Paragon Capital Management Ltd Sells 66,947 Shares of DigitalOcean Holdings, Inc. $DOCN

Key Points

• Paragon Capital Management Ltd reduced its stake in DigitalOcean (DOCN) by 17.9%, selling 66,947 shares in Q4 and leaving it with 307,842 shares worth about $14.81 million (0.34% of the company), making DOCN its 9th largest position (3.0% of Paragon's portfolio).
• Analyst sentiment is broadly positive — nine Buys and four Holds — giving an average rating of Moderate Buy and a consensus 12‑month target of $76.08, with recent targets as high as $80 (Canaccord).
• Company insiders have been selling recently: CAO Cherie Barrett sold 22,000 shares at about $54.77 and CFO Matt Steinfort sold 20,000 shares at about $55.40, with insiders now owning roughly 0.96% of the stock.

Paragon Capital Management Ltd lessened its stake in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) by 17.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 307,842 shares of the company's stock after selling 66,947 shares during the quarter. DigitalOcean accounts for 3.0% of Paragon Capital Management Ltd's investment portfolio, making the stock its 9th biggest position. Paragon Capital Management Ltd owned 0.34% of DigitalOcean worth $14,813,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Analyst Upgrades and Downgrades

DOCN has been the topic of a number of recent research reports. Canaccord Genuity Group boosted their target price on shares of DigitalOcean from $65.00 to $80.00 and gave the stock a "buy" rating in a research report on Friday, February 20th. Weiss Ratings reiterated a "hold (c+)" rating on shares of DigitalOcean in a research note on Friday, March 27th. Stifel Nicolaus set a $57.00 price target on DigitalOcean in a research note on Tuesday, February 24th. Royal Bank Of Canada set a $60.00 price target on DigitalOcean in a research note on Tuesday, February 24th. Finally, Wall Street Zen cut DigitalOcean from a "buy" rating to a "hold" rating in a research note on Sunday, January 4th. Nine investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, DigitalOcean has an average rating of "Moderate Buy" and an average target price of $76.08.

Insider Activity at DigitalOcean

In other DigitalOcean news, CAO Cherie Barrett sold 22,000 shares of the company'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 transaction of $1,204,940.00. Following the sale, the chief accounting officer 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 sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Matt Steinfort sold 20,000 shares of the company'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 sale, the chief financial officer owned 545,916 shares in the company, valued at $30,243,746.40. The trade was a 3.53% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.96% of the company's stock.

DigitalOcean Price Performance

DOCN opened at $87.52 on Friday. The stock has a market capitalization of $8.05 billion, a PE ratio of 34.59 and a beta of 1.43. The firm's fifty day moving average price is $70.12 and its 200 day moving average price is $54.15. DigitalOcean Holdings, Inc. has a 12-month low of $25.56 and a 12-month high of $94.66.

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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