8,130 Shares in DigitalOcean Holdings, Inc. $DOCN Bought by RFG Advisory LLC

RFG Advisory LLC bought a new stake in DigitalOcean Holdings, Inc. (NYSE:DOCN) during the 3rd quarter, Holdings Channel reports. The institutional investor bought 8,130 shares of the company’s stock, valued at approximately $278,000.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Norges Bank purchased a new position in shares of DigitalOcean in the 2nd quarter valued at about $22,633,000. Lazard Asset Management LLC increased its stake in DigitalOcean by 34.5% in the second quarter. Lazard Asset Management LLC now owns 1,660,731 shares of the company’s stock valued at $47,430,000 after purchasing an additional 426,264 shares during the last quarter. Van Berkom & Associates Inc. raised its holdings in DigitalOcean by 33.1% during the third quarter. Van Berkom & Associates Inc. now owns 1,564,991 shares of the company’s stock worth $53,460,000 after purchasing an additional 389,161 shares in the last quarter. Mizuho Markets Americas LLC purchased a new stake in shares of DigitalOcean during the 3rd quarter worth approximately $12,122,000. Finally, Frontier Capital Management Co. LLC boosted its holdings in shares of DigitalOcean by 75.9% in the 2nd quarter. Frontier Capital Management Co. LLC now owns 706,227 shares of the company’s stock valued at $20,170,000 after buying an additional 304,805 shares in the last quarter. 49.77% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Oppenheimer started coverage on shares of DigitalOcean in a research note on Monday, November 10th. They set an “outperform” rating and a $60.00 price target on the stock. UBS Group lifted their target price on DigitalOcean from $40.00 to $48.00 and gave the stock a “neutral” rating in a research report on Thursday, November 6th. Barclays upped their target price on DigitalOcean from $49.00 to $63.00 and gave the company an “overweight” rating in a research report on Monday, January 12th. Piper Sandler lifted their price target on DigitalOcean from $47.00 to $50.00 and gave the stock a “neutral” rating in a research report on Monday, January 5th. Finally, Canaccord Genuity Group increased their price objective on DigitalOcean from $55.00 to $60.00 and gave the company a “buy” rating in a report on Thursday, November 6th. Eight research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, DigitalOcean currently has an average rating of “Moderate Buy” and an average price target of $52.25.

DigitalOcean Trading Up 6.7%

Shares of DOCN stock opened at $68.07 on Friday. The company has a market capitalization of $6.23 billion, a P/E ratio of 27.45, a price-to-earnings-growth ratio of 9.57 and a beta of 1.77. The business’s 50 day moving average is $53.36 and its two-hundred day moving average is $43.34. DigitalOcean Holdings, Inc. has a twelve month low of $25.45 and a twelve month high of $70.43.

DigitalOcean Profile

DigitalOcean Holdings, Inc is a cloud infrastructure provider that focuses on simplicity, performance and developer experience. The company offers a range of cloud services designed to help software developers, startups and small- to medium-sized businesses deploy, manage and scale applications. Its flagship offering, Droplets, provides virtual private servers that can be configured with various CPU, memory and storage options. In addition to compute instances, DigitalOcean’s platform includes managed Kubernetes, scalable object and block storage, managed databases, load balancers and networking capabilities such as Virtual Private Cloud (VPC) and Floating IPs.

Founded in 2011 and headquartered in New York City, DigitalOcean was created with the goal of making cloud computing more accessible to individual developers and smaller teams.