CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Invests $5.58 Million in DigitalOcean Holdings, Inc. $DOCN

Key Points

• CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT opened a new position of 116,000 shares in DigitalOcean (NYSE:DOCN), valued at approximately $5.58 million and representing about 0.13% of the company.
• Analysts have been raising price targets and ratings on DOCN — the consensus is a Moderate Buy with an average target of $76.08, while firms like Citizens JMP, Piper Sandler and Oppenheimer have pushed targets into the $98–$105 range.
• Insiders recently sold stock (CFO sold 20,000 shares at $55.40 and CAO sold 22,000 shares at $54.77), leaving insiders with roughly 0.96% ownership.

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT purchased a new position in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) in the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 116,000 shares of the company's stock, valued at approximately $5,582,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned approximately 0.13% of DigitalOcean at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Allworth Financial LP raised its stake in shares of DigitalOcean by 54.4% during the 3rd quarter. Allworth Financial LP now owns 724 shares of the company's stock worth $25,000 after purchasing an additional 255 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new position in shares of DigitalOcean in the 3rd quarter valued at approximately $37,000. GAMMA Investing LLC raised its stake in shares of DigitalOcean by 33.8% in the 4th quarter. GAMMA Investing LLC now owns 1,581 shares of the company's stock valued at $76,000 after acquiring an additional 399 shares in the last quarter. Advisory Services Network LLC bought a new position in shares of DigitalOcean in the 3rd quarter valued at approximately $54,000. Finally, Ninepoint Partners LP bought a new position in shares of DigitalOcean in the 3rd quarter valued at approximately $77,000. 49.77% of the stock is owned by hedge funds and other institutional investors.

DigitalOcean Trading Down 3.0%

DOCN opened at $85.81 on Friday. The stock has a market cap of $7.89 billion, a PE ratio of 33.92 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. The stock's 50 day simple moving average is $72.71 and its 200-day simple moving average is $56.13.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Citizens Jmp raised their price objective on DigitalOcean from $83.00 to $105.00 and gave the company a "market outperform" rating in a research note on Thursday, March 26th. Piper Sandler raised their price objective on DigitalOcean from $67.00 to $98.00 and gave the company a "neutral" rating in a research note on Tuesday, April 7th. Weiss Ratings reissued a "hold (c+)" rating on shares of DigitalOcean in a research note on Friday, March 27th. 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. Finally, Oppenheimer raised their price objective on DigitalOcean from $85.00 to $100.00 and gave the company 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 assigned a Hold rating to the company. According to MarketBeat, DigitalOcean currently has an average rating of "Moderate Buy" and a consensus price target of $76.08.

Insider Buying and Selling

In other news, CFO Matt Steinfort sold 20,000 shares of the business's stock in a transaction that occurred on Tuesday, March 3rd. The stock was 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 approximately $30,243,746.40. The trade was a 3.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Cherie Barrett sold 22,000 shares of the business's 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 sale, the chief accounting officer owned 62,469 shares in the company, valued at approximately $3,421,427.13. This represents a 26.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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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