DigitalOcean Holdings, Inc. $DOCN Shares Acquired by Public Sector Pension Investment Board

Public Sector Pension Investment Board lifted its stake in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) by 24.4% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 266,308 shares of the company’s stock after purchasing an additional 52,148 shares during the period. Public Sector Pension Investment Board owned approximately 0.29% of DigitalOcean worth $9,097,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Lazard Asset Management LLC raised its holdings in DigitalOcean by 34.5% during the 2nd quarter. Lazard Asset Management LLC now owns 1,660,731 shares of the company’s stock worth $47,430,000 after buying an additional 426,264 shares during the period. Van Berkom & Associates Inc. increased its position in shares of DigitalOcean by 33.1% in the third quarter. Van Berkom & Associates Inc. now owns 1,564,991 shares of the company’s stock worth $53,460,000 after acquiring an additional 389,161 shares in the last quarter. Norges Bank acquired a new stake in shares of DigitalOcean during the second quarter valued at approximately $22,633,000. Frontier Capital Management Co. LLC lifted its position 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 acquiring an additional 304,805 shares in the last quarter. Finally, Qube Research & Technologies Ltd boosted its stake in DigitalOcean by 69.7% in the 2nd quarter. Qube Research & Technologies Ltd now owns 414,643 shares of the company’s stock worth $11,842,000 after purchasing an additional 170,339 shares during the period. Institutional investors and hedge funds own 49.77% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Canaccord Genuity Group boosted their target price on shares of DigitalOcean from $55.00 to $60.00 and gave the company a “buy” rating in a research note on Thursday, November 6th. Cantor Fitzgerald raised DigitalOcean from a “neutral” rating to an “overweight” rating and upped their price target for the company from $47.00 to $68.00 in a research report on Thursday, February 5th. UBS Group increased their price objective on DigitalOcean from $40.00 to $48.00 and gave the stock a “neutral” rating in a research note on Thursday, November 6th. Oppenheimer assumed coverage on DigitalOcean in a research report on Monday, November 10th. They set an “outperform” rating and a $60.00 price objective for the company. Finally, Citigroup reissued a “buy” rating on shares of DigitalOcean in a research report on Friday. Eight research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $52.25.

DigitalOcean Stock Up 6.7%

NYSE DOCN opened at $68.07 on Tuesday. The stock has a market capitalization of $6.23 billion, a PE ratio of 27.45, a price-to-earnings-growth ratio of 9.58 and a beta of 1.76. The company has a 50 day moving average price of $53.73 and a two-hundred day moving average price of $43.74. DigitalOcean Holdings, Inc. has a 12-month low of $25.45 and a 12-month high of $70.43.

About DigitalOcean

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.