Jennison Associates LLC Sells 12,991 Shares of DigitalOcean Holdings, Inc. $DOCN

Key Points

• Jennison Associates LLC trimmed its stake by 39.3%, selling 12,991 shares of DigitalOcean in Q4 and retaining 20,037 shares worth about $964,000.
• Other institutional activity included a new ~ $2.36M stake by the State of New Jersey Common Pension Fund D, Comerica raising its holding to 143,838 shares (~$6.92M), and D.A. Davidson increasing its stake by 37%, leaving institutions with 49.77% ownership.
• Wall Street sentiment is broadly positive—nine Buys vs. four Holds with a consensus target of $91.08 (MarketBeat labels the stock a Moderate Buy) and several firms boosting targets into the $105–$115 range; DOCN trades near $102.87 with a $10.73B market cap and P/E of 40.66.

Jennison Associates LLC trimmed its holdings in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) by 39.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,037 shares of the company's stock after selling 12,991 shares during the period. Jennison Associates LLC's holdings in DigitalOcean were worth $964,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the business. State of New Jersey Common Pension Fund D bought a new stake in shares of DigitalOcean in the 4th quarter valued at about $2,358,000. Wealthfront Advisers LLC purchased a new position in DigitalOcean during the fourth quarter valued at approximately $245,000. Comerica Bank increased its holdings in DigitalOcean by 8.3% during the fourth quarter. Comerica Bank now owns 143,838 shares of the company's stock valued at $6,921,000 after buying an additional 11,005 shares during the period. D.A. Davidson & CO. raised its stake in DigitalOcean by 37.0% in the fourth quarter. D.A. Davidson & CO. now owns 46,325 shares of the company's stock worth $2,229,000 after buying an additional 12,520 shares in the last quarter. Finally, Kestra Private Wealth Services LLC bought a new position in DigitalOcean in the fourth quarter worth approximately $317,000. Hedge funds and other institutional investors own 49.77% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on DOCN shares. Citizens Jmp increased their target price on DigitalOcean from $83.00 to $105.00 and gave the company a "market outperform" rating in a research report on Thursday, March 26th. Oppenheimer boosted their price target on DigitalOcean from $100.00 to $115.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 28th. Stifel Nicolaus set a $57.00 price objective on DigitalOcean in a research note on Tuesday, February 24th. Barclays raised their price objective on DigitalOcean from $69.00 to $105.00 and gave the company an "overweight" rating in a research report on Monday, April 20th. Finally, Cantor Fitzgerald lifted their target price on DigitalOcean from $68.00 to $83.00 and gave the company an "overweight" rating in a research note on Wednesday, February 25th. Nine equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $91.08.

DigitalOcean Trading Up 0.0%

NYSE DOCN opened at $102.87 on Monday. The firm's fifty day simple moving average is $77.95 and its two-hundred day simple moving average is $59.86. The firm has a market capitalization of $10.73 billion, a P/E ratio of 40.66 and a beta of 1.42. DigitalOcean Holdings, Inc. has a 12-month low of $25.56 and a 12-month high of $104.48.

Insiders Place Their Bets

In related news, CAO Cherie Barrett sold 22,000 shares of the business's stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $54.77, for a total transaction of $1,204,940.00. Following the transaction, the chief accounting officer directly owned 62,469 shares in the company, valued at $3,421,427.13. The trade was a 26.05% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Matt Steinfort sold 20,000 shares of the company's stock in a transaction dated 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 transaction, the chief financial officer directly owned 545,916 shares in the company, valued at $30,243,746.40. This represents a 3.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.96% of the stock is owned by company insiders.

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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