33,444 Shares in DigitalOcean Holdings, Inc. (NYSE:DOCN) Acquired by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund purchased a new position in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 33,444 shares of the company’s stock, valued at approximately $1,139,000.

Several other hedge funds have also added to or reduced their stakes in the company. Bank of New York Mellon Corp lifted its holdings in DigitalOcean by 19.7% during the 4th quarter. Bank of New York Mellon Corp now owns 791,861 shares of the company’s stock worth $26,979,000 after purchasing an additional 130,263 shares during the last quarter. Handelsbanken Fonder AB increased its stake in DigitalOcean by 21.6% during the 4th quarter. Handelsbanken Fonder AB now owns 13,500 shares of the company’s stock worth $460,000 after acquiring an additional 2,400 shares during the period. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new position in DigitalOcean during the 4th quarter worth $5,382,000. Truist Financial Corp increased its stake in DigitalOcean by 4.4% during the 4th quarter. Truist Financial Corp now owns 20,480 shares of the company’s stock worth $698,000 after acquiring an additional 869 shares during the period. Finally, Sanctuary Advisors LLC bought a new position in DigitalOcean during the 4th quarter worth $174,000. 49.77% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

DOCN has been the topic of a number of recent research reports. Bank of America raised their price objective on DigitalOcean from $28.00 to $31.00 and gave the stock an “underperform” rating in a research note on Wednesday, February 26th. JMP Securities raised their price objective on DigitalOcean from $47.00 to $55.00 and gave the stock a “market outperform” rating in a research note on Monday, January 27th. JPMorgan Chase & Co. raised their price objective on DigitalOcean from $40.00 to $45.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 26th. UBS Group raised their price objective on DigitalOcean from $39.00 to $44.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 26th. Finally, Canaccord Genuity Group lifted their price target on DigitalOcean from $48.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, February 26th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, DigitalOcean presently has a consensus rating of “Hold” and a consensus price target of $43.27.

Insider Buying and Selling

In related news, CFO Matt Steinfort sold 12,498 shares of the business’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $40.00, for a total transaction of $499,920.00. Following the sale, the chief financial officer now owns 517,498 shares in the company, valued at $20,699,920. The trade was a 2.36 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Bratin Saha sold 3,468 shares of the business’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $38.18, for a total value of $132,408.24. Following the sale, the insider now owns 379,795 shares in the company, valued at $14,500,573.10. This represents a 0.90 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,255 shares of company stock worth $790,163 in the last 90 days. Insiders own 0.74% of the company’s stock.

DigitalOcean Stock Up 0.1 %

Shares of DOCN stock opened at $42.74 on Monday. The firm has a market capitalization of $3.94 billion, a P/E ratio of 50.29, a P/E/G ratio of 3.12 and a beta of 1.81. DigitalOcean Holdings, Inc. has a twelve month low of $26.63 and a twelve month high of $47.02. The stock’s fifty day simple moving average is $39.17 and its 200 day simple moving average is $39.27.

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).