First Trust Advisors LP Sells 139,724 Shares of DigitalOcean Holdings, Inc. $DOCN

First Trust Advisors LP cut its holdings in DigitalOcean Holdings, Inc. (NYSE:DOCN) by 11.3% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 1,101,019 shares of the company’s stock after selling 139,724 shares during the quarter. First Trust Advisors LP owned about 1.20% of DigitalOcean worth $37,611,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of DOCN. Advisors Asset Management Inc. lifted its stake in DigitalOcean by 18.0% in the second quarter. Advisors Asset Management Inc. now owns 2,630 shares of the company’s stock valued at $75,000 after buying an additional 401 shares in the last quarter. Man Group plc boosted its holdings in shares of DigitalOcean by 0.5% in the second quarter. Man Group plc now owns 82,485 shares of the company’s stock valued at $2,356,000 after buying an additional 420 shares during the period. PNC Financial Services Group Inc. increased its position in shares of DigitalOcean by 6.5% during the second quarter. PNC Financial Services Group Inc. now owns 10,242 shares of the company’s stock worth $293,000 after acquiring an additional 628 shares in the last quarter. Vanguard Personalized Indexing Management LLC raised its holdings in shares of DigitalOcean by 9.2% during the third quarter. Vanguard Personalized Indexing Management LLC now owns 7,978 shares of the company’s stock worth $273,000 after acquiring an additional 674 shares during the period. Finally, Prostatis Group LLC raised its holdings in shares of DigitalOcean by 8.5% during the third quarter. Prostatis Group LLC now owns 9,281 shares of the company’s stock worth $317,000 after acquiring an additional 724 shares during the period. 49.77% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on DOCN. Citizens Jmp upped their target price on shares of DigitalOcean from $60.00 to $83.00 and gave the stock a “market outperform” rating in a research note on Wednesday, February 25th. Citigroup reissued a “buy” rating on shares of DigitalOcean in a research note on Friday, February 13th. The Goldman Sachs Group boosted their price target on DigitalOcean from $50.00 to $78.00 and gave the company a “buy” rating in a report on Wednesday, February 25th. Canaccord Genuity Group upped their price objective on DigitalOcean from $65.00 to $80.00 and gave the stock a “buy” rating in a research report on Friday, February 20th. Finally, UBS Group increased their price objective on DigitalOcean from $48.00 to $68.00 and gave the stock a “neutral” rating in a report on Wednesday, February 25th. Nine equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $69.23.

DigitalOcean Stock Down 3.5%

Shares of NYSE DOCN opened at $66.29 on Friday. The business’s 50 day moving average price is $58.18 and its two-hundred day moving average price is $47.23. The company has a market cap of $6.10 billion, a PE ratio of 26.20, a price-to-earnings-growth ratio of 66.75 and a beta of 1.76. DigitalOcean Holdings, Inc. has a twelve month low of $25.45 and a twelve month high of $70.43.

Insider Buying and Selling

In other DigitalOcean news, CAO Cherie Barrett sold 22,000 shares of DigitalOcean stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $54.77, for a total transaction of $1,204,940.00. Following the completion of the transaction, the chief accounting officer directly owned 62,469 shares of the company’s stock, valued at $3,421,427.13. The trade was a 26.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Matt Steinfort sold 20,000 shares of the company’s stock in a transaction on 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 owned 545,916 shares in the company, valued at approximately $30,243,746.40. This represents a 3.53% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.96% of the stock is currently owned by insiders.

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.