First Trust Advisors LP Buys 89,349 Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN)

First Trust Advisors LP grew its position in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) by 6.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,533,699 shares of the company's stock after purchasing an additional 89,349 shares during the period. First Trust Advisors LP owned approximately 1.66% of DigitalOcean worth $52,253,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Stifel Financial Corp increased its stake in DigitalOcean by 3.6% in the 3rd quarter. Stifel Financial Corp now owns 22,218 shares of the company's stock worth $897,000 after acquiring an additional 777 shares during the last quarter. Tidal Investments LLC bought a new position in shares of DigitalOcean in the third quarter worth approximately $423,000. Franklin Resources Inc. raised its stake in DigitalOcean by 17.1% in the third quarter. Franklin Resources Inc. now owns 39,078 shares of the company's stock valued at $1,714,000 after purchasing an additional 5,718 shares in the last quarter. Principal Financial Group Inc. lifted its position in DigitalOcean by 10.4% during the third quarter. Principal Financial Group Inc. now owns 1,301,499 shares of the company's stock valued at $52,568,000 after purchasing an additional 122,651 shares during the last quarter. Finally, Nordea Investment Management AB grew its stake in DigitalOcean by 4.5% in the 4th quarter. Nordea Investment Management AB now owns 267,244 shares of the company's stock worth $9,196,000 after buying an additional 11,481 shares in the last quarter. Hedge funds and other institutional investors own 49.77% of the company's stock.

Insiders Place Their Bets

In other news, insider Bratin Saha sold 3,461 shares of the company's stock in a transaction that occurred on Monday, April 21st. The shares were sold at an average price of $26.86, for a total value of $92,962.46. Following the transaction, the insider now owns 394,367 shares in the company, valued at approximately $10,592,697.62. This represents a 0.87 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.74% of the company's stock.

DigitalOcean Price Performance

DOCN traded down $0.23 on Monday, hitting $30.53. The company had a trading volume of 270,116 shares, compared to its average volume of 1,299,720. The stock has a fifty day simple moving average of $34.42 and a 200-day simple moving average of $37.43. The firm has a market capitalization of $2.80 billion, a P/E ratio of 35.72, a P/E/G ratio of 3.12 and a beta of 1.87. DigitalOcean Holdings, Inc. has a 52-week low of $25.45 and a 52-week high of $47.02.

Analysts Set New Price Targets

Several research firms have recently weighed in on DOCN. JPMorgan Chase & Co. raised their price objective on shares of DigitalOcean from $40.00 to $45.00 and gave the company a "neutral" rating in a research report on Wednesday, February 26th. Bank of America lifted their price target on DigitalOcean from $28.00 to $31.00 and gave the stock an "underperform" rating in a research note on Wednesday, February 26th. Needham & Company LLC reiterated a "hold" rating on shares of DigitalOcean in a research report on Monday, April 7th. Morgan Stanley dropped their target price on DigitalOcean from $52.00 to $41.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Finally, Stifel Nicolaus reduced their price target on shares of DigitalOcean from $40.00 to $33.00 and set a "hold" rating on the stock in a research report on Monday, April 7th. One analyst has rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $41.27.

DigitalOcean Company Profile

DigitalOcean Holdings, Inc, through its subsidiaries, operates a cloud computing platform in North America, Europe, Asia, and internationally. The company's platform provides on-demand infrastructure and platform tools for developers, start-ups, and small and growing digital businesses. It also offers infrastructure-as-a-service (IaaS) solutions comprising compute and storage services, as well as networking projects, including Cloud Firewalls software, Managed Load Balancers software, and Virtual Private Cloud (VPC).