Campbell Newman Asset Management Inc. Acquires New Shares in DigitalOcean Holdings, Inc. $DOCN

Key Points

• Campbell Newman Asset Management acquired a new stake of 43,667 shares in DigitalOcean (NYSE: DOCN) during Q4, valued at about $2.10 million, as part of broader institutional buying that leaves institutions owning roughly 49.8% of the stock.
• Shares of DOCN jumped about 13.8%, opening at $88.43; the company has a market capitalization of $8.14 billion, a P/E of 34.95, and a 12‑month range of $25.56 to $94.66.
• Analysts are generally favorable with an average rating of "Moderate Buy" and an average target of $76.08, while some firms (e.g., Oppenheimer) have raised targets as high as $100 and Citigroup maintains a "buy" rating.

Campbell Newman Asset Management Inc. acquired a new stake in DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 43,667 shares of the company's stock, valued at approximately $2,101,000.

Several other large investors have also bought and sold shares of the business. CWM LLC boosted its stake in DigitalOcean by 1.3% in the fourth quarter. CWM LLC now owns 20,971 shares of the company's stock valued at $1,009,000 after buying an additional 270 shares in the last quarter. Oak Ridge Investments LLC acquired a new stake in DigitalOcean in the fourth quarter valued at about $1,770,000. Transcend Capital Advisors LLC acquired a new stake in DigitalOcean in the fourth quarter valued at about $241,000. State of Alaska Department of Revenue boosted its stake in DigitalOcean by 1.6% in the fourth quarter. State of Alaska Department of Revenue now owns 39,119 shares of the company's stock valued at $1,882,000 after buying an additional 607 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. boosted its stake in DigitalOcean by 2.3% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 19,319 shares of the company's stock valued at $930,000 after buying an additional 435 shares in the last quarter. 49.77% of the stock is owned by institutional investors and hedge funds.

DigitalOcean Trading Up 13.8%

Shares of DOCN stock opened at $88.43 on Friday. The business's 50-day moving average price is $72.26 and its 200-day moving average price is $55.63. DigitalOcean Holdings, Inc. has a 12 month low of $25.56 and a 12 month high of $94.66. The firm has a market capitalization of $8.14 billion, a price-to-earnings ratio of 34.95 and a beta of 1.43.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of DigitalOcean in a research note on Friday, March 27th. UBS Group raised their price objective on DigitalOcean from $48.00 to $68.00 and gave the company a "neutral" rating in a research note on Wednesday, February 25th. Wall Street Zen lowered DigitalOcean from a "buy" rating to a "hold" rating in a research note on Sunday, January 4th. Citigroup reissued a "buy" rating on shares of DigitalOcean in a research note on Friday, February 13th. Finally, Oppenheimer lifted their price target on DigitalOcean from $85.00 to $100.00 and gave the company an "outperform" rating in a research note on Wednesday, March 18th. Nine equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, DigitalOcean presently has an average rating of "Moderate Buy" and an average target price of $76.08.

Insider Transactions at DigitalOcean

In other news, CAO Cherie Barrett sold 22,000 shares of DigitalOcean stock in a transaction dated Monday, March 2nd. The stock was 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 of the company's stock, valued at approximately $3,421,427.13. This trade represents a 26.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, 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 value 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.96% of the company's stock.

About DigitalOcean

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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