DigitalOcean Holdings, Inc. $DOCN Shares Purchased by Bullseye Asset Management LLC

Bullseye Asset Management LLC raised its position in DigitalOcean Holdings, Inc. (NYSE:DOCN) by 267.8% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 99,300 shares of the company’s stock after purchasing an additional 72,300 shares during the period. DigitalOcean comprises about 1.8% of Bullseye Asset Management LLC’s investment portfolio, making the stock its 21st largest position. Bullseye Asset Management LLC owned about 0.11% of DigitalOcean worth $3,392,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of DOCN. Vanguard Group Inc. raised its position in shares of DigitalOcean by 5.0% in the third quarter. Vanguard Group Inc. now owns 9,362,889 shares of the company’s stock valued at $319,836,000 after buying an additional 442,617 shares during the last quarter. Lazard Asset Management LLC boosted its position in DigitalOcean by 34.5% during the second quarter. Lazard Asset Management LLC now owns 1,660,731 shares of the company’s stock worth $47,430,000 after acquiring an additional 426,264 shares during the last quarter. Van Berkom & Associates Inc. grew its stake in DigitalOcean by 33.1% in the 3rd 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 during the period. Dimensional Fund Advisors LP grew its stake in DigitalOcean by 3.2% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,328,013 shares of the company’s stock worth $45,371,000 after acquiring an additional 40,679 shares during the period. Finally, Norges Bank acquired a new position in DigitalOcean in the 2nd quarter valued at $22,633,000. 49.77% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at DigitalOcean

In other news, CAO Cherie Barrett sold 22,000 shares of the business’s stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $54.77, for a total transaction of $1,204,940.00. Following the completion of the sale, the chief accounting officer owned 62,469 shares in the company, valued at approximately $3,421,427.13. The trade was a 26.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Matt Steinfort sold 20,000 shares of the stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $55.40, for a total transaction of $1,108,000.00. Following the sale, the chief financial officer directly owned 545,916 shares of the company’s stock, valued at approximately $30,243,746.40. This trade represents a 3.53% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.96% of the company’s stock.

Analysts Set New Price Targets

DOCN has been the topic of a number of recent analyst reports. Oppenheimer increased their price target on DigitalOcean from $60.00 to $85.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 25th. Barclays upped their target price on DigitalOcean from $63.00 to $69.00 and gave the company an “overweight” rating in a research note on Wednesday, February 25th. Canaccord Genuity Group increased their target price on DigitalOcean from $65.00 to $80.00 and gave the stock a “buy” rating in a research report on Friday, February 20th. Weiss Ratings restated a “hold (c+)” rating on shares of DigitalOcean in a report on Monday, December 29th. Finally, Citizens Jmp upped their price objective on shares of DigitalOcean from $60.00 to $83.00 and gave the company a “market outperform” rating in a research note on Wednesday, February 25th. Nine equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, DigitalOcean has an average rating of “Moderate Buy” and a consensus target price of $69.23.

DigitalOcean Trading Up 3.5%

Shares of DOCN opened at $68.57 on Friday. DigitalOcean Holdings, Inc. has a twelve month low of $25.45 and a twelve month high of $70.43. The firm has a market capitalization of $6.31 billion, a P/E ratio of 27.10, a price-to-earnings-growth ratio of 64.35 and a beta of 1.76. The stock’s fifty day simple moving average is $58.57 and its 200 day simple moving average is $47.49.

DigitalOcean Profile

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.