First Trust Advisors LP Boosts Stock Holdings in DigitalOcean Holdings, Inc. (NYSE:DOCN)

First Trust Advisors LP lifted its position in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) by 6.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,533,699 shares of the company’s stock after buying an additional 89,349 shares during the period. First Trust Advisors LP owned approximately 1.66% of DigitalOcean worth $52,253,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in DOCN. Oppenheimer & Co. Inc. acquired a new stake in DigitalOcean during the fourth quarter worth about $333,000. Illinois Municipal Retirement Fund purchased a new position in DigitalOcean in the fourth quarter valued at approximately $1,139,000. Bank of New York Mellon Corp grew its stake in DigitalOcean by 19.7% during the fourth quarter. Bank of New York Mellon Corp now owns 791,861 shares of the company’s stock worth $26,979,000 after buying an additional 130,263 shares during the period. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new position in shares of DigitalOcean in the 4th quarter valued at $5,382,000. Finally, Allspring Global Investments Holdings LLC lifted its holdings in shares of DigitalOcean by 29.8% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 96,306 shares of the company’s stock valued at $3,284,000 after acquiring an additional 22,100 shares in the last quarter. 49.77% of the stock is owned by hedge funds and other institutional investors.

DigitalOcean Stock Up 3.0 %

Shares of DigitalOcean stock opened at $26.69 on Wednesday. The business has a 50-day moving average price of $35.35 and a 200 day moving average price of $37.73. DigitalOcean Holdings, Inc. has a fifty-two week low of $25.45 and a fifty-two week high of $47.02. The firm has a market cap of $2.45 billion, a P/E ratio of 31.40, a P/E/G ratio of 3.12 and a beta of 1.87.

Insider Activity

In other news, insider Bratin Saha sold 3,461 shares of DigitalOcean stock in a transaction dated Monday, April 21st. The shares were sold at an average price of $26.86, for a total value of $92,962.46. Following the completion of the transaction, the insider now directly owns 394,367 shares of the company’s stock, valued at approximately $10,592,697.62. The trade was a 0.87 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.74% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on DOCN. Morgan Stanley cut their price objective on DigitalOcean from $52.00 to $41.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. Stifel Nicolaus reduced their price target on DigitalOcean from $40.00 to $33.00 and set a “hold” rating on the stock in a research report on Monday, April 7th. Barclays lowered their price objective on shares of DigitalOcean from $48.00 to $38.00 and set an “overweight” rating for the company in a research report on Monday. Cantor Fitzgerald upped their target price on shares of DigitalOcean from $39.00 to $43.00 and gave the company a “neutral” rating in a research note on Wednesday, February 26th. Finally, JPMorgan Chase & Co. lifted their price target on shares of DigitalOcean from $40.00 to $45.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 26th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $41.27.

About DigitalOcean

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).