DigitalOcean Holdings, Inc. $DOCN Shares Sold by Danske Bank A S

Key Points

• Danske Bank cut its stake in DigitalOcean by 48.8% in Q4, selling 208,245 shares and leaving 218,617 shares worth about $10.52 million.
• Multiple analysts (Citigroup, Oppenheimer, Canaccord, Goldman) have lifted targets and ratings, resulting in a MarketBeat consensus of "Moderate Buy" and an average price target of $91.08.
• Company insiders sold stock (CAO sold 22,000 shares; CFO sold 20,000), while shares trade around $108.02 (up ~5.1%) near the 12‑month high, with a market cap of $11.27 billion.

Danske Bank A S reduced its stake in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) by 48.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 218,617 shares of the company's stock after selling 208,245 shares during the period. Danske Bank A S owned approximately 0.24% of DigitalOcean worth $10,520,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in DOCN. Alyeska Investment Group L.P. acquired a new stake in shares of DigitalOcean during the third quarter worth $21,808,000. Vanguard Group Inc. lifted its stake in shares of DigitalOcean by 5.0% during the third quarter. Vanguard Group Inc. now owns 9,362,889 shares of the company's stock worth $319,836,000 after buying an additional 442,617 shares during the period. Lazard Asset Management LLC lifted its stake in shares of DigitalOcean by 34.5% during the second quarter. Lazard Asset Management LLC now owns 1,660,731 shares of the company's stock worth $47,430,000 after buying an additional 426,264 shares during the period. Van Berkom & Associates Inc. lifted its holdings in shares of DigitalOcean by 33.1% during the third 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 during the period. Finally, Fund 1 Investments LLC acquired a new stake in shares of DigitalOcean during the third quarter worth about $13,011,000. 49.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

DOCN has been the subject of a number of research reports. Citigroup lifted their target price on DigitalOcean from $75.00 to $115.00 and gave the stock a "buy" rating in a report on Tuesday, April 28th. Oppenheimer lifted their target price on DigitalOcean from $100.00 to $115.00 and gave the stock an "outperform" rating in a report on Tuesday, April 28th. The Goldman Sachs Group lifted their target price on DigitalOcean from $50.00 to $78.00 and gave the stock a "buy" rating in a report on Wednesday, February 25th. Canaccord Genuity Group boosted their target price on shares of DigitalOcean from $80.00 to $120.00 and gave the company a "buy" rating in a research report on Friday. Finally, Stifel Nicolaus set a $57.00 target price on shares of DigitalOcean in a research report on Tuesday, February 24th. Nine investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, DigitalOcean has a consensus rating of "Moderate Buy" and an average price target of $91.08.

Insider Buying and Selling

In other DigitalOcean news, CAO Cherie Barrett sold 22,000 shares of the business's 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 completion of the transaction, the chief accounting officer directly owned 62,469 shares of the company's stock, valued at approximately $3,421,427.13. The trade was a 26.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Matt Steinfort sold 20,000 shares of the business's stock in a transaction that occurred on 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 completion of the transaction, the chief financial officer directly 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.96% of the company's stock.

DigitalOcean Trading Up 5.1%

Shares of NYSE:DOCN opened at $108.02 on Tuesday. DigitalOcean Holdings, Inc. has a 12-month low of $25.56 and a 12-month high of $109.13. The company has a market capitalization of $11.27 billion, a PE ratio of 42.70 and a beta of 1.42. The business has a 50 day moving average of $77.95 and a two-hundred day moving average of $59.86.

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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