Strategic Financial Concepts LLC Takes Position in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Strategic Financial Concepts LLC purchased a new stake in DigitalOcean Holdings, Inc. (NYSE:DOCN) during the 4th quarter, HoldingsChannel reports. The firm purchased 17,035 shares of the company’s stock, valued at approximately $580,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Geode Capital Management LLC grew its position in shares of DigitalOcean by 7.9% in the third quarter. Geode Capital Management LLC now owns 1,464,333 shares of the company’s stock valued at $59,156,000 after purchasing an additional 106,636 shares during the last quarter. Jacobs Levy Equity Management Inc. lifted its stake in shares of DigitalOcean by 32.8% in the third quarter. Jacobs Levy Equity Management Inc. now owns 1,397,588 shares of the company’s stock valued at $56,449,000 after buying an additional 345,119 shares during the period. Principal Financial Group Inc. lifted its stake in shares of DigitalOcean by 10.4% in the third quarter. Principal Financial Group Inc. now owns 1,301,499 shares of the company’s stock valued at $52,568,000 after buying an additional 122,651 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of DigitalOcean by 14.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 565,763 shares of the company’s stock valued at $22,851,000 after buying an additional 70,700 shares during the period. Finally, Nordea Investment Management AB lifted its stake in shares of DigitalOcean by 4.5% in the fourth quarter. Nordea Investment Management AB now owns 267,244 shares of the company’s stock valued at $9,196,000 after buying an additional 11,481 shares during the period. 49.77% of the stock is owned by institutional investors and hedge funds.

DigitalOcean Trading Down 1.5 %

NYSE DOCN opened at $45.24 on Wednesday. The firm has a market cap of $4.17 billion, a price-to-earnings ratio of 53.22, a PEG ratio of 3.19 and a beta of 1.81. The company has a 50 day moving average of $37.84 and a 200-day moving average of $38.19. DigitalOcean Holdings, Inc. has a 1-year low of $26.63 and a 1-year high of $46.46.

Analysts Set New Price Targets

DOCN has been the subject of several research reports. Stifel Nicolaus increased their target price on shares of DigitalOcean from $35.00 to $40.00 and gave the company a “hold” rating in a research note on Wednesday, December 18th. JPMorgan Chase & Co. increased their target price on shares of DigitalOcean from $32.00 to $40.00 and gave the company a “neutral” rating in a research note on Friday, October 25th. Cantor Fitzgerald initiated 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. Citigroup initiated coverage on shares of DigitalOcean in a research note on Friday, January 24th. They issued a “buy” rating and a $45.00 target price for the company. Finally, Needham & Company LLC restated a “hold” rating on shares of DigitalOcean in a research note on Tuesday, November 5th. Six investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $42.73.

Insider Transactions at DigitalOcean

In other news, insider Bratin Saha sold 16,989 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $36.85, for a total transaction of $626,044.65. Following the completion of the sale, the insider now owns 390,296 shares of the company’s stock, valued at approximately $14,382,407.60. This trade represents a 4.17 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Matt Steinfort sold 12,498 shares of the firm’s stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $40.00, for a total transaction of $499,920.00. Following the sale, the chief financial officer now directly owns 517,498 shares of the company’s stock, valued at approximately $20,699,920. The trade was a 2.36 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 37,244 shares of company stock valued at $1,416,208. Corporate insiders own 0.74% of the company’s stock.

DigitalOcean 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).