Ieq Capital LLC Reduces Stock Position in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Ieq Capital LLC reduced its holdings in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) by 50.4% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 35,357 shares of the company’s stock after selling 35,980 shares during the quarter. Ieq Capital LLC’s holdings in DigitalOcean were worth $1,205,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Harbor Investment Advisory LLC boosted its position in shares of DigitalOcean by 380.0% in the 4th quarter. Harbor Investment Advisory LLC now owns 720 shares of the company’s stock valued at $25,000 after purchasing an additional 570 shares during the period. Farther Finance Advisors LLC acquired a new stake in shares of DigitalOcean in the third quarter valued at approximately $30,000. Advisors Asset Management Inc. grew its position in DigitalOcean by 150.4% during the 3rd quarter. Advisors Asset Management Inc. now owns 974 shares of the company’s stock worth $39,000 after purchasing an additional 585 shares during the last quarter. Blue Trust Inc. increased its position in DigitalOcean by 380.6% in the 3rd quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock valued at $49,000 after acquiring an additional 959 shares during the period. Finally, JTC Employer Solutions Trustee Ltd purchased a new position in shares of DigitalOcean in the 4th quarter valued at approximately $45,000. Hedge funds and other institutional investors own 49.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on DOCN. Cantor Fitzgerald assumed coverage on shares of DigitalOcean in a research note on Friday, January 17th. They issued a “neutral” rating and a $39.00 price objective on the stock. Morgan Stanley raised DigitalOcean from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $40.00 to $41.00 in a research note on Thursday, January 16th. 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. JMP Securities raised their target price on DigitalOcean from $47.00 to $55.00 and gave the company a “market outperform” rating in a report on Monday, January 27th. Finally, Citigroup started coverage on shares of DigitalOcean in a research note on Friday, January 24th. They set a “buy” rating and a $45.00 price target on the stock. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, DigitalOcean has a consensus rating of “Hold” and an average target price of $42.40.

Insider Buying and Selling

In related news, insider Bratin Saha sold 4,289 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $36.80, for a total transaction of $157,835.20. Following the sale, the insider now owns 372,762 shares in the company, valued at approximately $13,717,641.60. This trade represents a 1.14 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Matt Steinfort sold 12,498 shares of the business’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $40.00, for a total value of $499,920.00. Following the completion of the transaction, the chief financial officer now owns 517,498 shares of the company’s stock, 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. Insiders sold 20,255 shares of company stock worth $790,163 in the last ninety days. Insiders own 0.74% of the company’s stock.

DigitalOcean Trading Down 5.4 %

Shares of DOCN opened at $37.18 on Tuesday. DigitalOcean Holdings, Inc. has a 12-month low of $26.63 and a 12-month high of $47.02. The stock has a market cap of $3.43 billion, a P/E ratio of 43.74, a PEG ratio of 3.12 and a beta of 1.81. The company has a 50-day moving average of $38.64 and a two-hundred day moving average of $39.05.

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).