SG Americas Securities LLC Increases Stock Position in DigitalOcean Holdings, Inc. $DOCN

SG Americas Securities LLC boosted its position in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) by 266.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 167,126 shares of the company’s stock after purchasing an additional 121,473 shares during the period. SG Americas Securities LLC’s holdings in DigitalOcean were worth $8,042,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in DOCN. Allworth Financial LP lifted its holdings in DigitalOcean by 54.4% in the 3rd quarter. Allworth Financial LP now owns 724 shares of the company’s stock worth $25,000 after buying an additional 255 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of DigitalOcean by 33.8% during the fourth quarter. GAMMA Investing LLC now owns 1,581 shares of the company’s stock valued at $76,000 after acquiring an additional 399 shares in the last quarter. Advisors Asset Management Inc. increased its position in shares of DigitalOcean by 18.0% during the second quarter. Advisors Asset Management Inc. now owns 2,630 shares of the company’s stock worth $75,000 after acquiring an additional 401 shares during the last quarter. Man Group plc lifted its stake in shares of DigitalOcean by 0.5% in the second quarter. Man Group plc now owns 82,485 shares of the company’s stock worth $2,356,000 after acquiring an additional 420 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC boosted its holdings in DigitalOcean by 9.2% in the third quarter. Vanguard Personalized Indexing Management LLC now owns 7,978 shares of the company’s stock valued at $273,000 after purchasing an additional 674 shares during the last quarter. Hedge funds and other institutional investors own 49.77% of the company’s stock.

DigitalOcean Trading Down 3.9%

Shares of NYSE DOCN opened at $78.25 on Tuesday. The company has a market capitalization of $7.20 billion, a price-to-earnings ratio of 30.93 and a beta of 1.76. DigitalOcean Holdings, Inc. has a twelve month low of $25.45 and a twelve month high of $88.84. The business has a 50 day simple moving average of $64.94 and a 200-day simple moving average of $51.49.

Insiders Place Their Bets

In other news, CAO Cherie Barrett sold 22,000 shares of the firm’s stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $54.77, for a total value of $1,204,940.00. Following the transaction, the chief accounting officer directly owned 62,469 shares in the company, valued at approximately $3,421,427.13. This trade represents a 26.05% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Matt Steinfort sold 20,000 shares of DigitalOcean stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $55.40, for a total transaction of $1,108,000.00. Following the completion of the transaction, the chief financial officer directly owned 545,916 shares of the company’s stock, valued at $30,243,746.40. This trade represents a 3.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 0.74% of the company’s stock.

Analyst Upgrades and Downgrades

DOCN has been the subject of a number of recent analyst reports. Royal Bank Of Canada set a $60.00 price objective on DigitalOcean in a research note on Tuesday, February 24th. Bank of America increased their target price on DigitalOcean from $72.00 to $86.00 and gave the company a “buy” rating in a research note on Wednesday, February 25th. Cantor Fitzgerald raised their price target on shares of DigitalOcean from $68.00 to $83.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 25th. UBS Group upped their price target on shares of DigitalOcean from $48.00 to $68.00 and gave the company a “neutral” rating in a report on Wednesday, February 25th. Finally, The Goldman Sachs Group increased their price objective on shares of DigitalOcean from $50.00 to $78.00 and gave the company a “buy” rating in a research note on Wednesday, February 25th. Nine research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, DigitalOcean presently has an average rating of “Moderate Buy” and a consensus price target of $72.08.

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.