Cherry Creek Investment Advisors Inc. Grows Stock Position in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Cherry Creek Investment Advisors Inc. boosted its position in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) by 17.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,745 shares of the company’s stock after purchasing an additional 1,880 shares during the period. Cherry Creek Investment Advisors Inc.’s holdings in DigitalOcean were worth $434,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. Harbor Investment Advisory LLC grew its holdings in shares of DigitalOcean by 380.0% in the fourth quarter. Harbor Investment Advisory LLC now owns 720 shares of the company’s stock valued at $25,000 after purchasing an additional 570 shares in the last quarter. Farther Finance Advisors LLC purchased a new stake in shares of DigitalOcean during the 3rd quarter worth approximately $30,000. Advisors Asset Management Inc. lifted its holdings in shares of DigitalOcean by 150.4% in the 3rd quarter. Advisors Asset Management Inc. now owns 974 shares of the company’s stock valued at $39,000 after purchasing an additional 585 shares during the last quarter. JTC Employer Solutions Trustee Ltd acquired a new position in DigitalOcean in the fourth quarter valued at $45,000. Finally, Blue Trust Inc. lifted its holdings in shares of DigitalOcean by 380.6% during the third quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock worth $49,000 after purchasing an additional 959 shares during the period. Institutional investors and hedge funds own 49.77% of the company’s stock.

Insiders Place Their Bets

In other DigitalOcean news, CFO Matt Steinfort sold 12,498 shares of the firm’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $40.00, for a total transaction of $499,920.00. Following the transaction, the chief financial officer now directly owns 517,498 shares in the company, valued at approximately $20,699,920. This trade represents a 2.36 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Bratin Saha sold 4,289 shares of the business’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $36.80, for a total value of $157,835.20. Following the completion of the transaction, the insider now directly owns 372,762 shares in the company, valued at approximately $13,717,641.60. This represents a 1.14 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 37,244 shares of company stock valued at $1,416,208 in the last 90 days. Corporate insiders own 0.74% of the company’s stock.

DigitalOcean Stock Performance

Shares of DOCN opened at $40.18 on Tuesday. The firm has a market cap of $3.71 billion, a P/E ratio of 47.27, a PEG ratio of 2.77 and a beta of 1.78. DigitalOcean Holdings, Inc. has a twelve month low of $26.63 and a twelve month high of $44.80. The firm’s 50 day moving average price is $36.91 and its two-hundred day moving average price is $37.42.

DigitalOcean (NYSE:DOCN) last issued its earnings results on Monday, November 4th. The company reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $0.12. The company had revenue of $198.50 million for the quarter, compared to analysts’ expectations of $196.64 million. DigitalOcean had a net margin of 10.86% and a negative return on equity of 43.11%. DigitalOcean’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.17 EPS. On average, sell-side analysts anticipate that DigitalOcean Holdings, Inc. will post 1.01 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Cantor Fitzgerald initiated coverage on DigitalOcean in a report on Friday, January 17th. They set a “neutral” rating and a $39.00 price objective for the company. Stifel Nicolaus upped their price target on shares of DigitalOcean from $35.00 to $40.00 and gave the stock a “hold” rating in a research report on Wednesday, December 18th. JPMorgan Chase & Co. lifted their price objective on DigitalOcean from $32.00 to $40.00 and gave the company a “neutral” rating in a research note on Friday, October 25th. Barclays boosted their price objective on DigitalOcean from $38.00 to $48.00 and gave the stock an “overweight” rating in a research note on Friday, October 11th. Finally, Needham & Company LLC restated a “hold” rating on shares of DigitalOcean in a report on Tuesday, November 5th. Six research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $42.73.

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).