Canada Pension Plan Investment Board Makes New Investment in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Canada Pension Plan Investment Board bought a new stake in DigitalOcean Holdings, Inc. (NYSE:DOCN) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 3,900 shares of the company’s stock, valued at approximately $133,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Tidal Investments LLC bought a new position in DigitalOcean in the third quarter valued at approximately $423,000. Franklin Resources Inc. boosted its position in shares of DigitalOcean by 17.1% in the 3rd quarter. Franklin Resources Inc. now owns 39,078 shares of the company’s stock worth $1,714,000 after purchasing an additional 5,718 shares during the last quarter. Principal Financial Group Inc. grew its stake in shares of DigitalOcean by 10.4% during the third quarter. Principal Financial Group Inc. now owns 1,301,499 shares of the company’s stock worth $52,568,000 after purchasing an additional 122,651 shares during the period. Nordea Investment Management AB increased its holdings in DigitalOcean by 4.5% in the fourth quarter. Nordea Investment Management AB now owns 267,244 shares of the company’s stock valued at $9,196,000 after purchasing an additional 11,481 shares during the last quarter. Finally, JTC Employer Solutions Trustee Ltd acquired a new position in DigitalOcean in the fourth quarter valued at about $45,000. Institutional investors own 49.77% of the company’s stock.

DigitalOcean Price Performance

DigitalOcean stock opened at $30.79 on Friday. The firm has a 50-day moving average of $34.42 and a 200-day moving average of $37.48. The company has a market cap of $2.83 billion, a price-to-earnings ratio of 36.22, a P/E/G ratio of 3.12 and a beta of 1.87. DigitalOcean Holdings, Inc. has a one year low of $25.45 and a one year high of $47.02.

Analyst Ratings Changes

A number of analysts recently weighed in on DOCN shares. Needham & Company LLC reiterated a “hold” rating on shares of DigitalOcean in a research report on Monday, April 7th. The Goldman Sachs Group reissued a “buy” rating on shares of DigitalOcean in a report on Saturday, March 1st. Citigroup began coverage on DigitalOcean in a research note on Friday, January 24th. They set a “buy” rating and a $45.00 price objective on the stock. Stifel Nicolaus decreased their target price on DigitalOcean from $40.00 to $33.00 and set a “hold” rating for the company in a research note on Monday, April 7th. Finally, JPMorgan Chase & Co. lifted their price objective on DigitalOcean from $40.00 to $45.00 and gave the company a “neutral” rating in a report on Wednesday, February 26th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $41.27.

Insider Activity at DigitalOcean

In other DigitalOcean news, insider Bratin Saha sold 3,948 shares of the company’s stock in a transaction 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 directly owns 358,696 shares of the company’s stock, valued at approximately $13,139,034.48. This represents a 1.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.74% of the company’s stock.

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).