Nordea Investment Management AB Lowers Position in DigitalOcean Holdings, Inc. $DOCN

Nordea Investment Management AB lessened its holdings in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) by 12.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 243,146 shares of the company’s stock after selling 35,947 shares during the quarter. Nordea Investment Management AB owned about 0.27% of DigitalOcean worth $11,722,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Allworth Financial LP boosted its stake in shares of DigitalOcean by 54.4% during the third quarter. Allworth Financial LP now owns 724 shares of the company’s stock valued at $25,000 after purchasing an additional 255 shares during the period. GAMMA Investing LLC grew its holdings in shares of DigitalOcean by 33.8% in the fourth quarter. GAMMA Investing LLC now owns 1,581 shares of the company’s stock worth $76,000 after purchasing an additional 399 shares during the last quarter. Advisors Asset Management Inc. increased its stake in shares of DigitalOcean by 18.0% in the second quarter. Advisors Asset Management Inc. now owns 2,630 shares of the company’s stock worth $75,000 after buying an additional 401 shares during the period. Man Group plc raised its holdings in DigitalOcean by 0.5% during the 2nd quarter. Man Group plc now owns 82,485 shares of the company’s stock valued at $2,356,000 after buying an additional 420 shares during the last quarter. Finally, PNC Financial Services Group Inc. boosted its position in DigitalOcean by 6.5% during the 2nd quarter. PNC Financial Services Group Inc. now owns 10,242 shares of the company’s stock valued at $293,000 after buying an additional 628 shares during the period. Hedge funds and other institutional investors own 49.77% of the company’s stock.

Wall Street Analyst Weigh In

DOCN has been the topic of a number of recent analyst reports. Weiss Ratings reissued a “hold (c+)” rating on shares of DigitalOcean in a report on Monday, December 29th. UBS Group increased their target price on shares of DigitalOcean from $48.00 to $68.00 and gave the stock a “neutral” rating in a report on Wednesday, February 25th. The Goldman Sachs Group raised their target price on DigitalOcean from $50.00 to $78.00 and gave the stock a “buy” rating in a research note on Wednesday, February 25th. Citizens Jmp boosted their price target on DigitalOcean from $60.00 to $83.00 and gave the company a “market outperform” rating in a report on Wednesday, February 25th. Finally, Bank of America upped their price target on DigitalOcean from $72.00 to $86.00 and gave the company a “buy” rating in a research report on Wednesday, February 25th. Nine research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $70.38.

Insider Transactions at DigitalOcean

In other DigitalOcean news, CFO Matt Steinfort sold 20,000 shares of DigitalOcean stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $55.40, for a total transaction of $1,108,000.00. Following the sale, the chief financial officer directly owned 545,916 shares of the company’s stock, valued at approximately $30,243,746.40. The trade was a 3.53% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Cherie Barrett sold 22,000 shares of the company’s stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $54.77, for a total value of $1,204,940.00. Following the transaction, the chief accounting officer owned 62,469 shares in the company, valued at $3,421,427.13. This trade represents a 26.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.74% of the stock is owned by corporate insiders.

DigitalOcean Trading Down 1.5%

Shares of NYSE DOCN opened at $84.73 on Wednesday. The firm has a fifty day simple moving average of $62.52 and a two-hundred day simple moving average of $50.13. DigitalOcean Holdings, Inc. has a 12 month low of $25.45 and a 12 month high of $88.84. The firm has a market capitalization of $7.80 billion, a PE ratio of 33.49, a price-to-earnings-growth ratio of 83.60 and a beta of 1.76.

DigitalOcean Company Profile

DigitalOcean Holdings, Inc is a cloud infrastructure provider that focuses on simplicity, performance and developer experience. The company offers a range of cloud services designed to help software developers, startups and small- to medium-sized businesses deploy, manage and scale applications. Its flagship offering, Droplets, provides virtual private servers that can be configured with various CPU, memory and storage options. In addition to compute instances, DigitalOcean’s platform includes managed Kubernetes, scalable object and block storage, managed databases, load balancers and networking capabilities such as Virtual Private Cloud (VPC) and Floating IPs.

Founded in 2011 and headquartered in New York City, DigitalOcean was created with the goal of making cloud computing more accessible to individual developers and smaller teams.