned 62,469 shares in the company, valued at $3,421,427.13. The trade was a 26.05% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.74% of the stock is owned by corporate insiders.

DigitalOcean Profile

DigitalOcean Holdings, Inc is a cloud infrastructure provider that focuses on simplicity, performance and developer experience. The company offers a range of cloud services designed to help software developers, startups and small- to medium-sized businesses deploy, manage and scale applications. Its flagship offering, Droplets, provides virtual private servers that can be configured with various CPU, memory and storage options. In addition to compute instances, DigitalOcean's platform includes managed Kubernetes, scalable object and block storage, managed databases, load balancers and networking capabilities such as Virtual Private Cloud (VPC) and Floating IPs.

Founded in 2011 and headquartered in New York City, DigitalOcean was created with the goal of making cloud computing more accessible to individual developers and smaller teams.

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