Comerica Bank Increases Stock Position in DigitalOcean Holdings, Inc. $DOCN

Key Points

• Comerica Bank lifted its stake in DigitalOcean by 8.3% in Q4 to 143,838 shares (about $6.92M), representing roughly 0.16% of the company.
• DigitalOcean trades around $96.41 with a market cap of $10.06B, 50‑day/200‑day moving averages of $77.95/$59.59 and a 52‑week range of $25.56–$99.23, while institutional investors own about 49.77% of the stock (Vanguard holds 9.36M shares, ~ $319.8M).
• Analysts are generally positive with a consensus "Moderate Buy" and an average target of $88 (several firms have raised targets, including Oppenheimer to $115), even as insiders recently sold roughly 42,000 shares leaving insider ownership near 0.96%.

Comerica Bank lifted its holdings in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) by 8.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 143,838 shares of the company's stock after buying an additional 11,005 shares during the quarter. Comerica Bank owned about 0.16% of DigitalOcean worth $6,921,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. Alyeska Investment Group L.P. purchased a new stake in DigitalOcean in the 3rd quarter worth approximately $21,808,000. Vanguard Group Inc. lifted its stake in DigitalOcean by 5.0% in the 3rd quarter. Vanguard Group Inc. now owns 9,362,889 shares of the company's stock worth $319,836,000 after purchasing an additional 442,617 shares in the last quarter. Danske Bank A S purchased a new stake in DigitalOcean in the 3rd quarter worth approximately $14,582,000. Lazard Asset Management LLC lifted its stake in DigitalOcean by 34.5% in the 2nd quarter. Lazard Asset Management LLC now owns 1,660,731 shares of the company's stock worth $47,430,000 after purchasing an additional 426,264 shares in the last quarter. Finally, Van Berkom & Associates Inc. lifted its stake in DigitalOcean by 33.1% in the 3rd quarter. Van Berkom & Associates Inc. now owns 1,564,991 shares of the company's stock worth $53,460,000 after purchasing an additional 389,161 shares in the last quarter. 49.77% of the stock is currently owned by hedge funds and other institutional investors.

DigitalOcean Stock Performance

DigitalOcean stock opened at $96.41 on Friday. The firm's fifty day moving average price is $77.95 and its 200-day moving average price is $59.59. The stock has a market cap of $10.06 billion, a P/E ratio of 38.11 and a beta of 1.43. DigitalOcean Holdings, Inc. has a fifty-two week low of $25.56 and a fifty-two week high of $99.23.

Wall Street Analyst Weigh In

DOCN has been the topic of several recent analyst reports. Oppenheimer increased their target price on shares of DigitalOcean from $100.00 to $115.00 and gave the stock an "outperform" rating in a research note on Tuesday. Royal Bank Of Canada set a $60.00 target price on shares of DigitalOcean in a research note on Tuesday, February 24th. Citizens Jmp increased their target price on shares of DigitalOcean from $83.00 to $105.00 and gave the stock a "market outperform" rating in a research note on Thursday, March 26th. Canaccord Genuity Group increased their target price on shares of DigitalOcean from $65.00 to $80.00 and gave the stock a "buy" rating in a research note on Friday, February 20th. Finally, Piper Sandler increased their target price on shares of DigitalOcean from $67.00 to $98.00 and gave the stock a "neutral" rating in a research note on Tuesday, April 7th. Nine equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, DigitalOcean currently has a consensus rating of "Moderate Buy" and an average target price of $88.00.

Insider Buying and Selling at DigitalOcean

In other news, CFO Matt Steinfort sold 20,000 shares of the firm'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 owned 545,916 shares in the company, valued at approximately $30,243,746.40. This trade represents a 3.53% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Cherie Barrett sold 22,000 shares of the firm's stock in a transaction on 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 owned 62,469 shares in the company, valued at approximately $3,421,427.13. This trade represents a 26.05% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.96% of the company's stock.

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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