CenterBook Partners LP Buys Shares of 224,030 DigitalOcean Holdings, Inc. (NYSE:DOCN)

CenterBook Partners LP acquired a new stake in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 224,030 shares of the company’s stock, valued at approximately $7,633,000. CenterBook Partners LP owned about 0.24% of DigitalOcean at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of DOCN. Oppenheimer & Co. Inc. purchased a new stake in shares of DigitalOcean during the 4th quarter worth about $333,000. Illinois Municipal Retirement Fund bought a new position in DigitalOcean during the fourth quarter valued at approximately $1,139,000. Bank of New York Mellon Corp raised its position in DigitalOcean by 19.7% during the fourth quarter. Bank of New York Mellon Corp now owns 791,861 shares of the company’s stock valued at $26,979,000 after acquiring an additional 130,263 shares in the last quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new stake in DigitalOcean in the fourth quarter valued at approximately $5,382,000. Finally, Allspring Global Investments Holdings LLC grew its position in DigitalOcean by 29.8% in 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. Hedge funds and other institutional investors own 49.77% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Canaccord Genuity Group reduced their price objective on shares of DigitalOcean from $50.00 to $45.00 and set a “buy” rating for the company in a research note on Monday. Bank of America boosted their price target on DigitalOcean from $28.00 to $31.00 and gave the stock an “underperform” rating in a research report on Wednesday, February 26th. Citigroup began coverage on DigitalOcean in a report on Friday, January 24th. They issued a “buy” rating and a $45.00 target price for the company. Morgan Stanley upgraded DigitalOcean from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $40.00 to $41.00 in a report on Thursday, January 16th. Finally, Needham & Company LLC reissued a “hold” rating on shares of DigitalOcean in a research report on Monday. One research analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $42.18.

DigitalOcean Trading Down 8.6 %

NYSE DOCN opened at $25.72 on Wednesday. DigitalOcean Holdings, Inc. has a 1-year low of $25.15 and a 1-year high of $47.02. The stock’s 50 day moving average is $38.74 and its two-hundred day moving average is $38.68. The company has a market capitalization of $2.37 billion, a price-to-earnings ratio of 30.26, a PEG ratio of 3.12 and a beta of 1.87.

Insider Activity at DigitalOcean

In other DigitalOcean news, insider Bratin Saha sold 3,948 shares of the business’s stock in a transaction dated Tuesday, March 18th. The shares were sold at an average price of $36.63, for a total value of $144,615.24. Following the transaction, the insider now directly owns 358,696 shares in the company, valued at $13,139,034.48. The trade was a 1.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.74% of the stock is owned by insiders.

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).