AlphaQuest LLC Raises Stock Position in DigitalOcean Holdings, Inc. (NYSE:DOCN)

AlphaQuest LLC grew its holdings in DigitalOcean Holdings, Inc. (NYSE:DOCN) by 332.8% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 13,881 shares of the company’s stock after buying an additional 10,674 shares during the period. AlphaQuest LLC’s holdings in DigitalOcean were worth $473,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Bank Julius Baer & Co. Ltd Zurich lifted its holdings in shares of DigitalOcean by 7.2% in the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 15,453 shares of the company’s stock worth $581,000 after acquiring an additional 1,040 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of DigitalOcean in the 4th quarter worth about $2,970,000. Arizona State Retirement System lifted its holdings in shares of DigitalOcean by 9.7% in the 4th quarter. Arizona State Retirement System now owns 18,702 shares of the company’s stock worth $637,000 after acquiring an additional 1,653 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in shares of DigitalOcean by 3.5% in the 4th quarter. Victory Capital Management Inc. now owns 32,264 shares of the company’s stock worth $1,099,000 after acquiring an additional 1,095 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of DigitalOcean by 3.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 583,920 shares of the company’s stock worth $19,894,000 after acquiring an additional 18,157 shares during the last quarter. 49.77% of the stock is owned by hedge funds and other institutional investors.

DigitalOcean Stock Performance

NYSE DOCN opened at $36.09 on Thursday. The company’s 50-day simple moving average is $39.80 and its two-hundred day simple moving average is $39.34. DigitalOcean Holdings, Inc. has a one year low of $26.63 and a one year high of $47.02. The company has a market capitalization of $3.32 billion, a price-to-earnings ratio of 42.46, a price-to-earnings-growth ratio of 3.12 and a beta of 1.80.

Insider Transactions at DigitalOcean

In other news, insider Bratin Saha sold 4,289 shares of DigitalOcean stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $36.80, for a total value of $157,835.20. Following the transaction, the insider now owns 372,762 shares of the company’s stock, valued at $13,717,641.60. The trade was a 1.14 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.74% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on DOCN shares. UBS Group raised their target price on shares of DigitalOcean from $39.00 to $44.00 and gave the stock a “neutral” rating in a report on Wednesday, February 26th. Needham & Company LLC restated a “hold” rating on shares of DigitalOcean in a report on Wednesday, February 26th. JMP Securities lifted their price objective on shares of DigitalOcean from $47.00 to $55.00 and gave the company a “market outperform” rating in a report on Monday, January 27th. The Goldman Sachs Group reiterated a “buy” rating on shares of DigitalOcean in a report on Saturday, March 1st. Finally, Morgan Stanley upgraded shares of DigitalOcean from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $40.00 to $41.00 in a report on Thursday, January 16th. One equities 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 MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $43.27.

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).