Legal & General Group Plc Buys 3,783 Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN)

Legal & General Group Plc increased its stake in DigitalOcean Holdings, Inc. (NYSE:DOCN) by 2.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 182,674 shares of the company’s stock after buying an additional 3,783 shares during the quarter. Legal & General Group Plc owned about 0.20% of DigitalOcean worth $6,224,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Stifel Financial Corp increased its stake in DigitalOcean by 3.6% during the 3rd quarter. Stifel Financial Corp now owns 22,218 shares of the company’s stock valued at $897,000 after purchasing an additional 777 shares in the last quarter. Geode Capital Management LLC lifted its position in DigitalOcean by 7.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,464,333 shares of the company’s stock worth $59,156,000 after acquiring an additional 106,636 shares during the period. Tidal Investments LLC purchased a new stake in DigitalOcean during the 3rd quarter valued at about $423,000. Franklin Resources Inc. increased its holdings in shares of DigitalOcean by 17.1% in the third quarter. Franklin Resources Inc. now owns 39,078 shares of the company’s stock valued at $1,714,000 after purchasing an additional 5,718 shares during the period. Finally, Principal Financial Group Inc. raised its stake in shares of DigitalOcean by 10.4% in the third quarter. Principal Financial Group Inc. now owns 1,301,499 shares of the company’s stock worth $52,568,000 after purchasing an additional 122,651 shares during the last quarter. 49.77% of the stock is owned by hedge funds and other institutional investors.

DigitalOcean Trading Down 1.8 %

Shares of DOCN opened at $27.36 on Monday. The firm has a market cap of $2.51 billion, a P/E ratio of 32.19, a PEG ratio of 3.12 and a beta of 1.87. The stock’s 50 day moving average is $36.12 and its two-hundred day moving average is $37.93. DigitalOcean Holdings, Inc. has a 12 month low of $25.45 and a 12 month high of $47.02.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on DOCN shares. UBS Group increased their price target on shares of DigitalOcean from $39.00 to $44.00 and gave the stock a “neutral” rating in a report on Wednesday, February 26th. JMP Securities raised their target price on shares of DigitalOcean from $47.00 to $55.00 and gave the stock a “market outperform” rating in a report on Monday, January 27th. JPMorgan Chase & Co. upped their price target on shares of DigitalOcean from $40.00 to $45.00 and gave the company a “neutral” rating in a report on Wednesday, February 26th. Canaccord Genuity Group reduced their price objective on DigitalOcean from $50.00 to $45.00 and set a “buy” rating for the company in a research note on Monday, April 7th. Finally, Citigroup assumed coverage on DigitalOcean in a report on Friday, January 24th. They issued a “buy” rating and a $45.00 price objective for the company. One research 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 MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $42.18.

Insider Activity at DigitalOcean

In related news, insider Bratin Saha sold 3,948 shares of the firm’s stock in a transaction dated Tuesday, March 18th. The shares were sold at an average price of $36.63, for a total value of $144,615.24. Following the transaction, the insider now directly owns 358,696 shares of the company’s stock, valued at approximately $13,139,034.48. This trade represents a 1.09 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.74% of the stock is owned by corporate insiders.

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).