DNB Asset Management AS Acquires New Stake in DigitalOcean Holdings, Inc. $DOCN

DNB Asset Management AS bought a new position in DigitalOcean Holdings, Inc. (NYSE:DOCN) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 24,778 shares of the company’s stock, valued at approximately $846,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Norges Bank purchased a new position in shares of DigitalOcean in the 2nd quarter valued at $22,633,000. Vanguard Group Inc. increased its stake in shares of DigitalOcean by 5.0% in the 3rd quarter. Vanguard Group Inc. now owns 9,362,889 shares of the company’s stock valued at $319,836,000 after purchasing an additional 442,617 shares in the last quarter. Lazard Asset Management LLC grew its holdings in DigitalOcean by 34.5% in the second quarter. Lazard Asset Management LLC now owns 1,660,731 shares of the company’s stock valued at $47,430,000 after purchasing an additional 426,264 shares during the period. Van Berkom & Associates Inc. lifted its position in shares of DigitalOcean by 33.1% during the 3rd quarter. Van Berkom & Associates Inc. now owns 1,564,991 shares of the company’s stock valued at $53,460,000 after buying an additional 389,161 shares in the last quarter. Finally, Mizuho Markets Americas LLC purchased a new position in shares of DigitalOcean in the third quarter valued at approximately $12,122,000. Institutional investors own 49.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on DOCN. Cantor Fitzgerald increased their price target on shares of DigitalOcean from $68.00 to $83.00 and gave the company an “overweight” rating in a research note on Wednesday, February 25th. Royal Bank Of Canada set a $60.00 price objective on DigitalOcean in a report on Tuesday, February 24th. Citigroup reissued a “buy” rating on shares of DigitalOcean in a research report on Friday, February 13th. Barclays boosted their price objective on shares of DigitalOcean from $63.00 to $69.00 and gave the company an “overweight” rating in a research note on Wednesday, February 25th. Finally, UBS Group lifted their price objective on DigitalOcean from $48.00 to $68.00 and gave the company 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 given a Hold rating to the company’s stock. Based on data from MarketBeat, DigitalOcean presently has a consensus rating of “Moderate Buy” and an average target price of $69.23.

DigitalOcean Stock Performance

DOCN opened at $55.41 on Wednesday. DigitalOcean Holdings, Inc. has a 1 year low of $25.45 and a 1 year high of $70.43. The company’s 50 day simple moving average is $56.74 and its 200 day simple moving average is $46.06. The stock has a market capitalization of $5.10 billion, a PE ratio of 21.90, a P/E/G ratio of 56.60 and a beta of 1.76.

Insiders Place Their Bets

In related news, CFO Matt Steinfort sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $55.40, for a total value of $1,108,000.00. Following the transaction, the chief financial officer owned 545,916 shares in the company, valued at approximately $30,243,746.40. This trade represents a 3.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Cherie Barrett sold 22,000 shares of DigitalOcean stock in a transaction that occurred 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 transaction, the chief accounting officer directly owned 62,469 shares in the company, valued at approximately $3,421,427.13. This trade represents a 26.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.74% of the stock is currently owned by company insiders.

DigitalOcean Company 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.