Belpointe Asset Management LLC Buys 20,985 Shares of DigitalOcean Holdings, Inc. $DOCN

Key Points

• Belpointe Asset Management increased its stake in DigitalOcean by 155.0%, buying an additional 20,985 shares to hold 34,527 shares valued at about $1.661 million at quarter end.
• Insiders sold shares in early March: CAO Cherie Barrett sold 22,000 shares at about $54.77 and CFO Matt Steinfort sold 20,000 shares at about $55.40, reducing their positions by ~26.1% and ~3.5%, respectively.
• Analysts are largely bullish with multiple price-target raises (Goldman, Cantor, Oppenheimer) and a consensus rating of "Moderate Buy" with a $81.08 target, while the stock trades near its 52‑week high and a market cap of roughly $8.7 billion.

Belpointe Asset Management LLC lifted its stake in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) by 155.0% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 34,527 shares of the company's stock after acquiring an additional 20,985 shares during the period. Belpointe Asset Management LLC's holdings in DigitalOcean were worth $1,661,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. grew its position in DigitalOcean by 5.0% in the 3rd quarter. Vanguard Group Inc. now owns 9,362,889 shares of the company's stock valued at $319,836,000 after purchasing an additional 442,617 shares during the period. Lazard Asset Management LLC boosted its stake in DigitalOcean by 34.5% during the 2nd quarter. Lazard Asset Management LLC now owns 1,660,731 shares of the company's stock valued at $47,430,000 after purchasing an additional 426,264 shares during the last quarter. Van Berkom & Associates Inc. lifted its holdings in shares of DigitalOcean by 33.1% in the third quarter. Van Berkom & Associates Inc. now owns 1,564,991 shares of the company's stock valued at $53,460,000 after purchasing an additional 389,161 shares in the last quarter. Dimensional Fund Advisors LP raised its position in DigitalOcean by 3.2% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,328,013 shares of the company's stock valued at $45,371,000 after buying an additional 40,679 shares during the last quarter. Finally, Oberweis Asset Management Inc. lifted its stake in DigitalOcean by 22.2% during the 3rd quarter. Oberweis Asset Management Inc. now owns 772,000 shares of the company's stock valued at $26,372,000 after acquiring an additional 140,080 shares in the last quarter. Institutional investors own 49.77% of the company's stock.

DigitalOcean Stock Performance

Shares of DigitalOcean stock opened at $94.53 on Wednesday. DigitalOcean Holdings, Inc. has a 52-week low of $25.56 and a 52-week high of $97.87. The stock's 50-day simple moving average is $73.81 and its 200 day simple moving average is $57.03. The stock has a market capitalization of $8.70 billion, a P/E ratio of 37.36 and a beta of 1.43.

Insider Transactions at DigitalOcean

In related news, CAO Cherie Barrett sold 22,000 shares of DigitalOcean stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $54.77, for a total value of $1,204,940.00. Following the completion of the transaction, the chief accounting officer directly owned 62,469 shares in the company, valued at approximately $3,421,427.13. The trade was a 26.05% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Matt Steinfort sold 20,000 shares of the business's stock in a transaction on 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 directly owned 545,916 shares in the company, valued at $30,243,746.40. The trade was a 3.53% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.74% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on DOCN shares. Cantor Fitzgerald raised their price objective on DigitalOcean from $68.00 to $83.00 and gave the company an "overweight" rating in a research note on Wednesday, February 25th. Wall Street Zen cut shares of DigitalOcean from a "buy" rating to a "hold" rating in a research report on Sunday, January 4th. Stifel Nicolaus set a $57.00 target price on shares of DigitalOcean in a research report on Tuesday, February 24th. The Goldman Sachs Group lifted their target price on DigitalOcean from $50.00 to $78.00 and gave the stock a "buy" rating in a research note on Wednesday, February 25th. Finally, Oppenheimer lifted their target price on DigitalOcean from $85.00 to $100.00 and gave the stock an "outperform" rating in a research note on Wednesday, March 18th. Nine research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $81.08.

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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