Allspring Global Investments Holdings LLC Acquires 22,100 Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN)

Allspring Global Investments Holdings LLC boosted its holdings in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) by 29.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 96,306 shares of the company’s stock after purchasing an additional 22,100 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.10% of DigitalOcean worth $3,284,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in DOCN. Creative Planning boosted its stake in DigitalOcean by 1,253.4% during the 3rd quarter. Creative Planning now owns 73,867 shares of the company’s stock valued at $2,983,000 after purchasing an additional 68,409 shares during the period. Blue Trust Inc. raised its holdings in DigitalOcean by 380.6% in the 3rd quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock valued at $49,000 after acquiring an additional 959 shares in the last quarter. Hennion & Walsh Asset Management Inc. raised its holdings in DigitalOcean by 27.8% in the 3rd quarter. Hennion & Walsh Asset Management Inc. now owns 9,855 shares of the company’s stock valued at $398,000 after acquiring an additional 2,142 shares in the last quarter. Louisiana State Employees Retirement System raised its holdings in DigitalOcean by 13.3% in the 3rd quarter. Louisiana State Employees Retirement System now owns 30,600 shares of the company’s stock valued at $1,236,000 after acquiring an additional 3,600 shares in the last quarter. Finally, State of Alaska Department of Revenue raised its holdings in DigitalOcean by 14.5% in the 3rd quarter. State of Alaska Department of Revenue now owns 36,114 shares of the company’s stock valued at $1,458,000 after acquiring an additional 4,561 shares in the last quarter. Institutional investors own 49.77% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on DOCN. JMP Securities upped their price target on DigitalOcean from $47.00 to $55.00 and gave the company a “market outperform” rating in a report on Monday, January 27th. Stifel Nicolaus upped their price target on DigitalOcean from $35.00 to $40.00 and gave the company a “hold” rating in a report on Wednesday, December 18th. Needham & Company LLC reaffirmed a “hold” rating on shares of DigitalOcean in a report on Tuesday, November 5th. Citigroup initiated coverage on DigitalOcean in a report on Friday, January 24th. They issued a “buy” rating and a $45.00 price target for the company. Finally, JPMorgan Chase & Co. increased their target price on DigitalOcean from $32.00 to $40.00 and gave the stock a “neutral” rating in a report on Friday, October 25th. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $42.73.

DigitalOcean Price Performance

NYSE DOCN opened at $42.92 on Friday. The firm has a market cap of $3.96 billion, a PE ratio of 50.49, a price-to-earnings-growth ratio of 3.38 and a beta of 1.81. DigitalOcean Holdings, Inc. has a one year low of $26.63 and a one year high of $47.02. The stock’s 50 day simple moving average is $38.63 and its 200 day simple moving average is $38.75.

Insider Buying and Selling

In related news, CFO Matt Steinfort sold 12,498 shares of the 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 in the company, valued at $20,699,920. This represents a 2.36 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Bratin Saha sold 3,468 shares of the stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $38.18, for a total value of $132,408.24. Following the completion of the transaction, the insider now owns 379,795 shares in the company, valued at $14,500,573.10. The trade was a 0.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,255 shares of company stock worth $790,163 in the last three months. 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).