Fortis Capital Advisors LLC Makes New Investment in DigitalOcean Holdings, Inc. $DOCN

Key Points

• Fortis Capital Advisors LLC initiated a new position in DigitalOcean (DOCN) in Q4, buying 21,192 shares valued at approximately $1.02 million.
• Analysts are broadly positive—nine Buy ratings and four Holds produce a consensus "Moderate Buy" with an average price target of $76.08, and recent upgrades include Cantor Fitzgerald raising its target to $83 (overweight) and UBS to $68 (neutral).
• Corporate insiders recently sold shares—CAO Cherie Barrett sold 22,000 shares and CFO Matt Steinfort sold 20,000—leaving insider ownership at about 0.74%, while institutional investors hold roughly 49.77% of the stock.

Fortis Capital Advisors LLC bought a new position in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 21,192 shares of the company's stock, valued at approximately $1,020,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Allworth Financial LP lifted its stake in DigitalOcean by 54.4% during the third quarter. Allworth Financial LP now owns 724 shares of the company's stock worth $25,000 after purchasing an additional 255 shares during the last quarter. CWM LLC lifted its stake in DigitalOcean by 1.3% during the fourth quarter. CWM LLC now owns 20,971 shares of the company's stock worth $1,009,000 after purchasing an additional 270 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of DigitalOcean by 33.8% during the fourth quarter. GAMMA Investing LLC now owns 1,581 shares of the company's stock worth $76,000 after buying an additional 399 shares in the last quarter. Man Group plc increased its holdings in shares of DigitalOcean by 0.5% during the second quarter. Man Group plc now owns 82,485 shares of the company's stock worth $2,356,000 after buying an additional 420 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of DigitalOcean by 2.3% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 19,319 shares of the company's stock worth $930,000 after buying an additional 435 shares in the last quarter. 49.77% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Cantor Fitzgerald upped their price target on shares of DigitalOcean from $68.00 to $83.00 and gave the stock an "overweight" rating in a report on Wednesday, February 25th. UBS Group upped their price target on shares of DigitalOcean from $48.00 to $68.00 and gave the stock a "neutral" rating in a report on Wednesday, February 25th. Stifel Nicolaus set a $57.00 price target on shares of DigitalOcean in a report on Tuesday, February 24th. Citigroup reiterated a "buy" rating on shares of DigitalOcean in a report on Friday, February 13th. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of DigitalOcean in a report on Friday, March 27th. Nine research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $76.08.

Insiders Place Their Bets

In related news, CAO Cherie Barrett sold 22,000 shares of the stock in a transaction 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 sale, the chief accounting officer directly owned 62,469 shares in the company, valued at $3,421,427.13. This represents a 26.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Matt Steinfort sold 20,000 shares of the stock in a transaction 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 sale, 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. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.74% of the company's stock.

DigitalOcean Stock Up 0.2%

NYSE DOCN opened at $85.81 on Monday. The company has a market capitalization of $7.89 billion, a price-to-earnings ratio of 33.92 and a beta of 1.43. DigitalOcean Holdings, Inc. has a twelve month low of $25.56 and a twelve month high of $94.66. The stock has a fifty day simple moving average of $72.71 and a 200 day simple moving average of $56.27.

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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