Geode Capital Management LLC Purchases 9,088 Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN)

Geode Capital Management LLC increased its position in DigitalOcean Holdings, Inc. (NYSE:DOCN) by 0.6% in the 4th quarter, HoldingsChannel reports. The fund owned 1,473,421 shares of the company’s stock after purchasing an additional 9,088 shares during the period. Geode Capital Management LLC’s holdings in DigitalOcean were worth $50,211,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. Oppenheimer & Co. Inc. purchased a new position in shares of DigitalOcean in the fourth quarter worth about $333,000. Illinois Municipal Retirement Fund bought a new position in DigitalOcean in the 4th quarter worth approximately $1,139,000. Bank of New York Mellon Corp grew its stake in DigitalOcean by 19.7% in the 4th quarter. Bank of New York Mellon Corp now owns 791,861 shares of the company’s stock valued at $26,979,000 after buying an additional 130,263 shares in the last quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new stake in DigitalOcean during the 4th quarter valued at $5,382,000. Finally, Allspring Global Investments Holdings LLC lifted its position in shares of 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 acquiring an additional 22,100 shares in the last quarter. 49.77% of the stock is owned by hedge funds and other institutional investors.

DigitalOcean Trading Down 2.3 %

Shares of NYSE DOCN opened at $27.56 on Monday. The stock has a market cap of $2.54 billion, a price-to-earnings ratio of 32.42, a P/E/G ratio of 3.12 and a beta of 1.87. The stock’s 50-day moving average is $37.81 and its 200 day moving average is $38.36. DigitalOcean Holdings, Inc. has a 1-year low of $25.45 and a 1-year high of $47.02.

Insiders Place Their Bets

In other news, insider Bratin Saha sold 3,948 shares of the firm’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 transaction, the insider now directly owns 358,696 shares of the company’s stock, valued at approximately $13,139,034.48. This trade represents a 1.09 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.74% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on DOCN shares. Needham & Company LLC reiterated a “hold” rating on shares of DigitalOcean in a research report on Monday, April 7th. Citigroup initiated coverage on shares of DigitalOcean in a report on Friday, January 24th. They issued a “buy” rating and a $45.00 price target on the stock. The Goldman Sachs Group reaffirmed a “buy” rating on shares of DigitalOcean in a report on Saturday, March 1st. JMP Securities raised their price target on shares of DigitalOcean from $47.00 to $55.00 and gave the company a “market outperform” rating in a report on Monday, January 27th. Finally, Bank of America increased their price objective on DigitalOcean from $28.00 to $31.00 and gave the stock an “underperform” rating in a research report on Wednesday, February 26th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $42.18.

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).