KLP Kapitalforvaltning AS Buys New Stake in DigitalOcean Holdings, Inc. (NYSE:DOCN)

KLP Kapitalforvaltning AS purchased a new position in DigitalOcean Holdings, Inc. (NYSE:DOCN) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 12,600 shares of the company’s stock, valued at approximately $429,000.

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

Insiders Place Their Bets

In other news, insider Bratin Saha sold 3,948 shares of the company’s stock in a transaction dated Tuesday, March 18th. The stock was sold at an average price of $36.63, for a total transaction of $144,615.24. Following the completion of the sale, the insider now owns 358,696 shares in the company, valued at approximately $13,139,034.48. This represents a 1.09 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.74% of the company’s stock.

DigitalOcean Stock Performance

DigitalOcean stock opened at $28.64 on Friday. DigitalOcean Holdings, Inc. has a twelve month low of $26.63 and a twelve month high of $47.02. The firm has a market cap of $2.64 billion, a PE ratio of 33.69, a P/E/G ratio of 3.12 and a beta of 1.80. The firm’s 50 day moving average price is $39.63 and its two-hundred day moving average price is $39.03.

Analyst Ratings Changes

A number of brokerages have issued reports on DOCN. The Goldman Sachs Group reaffirmed a “buy” rating on shares of DigitalOcean in a research note on Saturday, March 1st. JPMorgan Chase & Co. lifted their target price on DigitalOcean from $40.00 to $45.00 and gave the stock a “neutral” rating in a report on Wednesday, February 26th. Citigroup initiated coverage on shares of DigitalOcean in a research report on Friday, January 24th. They issued a “buy” rating and a $45.00 price target on the stock. Canaccord Genuity Group raised their price objective on shares of DigitalOcean from $48.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, February 26th. Finally, Morgan Stanley upgraded shares of DigitalOcean from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $40.00 to $41.00 in a report on Thursday, January 16th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, DigitalOcean has a consensus rating of “Hold” and an average price target of $43.27.

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).