By otakuyassine3@gmail.com 
Russell Investments Group Ltd. boosted its position in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN – Free Report) by 11.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 162,467 shares of the company’s stock after purchasing an additional 17,025 shares during the period. Russell Investments Group Ltd. owned about 0.18% of DigitalOcean worth $5,535,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. lifted its position in shares of DigitalOcean by 66.5% during the fourth quarter. Envestnet Asset Management Inc. now owns 82,558 shares of the company’s stock worth $2,813,000 after purchasing an additional 32,966 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in DigitalOcean in the 4th quarter valued at about $542,000. Geode Capital Management LLC grew its stake in DigitalOcean by 0.6% in the 4th quarter. Geode Capital Management LLC now owns 1,473,421 shares of the company’s stock worth $50,211,000 after acquiring an additional 9,088 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its position in shares of DigitalOcean by 6.7% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,231,125 shares of the company’s stock worth $41,944,000 after acquiring an additional 77,145 shares during the period. Finally, New Age Alpha Advisors LLC bought a new stake in shares of DigitalOcean during the fourth quarter valued at approximately $115,000. 49.77% of the stock is owned by hedge funds and other institutional investors.
Insider Activity at DigitalOcean
In other DigitalOcean news, insider Bratin Saha sold 3,948 shares of the business’s stock in a transaction that occurred on Tuesday, March 18th. The shares were sold at an average price of $36.63, for a total transaction of $144,615.24. Following the sale, the insider now owns 358,696 shares of the company’s stock, valued at approximately $13,139,034.48. The trade was a 1.09 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.74% of the stock is currently owned by corporate insiders.
DigitalOcean Trading Down 0.3 %
Shares of DOCN opened at $27.56 on Tuesday. The firm has a market cap of $2.54 billion, a PE ratio of 32.42, a P/E/G ratio of 3.12 and a beta of 1.87. DigitalOcean Holdings, Inc. has a 12 month low of $25.45 and a 12 month high of $47.02. The stock has a fifty day moving average price of $37.50 and a 200-day moving average price of $38.26.
Wall Street Analyst Weigh In
Several research firms have commented on DOCN. Bank of America raised their price objective on DigitalOcean from $28.00 to $31.00 and gave the stock an “underperform” rating in a report on Wednesday, February 26th. Citigroup started coverage on DigitalOcean in a report on Friday, January 24th. They issued a “buy” rating and a $45.00 price objective for the company. Canaccord Genuity Group dropped their target price on shares of DigitalOcean from $50.00 to $45.00 and set a “buy” rating on the stock in a report on Monday, April 7th. UBS Group boosted their price target on shares of DigitalOcean from $39.00 to $44.00 and gave the company a “neutral” rating in a report on Wednesday, February 26th. Finally, Cantor Fitzgerald increased their price objective on shares of DigitalOcean from $39.00 to $43.00 and gave the company a “neutral” rating in a research note on Wednesday, February 26th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, DigitalOcean currently has a consensus rating of “Hold” and a consensus target price of $42.18.
Read Our Latest Research Report on DOCN
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).
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