Wealthfront Advisers LLC Buys New Holdings in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Wealthfront Advisers LLC bought a new stake in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 32,601 shares of the company’s stock, valued at approximately $1,111,000.

Several other institutional investors also recently bought and sold shares of DOCN. Amalgamated Bank lifted its holdings in DigitalOcean by 13.5% in the 3rd quarter. Amalgamated Bank now owns 18,552 shares of the company’s stock worth $749,000 after buying an additional 2,205 shares during the period. Victory Capital Management Inc. lifted its holdings in DigitalOcean by 79.8% in the 3rd quarter. Victory Capital Management Inc. now owns 31,169 shares of the company’s stock worth $1,259,000 after buying an additional 13,837 shares during the period. KBC Group NV lifted its holdings in DigitalOcean by 47.6% in the 3rd quarter. KBC Group NV now owns 2,096 shares of the company’s stock worth $85,000 after buying an additional 676 shares during the period. Empowered Funds LLC lifted its holdings in DigitalOcean by 8.2% in the 3rd quarter. Empowered Funds LLC now owns 9,245 shares of the company’s stock worth $373,000 after buying an additional 697 shares during the period. Finally, Mutual of America Capital Management LLC lifted its holdings in DigitalOcean by 7.7% in the 3rd quarter. Mutual of America Capital Management LLC now owns 9,516 shares of the company’s stock worth $384,000 after buying an additional 683 shares during the period. 49.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at DigitalOcean

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

Analysts Set New Price Targets

Several research firms have weighed in on DOCN. The Goldman Sachs Group reiterated a “buy” rating on shares of DigitalOcean in a report on Saturday, March 1st. JMP Securities increased their target price on DigitalOcean from $47.00 to $55.00 and gave the stock a “market outperform” rating in a research report on Monday, January 27th. Stifel Nicolaus increased their target price on DigitalOcean from $35.00 to $40.00 and gave the stock 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 increased their target price for the stock from $40.00 to $41.00 in a research report on Thursday, January 16th. Finally, UBS Group increased their target price on DigitalOcean from $39.00 to $44.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 26th. One analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, DigitalOcean has a consensus rating of “Hold” and a consensus price target of $43.27.

DigitalOcean Price Performance

DOCN stock opened at $36.12 on Friday. The company has a market cap of $3.33 billion, a P/E ratio of 42.49, a price-to-earnings-growth ratio of 3.12 and a beta of 1.80. The stock’s fifty day moving average price is $39.83 and its 200-day moving average price is $39.32. DigitalOcean Holdings, Inc. has a 1 year low of $26.63 and a 1 year high of $47.02.

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).