DigitalOcean Holdings, Inc. $DOCN Stake Boosted by Rhumbline Advisers

Rhumbline Advisers boosted its stake in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) by 4.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 188,111 shares of the company’s stock after buying an additional 8,077 shares during the period. Rhumbline Advisers owned about 0.21% of DigitalOcean worth $6,426,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in DOCN. Wilmington Savings Fund Society FSB purchased a new position in DigitalOcean during the 3rd quarter worth approximately $37,000. Advisors Asset Management Inc. raised its stake in shares of DigitalOcean by 18.0% during the 2nd quarter. Advisors Asset Management Inc. now owns 2,630 shares of the company’s stock worth $75,000 after purchasing an additional 401 shares in the last quarter. SBI Securities Co. Ltd. raised its position in DigitalOcean by 188.1% during the second quarter. SBI Securities Co. Ltd. now owns 5,001 shares of the company’s stock valued at $143,000 after acquiring an additional 3,265 shares in the last quarter. Pacer Advisors Inc. raised its holdings in shares of DigitalOcean by 205.1% during the 3rd quarter. Pacer Advisors Inc. now owns 5,044 shares of the company’s stock valued at $172,000 after purchasing an additional 3,391 shares in the last quarter. Finally, State of Wyoming raised its holdings in DigitalOcean by 49.6% during the second quarter. State of Wyoming now owns 6,750 shares of the company’s stock valued at $193,000 after buying an additional 2,239 shares in the last quarter. 49.77% of the stock is currently owned by institutional investors and hedge funds.

DigitalOcean Price Performance

NYSE:DOCN opened at $63.52 on Monday. DigitalOcean Holdings, Inc. has a one year low of $25.45 and a one year high of $70.43. The company has a fifty day moving average price of $55.15 and a 200 day moving average price of $44.75. The stock has a market cap of $5.81 billion, a P/E ratio of 25.61, a PEG ratio of 8.94 and a beta of 1.76.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on DOCN. Bank of America raised their price objective on DigitalOcean from $60.00 to $72.00 and gave the company a “buy” rating in a research note on Tuesday, January 27th. Cantor Fitzgerald upgraded shares of DigitalOcean from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $47.00 to $68.00 in a research note on Thursday, February 5th. Oppenheimer started coverage on shares of DigitalOcean in a research note on Monday, November 10th. They issued an “outperform” rating and a $60.00 target price on the stock. Wall Street Zen downgraded shares of DigitalOcean from a “buy” rating to a “hold” rating in a report on Sunday, January 4th. Finally, Canaccord Genuity Group upped their price target on shares of DigitalOcean from $65.00 to $80.00 and gave the company a “buy” rating in a report on Friday. Eight investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $53.92.

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.