Allspring Global Investments Holdings LLC Purchases 76,879 Shares of DigitalOcean Holdings, Inc. $DOCN

Allspring Global Investments Holdings LLC raised its holdings in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) by 25.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 377,178 shares of the company’s stock after purchasing an additional 76,879 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.41% of DigitalOcean worth $18,470,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of DOCN. Bullseye Asset Management LLC lifted its stake in DigitalOcean by 267.8% during the 3rd quarter. Bullseye Asset Management LLC now owns 99,300 shares of the company’s stock valued at $3,392,000 after acquiring an additional 72,300 shares in the last quarter. Penserra Capital Management LLC boosted its holdings in DigitalOcean by 27.2% during the 3rd quarter. Penserra Capital Management LLC now owns 293,132 shares of the company’s stock worth $10,013,000 after acquiring an additional 62,725 shares during the last quarter. Segall Bryant & Hamill LLC purchased a new position in DigitalOcean during the 3rd quarter worth $8,951,000. Van Berkom & Associates Inc. grew its stake in shares of 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 in the last quarter. Finally, Envestnet Asset Management Inc. grew its stake in shares of DigitalOcean by 67.6% in the 3rd quarter. Envestnet Asset Management Inc. now owns 75,163 shares of the company’s stock worth $2,568,000 after acquiring an additional 30,323 shares in the last quarter. Institutional investors and hedge funds own 49.77% of the company’s stock.

DigitalOcean Price Performance

Shares of NYSE:DOCN opened at $90.03 on Friday. The firm has a fifty day moving average price of $67.83 and a two-hundred day moving average price of $52.84. The company has a market cap of $8.28 billion, a price-to-earnings ratio of 35.59 and a beta of 1.43. DigitalOcean Holdings, Inc. has a one year low of $25.45 and a one year high of $91.53.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Wall Street Zen downgraded DigitalOcean from a “buy” rating to a “hold” rating in a research report on Sunday, January 4th. Cantor Fitzgerald upped their price objective on DigitalOcean from $68.00 to $83.00 and gave the company an “overweight” rating in a research note on Wednesday, February 25th. Piper Sandler reaffirmed a “neutral” rating and set a $67.00 target price on shares of DigitalOcean in a research report on Tuesday, February 24th. Citigroup reiterated a “buy” rating on shares of DigitalOcean in a research note on Friday, February 13th. Finally, Royal Bank Of Canada set a $60.00 price objective on shares of DigitalOcean in a research report on Tuesday, February 24th. Nine research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $72.08.

Insider Activity

In other DigitalOcean news, CAO Cherie Barrett sold 22,000 shares of the company’s stock in a transaction dated Monday, March 2nd. The stock was 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 $3,421,427.13. This represents a 26.05% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Matt Steinfort sold 20,000 shares of the business’s stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $55.40, for a total value of $1,108,000.00. Following the transaction, the chief financial officer directly owned 545,916 shares of the company’s stock, valued at $30,243,746.40. The trade was a 3.53% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.96% of the stock is 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.