DigitalOcean Holdings, Inc. $DOCN Shares Purchased by Concurrent Investment Advisors LLC

Key Points

• Concurrent Investment Advisors LLC increased its stake in DigitalOcean by 148.9% in Q4, buying an additional 13,555 shares to hold 22,658 shares worth about $1.09 million.
• Several analysts have lifted price targets (Oppenheimer to $115 among others), and the stock has a consensus rating of Moderate Buy with a consensus target of $88.
• Insiders recently sold shares (CAO 22,000; CFO 20,000), leaving insiders with just 0.96% ownership while institutional investors own 49.77%; DOCN trades near its 52‑week high (~$96) with a $10.06 billion market cap.

Concurrent Investment Advisors LLC increased its holdings in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) by 148.9% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 22,658 shares of the company's stock after purchasing an additional 13,555 shares during the quarter. Concurrent Investment Advisors LLC's holdings in DigitalOcean were worth $1,090,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Bullseye Asset Management LLC lifted its stake in shares of DigitalOcean by 267.8% in the third quarter. Bullseye Asset Management LLC now owns 99,300 shares of the company's stock worth $3,392,000 after buying an additional 72,300 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of DigitalOcean by 39.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 300,299 shares of the company's stock worth $10,772,000 after buying an additional 84,816 shares during the last quarter. Penserra Capital Management LLC raised its stake in DigitalOcean by 27.2% during the 3rd quarter. Penserra Capital Management LLC now owns 293,132 shares of the company's stock valued at $10,013,000 after purchasing an additional 62,725 shares during the last quarter. Segall Bryant & Hamill LLC acquired a new position in DigitalOcean during the 3rd quarter valued at $8,951,000. Finally, Van Berkom & Associates Inc. raised its stake in DigitalOcean by 33.1% during the 3rd 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 during the last quarter. Institutional investors and hedge funds own 49.77% of the company's stock.

DigitalOcean Stock Performance

Shares of DOCN stock opened at $96.41 on Friday. DigitalOcean Holdings, Inc. has a 52-week low of $25.56 and a 52-week high of $99.23. The stock has a market cap of $10.06 billion, a price-to-earnings ratio of 38.11 and a beta of 1.43. The firm has a fifty day moving average of $77.95 and a 200-day moving average of $59.59.

Insider Activity

In other news, CAO Cherie Barrett sold 22,000 shares of the company's stock in a transaction dated 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 of the company's stock, valued at approximately $3,421,427.13. This represents a 26.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Matt Steinfort sold 20,000 shares of the company's stock in a transaction dated 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 completion of 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 position. The disclosure for this sale is available in the SEC filing. 0.96% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts recently commented on DOCN shares. Oppenheimer upped their target price on shares of DigitalOcean from $100.00 to $115.00 and gave the company an "outperform" rating in a research note on Tuesday. The Goldman Sachs Group upped their target price on shares of DigitalOcean from $50.00 to $78.00 and gave the company a "buy" rating in a research note on Wednesday, February 25th. Canaccord Genuity Group upped their target price on shares of DigitalOcean from $65.00 to $80.00 and gave the company a "buy" rating in a research note on Friday, February 20th. Piper Sandler upped their target price on shares of DigitalOcean from $67.00 to $98.00 and gave the company a "neutral" rating in a research note on Tuesday, April 7th. Finally, Stifel Nicolaus set a $57.00 target price on shares of DigitalOcean in a research note on Tuesday, February 24th. Nine 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 a consensus rating of "Moderate Buy" and a consensus target price of $88.00.

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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