Sei Investments Co. Buys 129,595 Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN)

Sei Investments Co. boosted its stake in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) by 274.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 176,813 shares of the company’s stock after buying an additional 129,595 shares during the period. Sei Investments Co.’s holdings in DigitalOcean were worth $6,024,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in DOCN. Geode Capital Management LLC grew its stake 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 worth $59,156,000 after acquiring an additional 106,636 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its position in DigitalOcean by 32.8% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,397,588 shares of the company’s stock valued at $56,449,000 after purchasing an additional 345,119 shares during the last quarter. Principal Financial Group Inc. increased its stake in DigitalOcean by 10.4% during the 3rd quarter. Principal Financial Group Inc. now owns 1,301,499 shares of the company’s stock valued at $52,568,000 after purchasing an additional 122,651 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in DigitalOcean by 19.7% in the fourth quarter. Bank of New York Mellon Corp now owns 791,861 shares of the company’s stock worth $26,979,000 after buying an additional 130,263 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of DigitalOcean by 3.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 583,920 shares of the company’s stock worth $19,894,000 after buying an additional 18,157 shares in the last quarter. Hedge funds and other institutional investors own 49.77% of the company’s stock.

Analyst Ratings Changes

DOCN has been the subject of a number of recent analyst reports. Stifel Nicolaus boosted their price objective on shares of DigitalOcean from $35.00 to $40.00 and gave the stock a “hold” rating in a report on Wednesday, December 18th. Bank of America upped their price target on DigitalOcean from $28.00 to $31.00 and gave the company an “underperform” rating in a report on Wednesday, February 26th. UBS Group boosted their target price on DigitalOcean from $39.00 to $44.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 26th. Morgan Stanley upgraded DigitalOcean from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $40.00 to $41.00 in a research note on Thursday, January 16th. Finally, Citigroup initiated coverage on shares of DigitalOcean in a research note on Friday, January 24th. They issued a “buy” rating and a $45.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $43.27.

DigitalOcean Stock Performance

Shares of NYSE:DOCN opened at $33.76 on Wednesday. The firm has a market cap of $3.11 billion, a price-to-earnings ratio of 39.71, a P/E/G ratio of 3.12 and a beta of 1.80. The firm has a fifty day moving average price of $40.07 and a 200 day moving average price of $39.19. DigitalOcean Holdings, Inc. has a fifty-two week low of $26.63 and a fifty-two week high of $47.02.

Insider Activity

In other news, insider Bratin Saha sold 3,948 shares of the company’s stock in a transaction that occurred on Tuesday, March 18th. The stock was sold at an average price of $36.63, for a total transaction of $144,615.24. Following the sale, the insider now directly owns 358,696 shares of the company’s stock, valued at $13,139,034.48. This represents a 1.09 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company 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).