Mizuho Markets Americas LLC decreased its holdings in DigitalOcean Holdings, Inc. (NYSE:DOCN – Free Report) by 36.7% in the fourth quarter, Holdings Channel reports. The fund owned 224,723 shares of the company’s stock after selling 130,127 shares during the period. Mizuho Markets Americas LLC’s holdings in DigitalOcean were worth $10,814,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of the business. Legato Capital Management LLC acquired a new stake in DigitalOcean in the 4th quarter valued at about $1,365,000. Nano Cap New Millennium Growth Fund L P purchased a new stake in shares of DigitalOcean in the 4th quarter valued at approximately $2,310,000. Summit Creek Advisors LLC purchased a new stake in shares of DigitalOcean in the 4th quarter valued at approximately $7,126,000. Leonteq Securities AG purchased a new stake in shares of DigitalOcean in the 4th quarter valued at approximately $90,000. Finally, PNC Financial Services Group Inc. grew its stake in shares of DigitalOcean by 7.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 12,913 shares of the company’s stock valued at $621,000 after buying an additional 906 shares during the period. Institutional investors and hedge funds own 49.77% of the company’s stock.
DigitalOcean Stock Performance
NYSE:DOCN opened at $158.93 on Friday. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.46 and a current ratio of 1.46. The stock has a market capitalization of $16.59 billion, a P/E ratio of 69.40 and a beta of 1.42. The company has a 50 day moving average price of $105.50 and a 200 day moving average price of $71.12. DigitalOcean Holdings, Inc. has a fifty-two week low of $25.56 and a fifty-two week high of $165.99.
Wall Street Analyst Weigh In
Several research firms have recently weighed in on DOCN. Weiss Ratings reissued a “hold (c+)” rating on shares of DigitalOcean in a research note on Friday, March 27th. Cantor Fitzgerald increased their price target on shares of DigitalOcean from $68.00 to $83.00 and gave the company an “overweight” rating in a research note on Wednesday, February 25th. Royal Bank Of Canada set a $60.00 price target on shares of DigitalOcean in a research note on Tuesday, February 24th. Oppenheimer set a $190.00 price target on shares of DigitalOcean in a research note on Wednesday, May 6th. Finally, Piper Sandler increased their price target on shares of DigitalOcean from $98.00 to $155.00 and gave the company a “neutral” rating in a research note on Tuesday, May 5th. Nine equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, DigitalOcean currently has a consensus rating of “Moderate Buy” and an average target price of $142.23.
Check Out Our Latest Stock Analysis on DOCN
Insider Buying and Selling
In related news, CAO Cherie Barrett sold 22,000 shares of the stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $54.77, for a total transaction of $1,204,940.00. Following the completion of the transaction, the chief accounting officer owned 62,469 shares of the company’s stock, valued at approximately $3,421,427.13. This trade represents a 26.05% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Hilary Schneider sold 4,338 shares of the stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $156.38, for a total transaction of $678,376.44. Following the transaction, the director directly owned 24,323 shares of the company’s stock, valued at $3,803,630.74. The trade was a 15.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 71,338 shares of company stock valued at $6,803,816. Company insiders own 0.96% of the company’s stock.
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.
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