Strategic Financial Concepts LLC Takes $580,000 Position in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Strategic Financial Concepts LLC acquired a new stake in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 17,035 shares of the company’s stock, valued at approximately $580,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Harbor Investment Advisory LLC lifted its position in shares of DigitalOcean by 380.0% during the 4th quarter. Harbor Investment Advisory LLC now owns 720 shares of the company’s stock valued at $25,000 after acquiring an additional 570 shares during the last quarter. Farther Finance Advisors LLC acquired a new stake in shares of DigitalOcean during the 3rd quarter valued at $30,000. Advisors Asset Management Inc. lifted its position in shares of DigitalOcean by 150.4% during the 3rd quarter. Advisors Asset Management Inc. now owns 974 shares of the company’s stock valued at $39,000 after acquiring an additional 585 shares during the last quarter. JTC Employer Solutions Trustee Ltd acquired a new stake in shares of DigitalOcean during the 4th quarter valued at $45,000. Finally, Blue Trust Inc. lifted its position in shares of DigitalOcean by 380.6% during 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 last quarter. Institutional investors and hedge funds own 49.77% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently issued reports on DOCN. JMP Securities increased 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. Needham & Company LLC restated a “hold” rating on shares of DigitalOcean in a report on Tuesday, November 5th. JPMorgan Chase & Co. increased their target price on DigitalOcean from $32.00 to $40.00 and gave the company a “neutral” rating in a report on Friday, October 25th. Morgan Stanley upgraded DigitalOcean from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $40.00 to $41.00 in a report on Thursday, January 16th. Finally, 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. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, DigitalOcean has an average rating of “Moderate Buy” and an average price target of $42.73.

Insiders Place Their Bets

In other DigitalOcean news, insider Bratin Saha sold 4,289 shares of the stock in a transaction 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 transaction, the insider now directly owns 372,762 shares of the company’s stock, valued at $13,717,641.60. This represents a 1.14 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Matt Steinfort sold 12,498 shares of the firm’s stock in a transaction dated 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 sale, the chief financial officer now directly owns 517,498 shares in the company, valued at approximately $20,699,920. This represents a 2.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 37,244 shares of company stock valued at $1,416,208 over the last three months. 0.74% of the stock is currently owned by insiders.

DigitalOcean Trading Down 1.5 %

NYSE DOCN opened at $45.24 on Wednesday. The company has a market capitalization of $4.17 billion, a PE ratio of 53.22, a price-to-earnings-growth ratio of 3.19 and a beta of 1.81. DigitalOcean Holdings, Inc. has a 1-year low of $26.63 and a 1-year high of $46.46. The firm’s fifty day simple moving average is $37.84 and its 200-day simple moving average is $38.19.

DigitalOcean Company 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).