Assenagon Asset Management S.A. Makes New Investment in DigitalOcean Holdings, Inc. $DOCN

Assenagon Asset Management S.A. acquired a new position in DigitalOcean Holdings, Inc. (NYSE:DOCN) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 33,802 shares of the company’s stock, valued at approximately $1,627,000.

A number of other institutional investors also recently made changes to their positions in the business. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of DigitalOcean by 5.0% during 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 purchasing an additional 16,162 shares during the last quarter. Intech Investment Management LLC lifted its stake in DigitalOcean by 59.2% in the first quarter. Intech Investment Management LLC now owns 39,429 shares of the company’s stock worth $1,317,000 after purchasing an additional 14,655 shares during the last quarter. Rhumbline Advisers boosted its position in DigitalOcean by 1.6% during the second quarter. Rhumbline Advisers now owns 180,034 shares of the company’s stock valued at $5,142,000 after buying an additional 2,784 shares during the period. XTX Topco Ltd purchased a new stake in DigitalOcean during the second quarter valued at about $700,000. Finally, Advisors Asset Management Inc. grew its stake in shares of DigitalOcean by 18.0% during the second quarter. Advisors Asset Management Inc. now owns 2,630 shares of the company’s stock valued at $75,000 after buying an additional 401 shares during the last quarter. Hedge funds and other institutional investors own 49.77% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on DOCN shares. UBS Group lifted their price objective on DigitalOcean from $48.00 to $68.00 and gave the stock a “neutral” rating in a report on Wednesday, February 25th. The Goldman Sachs Group raised their price target on DigitalOcean from $50.00 to $78.00 and gave the stock a “buy” rating in a research report on Wednesday, February 25th. Citigroup reiterated a “buy” rating on shares of DigitalOcean in a research report on Friday, February 13th. Wall Street Zen lowered DigitalOcean from a “buy” rating to a “hold” rating in a research note on Sunday, January 4th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of DigitalOcean in a report on Friday. Nine investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $72.08.

Insider Buying and Selling

In other DigitalOcean news, 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 value of $1,108,000.00. Following the completion of the sale, 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 position. The transaction was disclosed in a filing with the SEC, which can be accessed 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 stock was sold at an average price of $54.77, for a total value 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. This represents a 26.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.74% of the company’s stock.

DigitalOcean Trading Down 3.9%

DigitalOcean stock opened at $78.25 on Tuesday. The firm has a market cap of $7.20 billion, a P/E ratio of 30.93 and a beta of 1.76. DigitalOcean Holdings, Inc. has a 1-year low of $25.45 and a 1-year high of $88.84. The firm has a 50-day moving average of $64.94 and a 200-day moving average of $51.49.

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.