Alps Advisors Inc. Takes $437,000 Position in DigitalOcean Holdings, Inc. $DOCN

Alps Advisors Inc. bought a new stake in DigitalOcean Holdings, Inc. (NYSE:DOCN) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 12,780 shares of the company’s stock, valued at approximately $437,000.

A number of other large investors have also recently bought and sold shares of the business. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in DigitalOcean by 5.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 339,670 shares of the company’s stock valued at $11,342,000 after buying an additional 16,162 shares during the last quarter. Intech Investment Management LLC boosted its holdings in shares of DigitalOcean by 59.2% in the first quarter. Intech Investment Management LLC now owns 39,429 shares of the company’s stock valued at $1,317,000 after acquiring an additional 14,655 shares in the last quarter. CWM LLC increased its stake in shares of DigitalOcean by 2.6% during the second quarter. CWM LLC now owns 18,272 shares of the company’s stock worth $522,000 after acquiring an additional 470 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in DigitalOcean by 25.5% during the second quarter. Allspring Global Investments Holdings LLC now owns 215,483 shares of the company’s stock worth $6,038,000 after purchasing an additional 43,732 shares in the last quarter. Finally, Nordea Investment Management AB lifted its position in DigitalOcean by 0.6% in the second quarter. Nordea Investment Management AB now owns 270,459 shares of the company’s stock valued at $7,627,000 after purchasing an additional 1,698 shares during the period. Institutional investors and hedge funds own 49.77% of the company’s stock.

Analyst Ratings Changes

DOCN has been the topic of several recent analyst reports. Weiss Ratings reiterated a “hold (c+)” rating on shares of DigitalOcean in a research report on Monday, December 29th. Oppenheimer began coverage on DigitalOcean in a report on Monday, November 10th. They set an “outperform” rating and a $60.00 price objective on the stock. Canaccord Genuity Group raised their target price on DigitalOcean from $55.00 to $60.00 and gave the company a “buy” rating in a report on Thursday, November 6th. Cantor Fitzgerald upgraded shares of DigitalOcean from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $47.00 to $68.00 in a research report on Thursday, February 5th. Finally, UBS Group increased their price target on shares of DigitalOcean from $40.00 to $48.00 and gave the company a “neutral” rating in a report on Thursday, November 6th. Eight investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $52.25.

DigitalOcean Price Performance

Shares of DOCN opened at $68.07 on Friday. DigitalOcean Holdings, Inc. has a 1-year low of $25.45 and a 1-year high of $70.43. The stock has a market cap of $6.23 billion, a price-to-earnings ratio of 27.45, a price-to-earnings-growth ratio of 9.57 and a beta of 1.77. The firm has a 50 day simple moving average of $53.36 and a 200-day simple moving average of $43.34.

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.