Bank of New York Mellon Corp Acquires 130,263 Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN)

Bank of New York Mellon Corp boosted its position in DigitalOcean Holdings, Inc. (NYSE:DOCN) by 19.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 791,861 shares of the company’s stock after acquiring an additional 130,263 shares during the period. Bank of New York Mellon Corp owned 0.86% of DigitalOcean worth $26,979,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. Handelsbanken Fonder AB lifted its stake in DigitalOcean by 21.6% in the fourth quarter. Handelsbanken Fonder AB now owns 13,500 shares of the company’s stock valued at $460,000 after buying an additional 2,400 shares during the period. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new stake in DigitalOcean in the 4th quarter valued at approximately $5,382,000. Truist Financial Corp lifted its stake in DigitalOcean by 4.4% in the 4th quarter. Truist Financial Corp now owns 20,480 shares of the company’s stock valued at $698,000 after acquiring an additional 869 shares in the last quarter. Sanctuary Advisors LLC bought a new stake in DigitalOcean in the 4th quarter valued at approximately $174,000. Finally, Strategic Financial Concepts LLC bought a new stake in DigitalOcean in the 4th quarter valued at approximately $580,000. Institutional investors own 49.77% of the company’s stock.

Analyst Ratings Changes

DOCN has been the topic of several recent analyst reports. 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. Stifel Nicolaus upped their price objective on DigitalOcean from $35.00 to $40.00 and gave the company a “hold” rating in a report on Wednesday, December 18th. UBS Group upped their target price on DigitalOcean from $39.00 to $44.00 and gave the company a “neutral” rating in a research report on Wednesday, February 26th. Cantor Fitzgerald upped their target price on DigitalOcean from $39.00 to $43.00 and gave the company a “neutral” rating in a research report on Wednesday, February 26th. Finally, Citigroup started coverage on DigitalOcean in a research report on Friday, January 24th. They set a “buy” rating and a $45.00 target price for the company. One analyst has rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, DigitalOcean presently has an average rating of “Hold” and a consensus target price of $43.27.

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 price-to-earnings ratio of 46.97, a PEG ratio of 3.12 and a beta of 1.80. The stock has a 50-day moving average of $39.66 and a 200-day moving average of $39.36. DigitalOcean Holdings, Inc. has a 1-year low of $26.63 and a 1-year high of $47.02.

Insider Activity

In related news, insider Bratin Saha sold 4,289 shares of the firm’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 transaction of $157,835.20. Following the completion of the sale, the insider now owns 372,762 shares of the company’s stock, valued at $13,717,641.60. This trade represents a 1.14 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.74% of the company’s stock.

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).