Prosperity Wealth Management Inc. Acquires New Shares in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Prosperity Wealth Management Inc. bought a new position in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) during the 4th quarter, HoldingsChannel reports. The institutional investor bought 9,520 shares of the company’s stock, valued at approximately $324,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Harbor Investment Advisory LLC lifted its holdings in shares of DigitalOcean by 380.0% during the 4th 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 acquired a new stake in DigitalOcean during the 3rd quarter worth approximately $30,000. Advisors Asset Management Inc. lifted its stake in DigitalOcean by 150.4% in the third quarter. Advisors Asset Management Inc. now owns 974 shares of the company’s stock valued at $39,000 after buying an additional 585 shares in the last quarter. JTC Employer Solutions Trustee Ltd acquired a new position in shares of DigitalOcean in the fourth quarter valued at approximately $45,000. Finally, SBI Securities Co. Ltd. bought a new stake in shares of DigitalOcean during the fourth quarter worth $66,000. 49.77% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently commented on DOCN. Stifel Nicolaus boosted their price objective on shares of DigitalOcean from $35.00 to $40.00 and gave the company a “hold” rating in a research report on Wednesday, December 18th. Morgan Stanley raised DigitalOcean from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $40.00 to $41.00 in a research report on Thursday, January 16th. Bank of America boosted their target price on DigitalOcean from $28.00 to $31.00 and gave the company an “underperform” rating in a research note on Wednesday, February 26th. Canaccord Genuity Group raised their price target on shares of DigitalOcean from $48.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, February 26th. Finally, The Goldman Sachs Group reissued a “buy” rating on shares of DigitalOcean in a research report on Saturday, March 1st. One investment 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, the stock currently has an average rating of “Hold” and a consensus target price of $43.27.

Insider Activity at DigitalOcean

In related news, insider Bratin Saha sold 3,468 shares of the stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $38.18, for a total value of $132,408.24. Following the sale, the insider now owns 379,795 shares in the company, valued at approximately $14,500,573.10. This represents a 0.90 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.74% of the stock is currently owned by company insiders.

DigitalOcean Price Performance

Shares of DOCN opened at $36.09 on Thursday. The company has a market cap of $3.32 billion, a PE ratio of 42.46, a price-to-earnings-growth ratio of 3.12 and a beta of 1.80. The firm has a 50-day moving average of $39.80 and a 200-day moving average of $39.34. DigitalOcean Holdings, Inc. has a one year low of $26.63 and a one year high of $47.02.

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).