C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors Purchases New Position in DigitalOcean Holdings, Inc. (NYSE:DOCN)

C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new position in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 157,971 shares of the company’s stock, valued at approximately $5,382,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Allspring Global Investments Holdings LLC raised its stake in DigitalOcean by 29.8% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 96,306 shares of the company’s stock valued at $3,284,000 after buying an additional 22,100 shares during the period. Strategic Financial Concepts LLC bought a new stake in shares of DigitalOcean during the 4th quarter valued at $580,000. BSW Wealth Partners increased its holdings in DigitalOcean by 4.3% in the 4th quarter. BSW Wealth Partners now owns 14,556 shares of the company’s stock valued at $496,000 after buying an additional 600 shares during the period. Cherry Creek Investment Advisors Inc. lifted its stake in DigitalOcean by 17.3% during the fourth quarter. Cherry Creek Investment Advisors Inc. now owns 12,745 shares of the company’s stock worth $434,000 after purchasing an additional 1,880 shares during the last quarter. Finally, Pacer Advisors Inc. grew its position in DigitalOcean by 33.1% in the fourth quarter. Pacer Advisors Inc. now owns 5,712 shares of the company’s stock valued at $195,000 after acquiring an additional 1,419 shares during the last quarter. 49.77% of the stock is currently owned by institutional investors and hedge funds.

DigitalOcean Price Performance

DOCN opened at $45.33 on Thursday. DigitalOcean Holdings, Inc. has a one year low of $26.63 and a one year high of $46.46. The business has a 50 day simple moving average of $37.95 and a two-hundred day simple moving average of $38.24. The firm has a market capitalization of $4.18 billion, a price-to-earnings ratio of 53.33, a PEG ratio of 3.19 and a beta of 1.81.

Insider Buying and Selling at DigitalOcean

In other DigitalOcean news, insider Bratin Saha sold 16,989 shares of the business’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $36.85, for a total value of $626,044.65. Following the sale, the insider now directly owns 390,296 shares of the company’s stock, valued at approximately $14,382,407.60. The trade was a 4.17 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Matt Steinfort sold 12,498 shares of the stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $40.00, for a total transaction of $499,920.00. Following the sale, the chief financial officer now directly owns 517,498 shares in the company, valued at $20,699,920. This trade represents a 2.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 37,244 shares of company stock valued at $1,416,208. 0.74% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

DOCN has been the topic of a number of recent research reports. Stifel Nicolaus lifted their price target on DigitalOcean from $35.00 to $40.00 and gave the company a “hold” rating in a research note on Wednesday, December 18th. JPMorgan Chase & Co. boosted their price objective on DigitalOcean from $32.00 to $40.00 and gave the company a “neutral” rating in a research note on Friday, October 25th. Morgan Stanley upgraded shares of 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 report on Thursday, January 16th. JMP Securities upped their price target on DigitalOcean from $47.00 to $55.00 and gave the stock a “market outperform” rating in a research note on Monday, January 27th. Finally, Needham & Company LLC restated a “hold” rating on shares of DigitalOcean in a report on Tuesday, November 5th. Six equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, DigitalOcean has an average rating of “Moderate Buy” and an average price target of $42.73.

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).