Raymond James Financial Inc. Invests $2.97 Million in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Raymond James Financial Inc. acquired a new stake in DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 87,175 shares of the company's stock, valued at approximately $2,970,000. Raymond James Financial Inc. owned 0.09% of DigitalOcean as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Tidal Investments LLC purchased a new stake in DigitalOcean in the 3rd quarter valued at about $423,000. Franklin Resources Inc. boosted its position in shares of DigitalOcean by 17.1% in the third quarter. Franklin Resources Inc. now owns 39,078 shares of the company's stock worth $1,714,000 after acquiring an additional 5,718 shares during the last quarter. Principal Financial Group Inc. grew its holdings in DigitalOcean by 10.4% in 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 period. Nordea Investment Management AB increased its position in DigitalOcean by 4.5% during the fourth quarter. Nordea Investment Management AB now owns 267,244 shares of the company's stock worth $9,196,000 after purchasing an additional 11,481 shares during the last quarter. Finally, JTC Employer Solutions Trustee Ltd purchased a new position in DigitalOcean during the fourth quarter worth approximately $45,000. 49.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on DOCN shares. Bank of America boosted their price objective on shares of DigitalOcean from $28.00 to $31.00 and gave the company an "underperform" rating in a research note on Wednesday, February 26th. The Goldman Sachs Group restated a "buy" rating on shares of DigitalOcean in a research note on Saturday, March 1st. Cantor Fitzgerald lifted their price objective on DigitalOcean from $39.00 to $43.00 and gave the company a "neutral" rating in a research note on Wednesday, February 26th. Citigroup assumed coverage on shares of DigitalOcean in a research report on Friday, January 24th. They set a "buy" rating and a $45.00 target price for the company. Finally, Canaccord Genuity Group reduced their price target on shares of DigitalOcean from $50.00 to $45.00 and set a "buy" 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 given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $41.27.

DigitalOcean Trading Up 3.6 %

NYSE:DOCN traded up $1.13 on Friday, reaching $32.61. The stock had a trading volume of 1,437,476 shares, compared to its average volume of 1,288,241. The company has a 50-day moving average of $33.47 and a 200 day moving average of $37.05. The stock has a market cap of $2.97 billion, a P/E ratio of 38.36, a price-to-earnings-growth ratio of 3.12 and a beta of 1.87. DigitalOcean Holdings, Inc. has a 12-month low of $25.45 and a 12-month high of $47.02.

Insider Buying and Selling

In other DigitalOcean news, insider Bratin Saha sold 3,461 shares of the company's stock in a transaction that occurred on Monday, April 21st. The stock was sold at an average price of $26.86, for a total value of $92,962.46. Following the transaction, the insider now directly owns 394,367 shares of the company's stock, valued at $10,592,697.62. This represents a 0.87 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.74% of the company's stock.

DigitalOcean 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).