Renaissance Technologies LLC Has $16.65 Million Holdings in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Renaissance Technologies LLC increased its position in DigitalOcean Holdings, Inc. (NYSE:DOCN - Free Report) by 11.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 488,700 shares of the company's stock after buying an additional 51,000 shares during the quarter. Renaissance Technologies LLC owned about 0.53% of DigitalOcean worth $16,650,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of DOCN. Legal & General Group Plc raised its holdings in DigitalOcean by 2.1% during the 4th 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 during the period. Russell Investments Group Ltd. increased 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 worth $5,535,000 after acquiring an additional 17,025 shares in the last quarter. Envestnet Asset Management Inc. raised its holdings in shares of DigitalOcean by 66.5% during the fourth quarter. Envestnet Asset Management Inc. now owns 82,558 shares of the company's stock valued at $2,813,000 after acquiring an additional 32,966 shares during the period. Dynamic Technology Lab Private Ltd purchased a new stake in shares of DigitalOcean in the 4th quarter valued at approximately $542,000. Finally, Geode Capital Management LLC boosted its stake in DigitalOcean by 0.6% in the 4th quarter. Geode Capital Management LLC now owns 1,473,421 shares of the company's stock worth $50,211,000 after purchasing an additional 9,088 shares during the period. Institutional investors own 49.77% of the company's stock.

Analysts Set New Price Targets

DOCN has been the topic of several recent analyst reports. UBS Group boosted their target price on shares of DigitalOcean from $39.00 to $44.00 and gave the company a "neutral" rating in a research note on Wednesday, February 26th. Stifel Nicolaus dropped their price target on DigitalOcean from $40.00 to $33.00 and set a "hold" rating on the stock in a research report on Monday, April 7th. Citigroup assumed coverage on DigitalOcean in a research note on Friday, January 24th. They set a "buy" rating and a $45.00 target price on the stock. 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 report on Wednesday, February 26th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of DigitalOcean in a research note on Monday, April 7th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, DigitalOcean has a consensus rating of "Hold" and an average target price of $42.18.

DigitalOcean Stock Performance

Shares of NYSE:DOCN traded down $0.50 on Friday, hitting $27.36. 782,545 shares of the company were exchanged, compared to its average volume of 1,298,959. DigitalOcean Holdings, Inc. has a one year low of $25.45 and a one year high of $47.02. The firm has a market capitalization of $2.51 billion, a price-to-earnings ratio of 32.19, a PEG ratio of 3.12 and a beta of 1.87. The company's 50 day moving average price is $36.12 and its two-hundred day moving average price is $37.93.

Insider Transactions at DigitalOcean

In other DigitalOcean news, insider Bratin Saha sold 3,948 shares of the stock in a transaction on Tuesday, March 18th. The stock was sold at an average price of $36.63, for a total transaction of $144,615.24. Following the completion of the transaction, the insider now directly owns 358,696 shares in the company, valued at $13,139,034.48. This represents a 1.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.74% of the stock is owned by insiders.

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).