DigitalOcean Holdings, Inc. (NYSE:DOCN) Shares Sold by Alberta Investment Management Corp

Alberta Investment Management Corp cut its position in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) by 6.4% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 41,161 shares of the company’s stock after selling 2,805 shares during the quarter. Alberta Investment Management Corp’s holdings in DigitalOcean were worth $1,402,000 as of its most recent filing with the SEC.

Several other large investors also recently bought and sold shares of the company. Versor Investments LP purchased a new stake in shares of DigitalOcean in the 3rd quarter worth about $751,000. FORA Capital LLC purchased a new stake in shares of DigitalOcean in the third quarter valued at about $1,149,000. Victory Capital Management Inc. grew its position in shares of DigitalOcean by 79.8% in the third quarter. Victory Capital Management Inc. now owns 31,169 shares of the company’s stock valued at $1,259,000 after purchasing an additional 13,837 shares during the last quarter. Public Sector Pension Investment Board increased its stake in shares of DigitalOcean by 13.5% during the 3rd quarter. Public Sector Pension Investment Board now owns 134,214 shares of the company’s stock worth $5,421,000 after purchasing an additional 16,000 shares in the last quarter. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new position in shares of DigitalOcean during the 4th quarter worth approximately $5,382,000. Institutional investors and hedge funds own 49.77% of the company’s stock.

DigitalOcean Stock Performance

DigitalOcean stock opened at $39.35 on Friday. The company has a market cap of $3.63 billion, a price-to-earnings ratio of 46.29, a PEG ratio of 3.21 and a beta of 1.81. DigitalOcean Holdings, Inc. has a 1 year low of $26.63 and a 1 year high of $47.02. The firm has a 50 day moving average price of $38.66 and a 200 day moving average price of $38.83.

Insider Activity

In other news, CFO Matt Steinfort sold 12,498 shares of the stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $40.00, for a total value of $499,920.00. Following the completion of the sale, the chief financial officer now owns 517,498 shares of the company’s stock, valued at $20,699,920. This represents a 2.36 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Bratin Saha sold 3,468 shares of the firm’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $38.18, for a total transaction of $132,408.24. Following the completion of the transaction, the insider now directly owns 379,795 shares in the company, valued at approximately $14,500,573.10. This represents a 0.90 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 20,255 shares of company stock valued at $790,163 in the last ninety days. Company insiders own 0.74% of the company’s stock.

Analysts Set New Price Targets

DOCN has been the topic of a number of analyst reports. Morgan Stanley upgraded DigitalOcean from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $40.00 to $41.00 in a report on Thursday, January 16th. Citigroup initiated coverage on DigitalOcean in a research report on Friday, January 24th. They set a “buy” rating and a $45.00 price objective for the company. Cantor Fitzgerald started coverage on shares of DigitalOcean in a research note on Friday, January 17th. They issued a “neutral” rating and a $39.00 target price for the company. JPMorgan Chase & Co. raised their price target on shares of DigitalOcean from $32.00 to $40.00 and gave the stock a “neutral” rating in a research note on Friday, October 25th. Finally, Stifel Nicolaus boosted their price objective on shares of DigitalOcean from $35.00 to $40.00 and gave the company a “hold” rating in a research report on Wednesday, December 18th. Six analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, DigitalOcean presently has an average rating of “Moderate Buy” and a consensus target price of $42.73.

DigitalOcean Company Profile

DigitalOcean Holdings, Inc, through its subsidiaries, operates a cloud computing platform in North America, Europe, Asia, and internationally. The company’s platform provides on-demand infrastructure and platform tools for developers, start-ups, and small and growing digital businesses. It also offers infrastructure-as-a-service (IaaS) solutions comprising compute and storage services, as well as networking projects, including Cloud Firewalls software, Managed Load Balancers software, and Virtual Private Cloud (VPC).