Oppenheimer & Co. Inc. Buys New Shares in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Oppenheimer & Co. Inc. bought a new stake in DigitalOcean Holdings, Inc. (NYSE:DOCN) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 9,767 shares of the company’s stock, valued at approximately $333,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Harbor Investment Advisory LLC increased its position in shares of DigitalOcean by 380.0% in the fourth quarter. Harbor Investment Advisory LLC now owns 720 shares of the company’s stock valued at $25,000 after acquiring an additional 570 shares during the last quarter. Farther Finance Advisors LLC acquired a new position in DigitalOcean during the third quarter worth approximately $30,000. Advisors Asset Management Inc. increased its position in DigitalOcean by 150.4% during the third quarter. Advisors Asset Management Inc. now owns 974 shares of the company’s stock worth $39,000 after buying an additional 585 shares during the last quarter. JTC Employer Solutions Trustee Ltd acquired a new position in DigitalOcean during the fourth quarter worth approximately $45,000. Finally, Nisa Investment Advisors LLC increased its position in DigitalOcean by 56.4% during the third quarter. Nisa Investment Advisors LLC now owns 1,340 shares of the company’s stock worth $54,000 after buying an additional 483 shares during the last quarter. Institutional investors and hedge funds own 49.77% of the company’s stock.

DigitalOcean Trading Down 0.5 %

Shares of DOCN stock opened at $39.93 on Friday. The stock has a market cap of $3.68 billion, a P/E ratio of 46.97, a price-to-earnings-growth ratio of 3.12 and a beta of 1.80. The stock has a 50 day simple moving average of $39.56 and a 200 day simple moving average of $39.33. DigitalOcean Holdings, Inc. has a 1 year low of $26.63 and a 1 year high of $47.02.

Insider Activity at DigitalOcean

In related news, insider Bratin Saha sold 4,289 shares of the business’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $36.80, for a total value of $157,835.20. Following the completion of the sale, the insider now directly owns 372,762 shares in the company, valued at approximately $13,717,641.60. The trade was a 1.14 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.74% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. JMP Securities boosted their price target on DigitalOcean from $47.00 to $55.00 and gave the stock a “market outperform” rating in a research report on Monday, January 27th. Citigroup assumed coverage on DigitalOcean in a research report on Friday, January 24th. They set a “buy” rating and a $45.00 price target on the stock. Morgan Stanley raised DigitalOcean from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $40.00 to $41.00 in a research report on Thursday, January 16th. JPMorgan Chase & Co. upped their target price on DigitalOcean from $40.00 to $45.00 and gave the company a “neutral” rating in a research report on Wednesday, February 26th. Finally, Stifel Nicolaus upped their target price on DigitalOcean from $35.00 to $40.00 and gave the company a “hold” rating in a research report on Wednesday, December 18th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $43.27.

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).