DigitalOcean Holdings, Inc. $DOCN Shares Acquired by D.A. Davidson & CO.

Key Points

• D.A. Davidson & CO. increased its Q4 stake in DigitalOcean by 37% to 46,325 shares (about 0.05% of the company), worth $2.23 million, while roughly 49.77% of DOCN is held by institutions and hedge funds.
• Company insiders executed notable sales: CFO Matt Steinfort sold 20,000 shares at $55.40 (~$1.11M) and CAO Cherie Barrett sold 22,000 shares at $54.77 (~$1.20M), leaving insiders with about 0.96% ownership.
• Analysts have been lifting price targets (Oppenheimer to $115 among others), leaving a consensus rating of Moderate Buy with an average target of $91.08, while the stock trades near its 52‑week high (~$103) and a $10.7B market cap.

D.A. Davidson & CO. increased its position in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) by 37.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 46,325 shares of the company's stock after acquiring an additional 12,520 shares during the period. D.A. Davidson & CO. owned about 0.05% of DigitalOcean worth $2,229,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of DOCN. Allworth Financial LP boosted its holdings in DigitalOcean by 54.4% during the 3rd quarter. Allworth Financial LP now owns 724 shares of the company's stock valued at $25,000 after acquiring an additional 255 shares during the period. NBC Securities Inc. purchased a new position in DigitalOcean during the 4th quarter valued at about $32,000. Wilmington Savings Fund Society FSB purchased a new position in DigitalOcean during the 3rd quarter valued at about $37,000. Advisory Services Network LLC purchased a new position in DigitalOcean during the 3rd quarter valued at about $54,000. Finally, GAMMA Investing LLC boosted its holdings in DigitalOcean by 33.8% during 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 during the period. 49.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at DigitalOcean

In other DigitalOcean news, CFO Matt Steinfort sold 20,000 shares of DigitalOcean 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 transaction, the chief financial officer owned 545,916 shares of the company's stock, valued at $30,243,746.40. The trade was a 3.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Cherie Barrett sold 22,000 shares of DigitalOcean stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $54.77, for a total value of $1,204,940.00. Following the transaction, the chief accounting officer directly 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 disclosure for this sale is available in the SEC filing. Insiders own 0.96% of the company's stock.

Analyst Ratings Changes

DOCN has been the topic of a number of analyst reports. Oppenheimer increased their price target on DigitalOcean from $100.00 to $115.00 and gave the company an "outperform" rating in a research report on Tuesday. Royal Bank Of Canada set a $60.00 price target on DigitalOcean in a research report on Tuesday, February 24th. Cantor Fitzgerald increased their price target on DigitalOcean from $68.00 to $83.00 and gave the company an "overweight" rating in a research report on Wednesday, February 25th. Bank of America increased their price target on DigitalOcean from $103.00 to $107.00 and gave the company a "buy" rating in a research report on Thursday, April 9th. Finally, The Goldman Sachs Group increased their price target on DigitalOcean from $50.00 to $78.00 and gave the company a "buy" rating in a research report on Wednesday, February 25th. Nine investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $91.08.

DigitalOcean Stock Up 6.7%

DOCN opened at $102.87 on Friday. The firm has a market cap of $10.73 billion, a price-to-earnings ratio of 40.66 and a beta of 1.42. DigitalOcean Holdings, Inc. has a 52 week low of $25.56 and a 52 week high of $104.48. The business's 50 day moving average is $77.95 and its two-hundred day moving average is $59.59.

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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