Grandeur Peak Global Advisors LLC Reduces Holdings in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Grandeur Peak Global Advisors LLC decreased its stake in DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) by 28.5% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 260,432 shares of the company's stock after selling 103,949 shares during the quarter. Grandeur Peak Global Advisors LLC owned approximately 0.28% of DigitalOcean worth $8,873,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. CenterBook Partners LP purchased a new position in shares of DigitalOcean during the 4th quarter valued at approximately $7,633,000. Raymond James Financial Inc. purchased a new stake in shares of DigitalOcean during the fourth quarter worth about $2,970,000. Renaissance Technologies LLC boosted its stake in shares of DigitalOcean by 11.7% in the fourth quarter. Renaissance Technologies LLC now owns 488,700 shares of the company's stock worth $16,650,000 after acquiring an additional 51,000 shares during the last quarter. Legal & General Group Plc grew its holdings in shares of DigitalOcean by 2.1% during the fourth quarter. Legal & General Group Plc now owns 182,674 shares of the company's stock worth $6,224,000 after buying an additional 3,783 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its position in shares of DigitalOcean by 11.7% in the fourth quarter. Russell Investments Group Ltd. now owns 162,467 shares of the company's stock valued at $5,535,000 after buying an additional 17,025 shares during the last quarter. 49.77% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Canaccord Genuity Group cut their price objective on shares of DigitalOcean from $50.00 to $45.00 and set a "buy" rating for the company in a report on Monday, April 7th. Morgan Stanley reduced their price target on DigitalOcean from $52.00 to $41.00 and set an "overweight" rating on the stock in a report on Wednesday. JPMorgan Chase & Co. boosted their target price on shares of DigitalOcean from $40.00 to $45.00 and gave the company a "neutral" rating in a report on Wednesday, February 26th. Needham & Company LLC reissued a "hold" rating on shares of DigitalOcean in a research note on Monday, April 7th. Finally, Citigroup started coverage on shares of DigitalOcean in a research report on Friday, January 24th. They set a "buy" rating and a $45.00 price target on the stock. One research analyst has rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $42.18.

Insider Activity at DigitalOcean

In other DigitalOcean news, insider Bratin Saha sold 4,289 shares of DigitalOcean stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $36.80, for a total transaction of $157,835.20. Following the completion of the sale, the insider now directly owns 372,762 shares of the company's stock, valued at $13,717,641.60. The trade was a 1.14 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.74% of the stock is owned by corporate insiders.

DigitalOcean Stock Down 0.6 %

NYSE DOCN traded down $0.18 during trading hours on Thursday, hitting $27.68. 336,875 shares of the company were exchanged, compared to its average volume of 1,292,240. The company has a 50 day moving average of $36.85 and a two-hundred day moving average of $38.12. The firm has a market cap of $2.55 billion, a price-to-earnings ratio of 32.53, a PEG 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.

About DigitalOcean

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).