Hillsdale Investment Management Inc. Raises Position in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Hillsdale Investment Management Inc. increased its stake in DigitalOcean Holdings, Inc. (NYSE:DOCN) by 0.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 84,500 shares of the company’s stock after purchasing an additional 300 shares during the quarter. Hillsdale Investment Management Inc.’s holdings in DigitalOcean were worth $2,879,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of DOCN. Sei Investments Co. lifted its position in shares of DigitalOcean by 274.5% during the 4th quarter. Sei Investments Co. now owns 176,813 shares of the company’s stock valued at $6,024,000 after buying an additional 129,595 shares during the last quarter. Intech Investment Management LLC lifted its holdings in DigitalOcean by 43.7% during the fourth quarter. Intech Investment Management LLC now owns 24,774 shares of the company’s stock valued at $844,000 after purchasing an additional 7,534 shares during the last quarter. Cibc World Markets Corp bought a new position in DigitalOcean during the fourth quarter worth about $209,000. Corient Private Wealth LLC increased its stake in shares of DigitalOcean by 11.7% in the fourth quarter. Corient Private Wealth LLC now owns 11,988 shares of the company’s stock worth $408,000 after purchasing an additional 1,257 shares in the last quarter. Finally, Swiss National Bank raised its position in shares of DigitalOcean by 9.6% in the fourth quarter. Swiss National Bank now owns 126,700 shares of the company’s stock valued at $4,317,000 after purchasing an additional 11,100 shares during the period. 49.77% of the stock is owned by institutional investors.

Insider Buying and Selling

In other DigitalOcean news, insider Bratin Saha sold 3,948 shares of the stock in a transaction that occurred 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 transaction, the insider now directly owns 358,696 shares in the company, valued at $13,139,034.48. This trade represents a 1.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.74% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Citigroup assumed coverage on shares of DigitalOcean in a research note on Friday, January 24th. They issued a “buy” rating and a $45.00 price objective for the company. UBS Group boosted their price objective on DigitalOcean from $39.00 to $44.00 and gave the company a “neutral” rating in a research note on Wednesday, February 26th. JMP Securities raised their target price on DigitalOcean from $47.00 to $55.00 and gave the stock a “market outperform” rating in a research note on Monday, January 27th. Stifel Nicolaus upped their price target on DigitalOcean from $35.00 to $40.00 and gave the company a “hold” rating in a research report on Wednesday, December 18th. Finally, Morgan Stanley upgraded shares of DigitalOcean from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $40.00 to $41.00 in a research report on Thursday, January 16th. One research analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $43.27.

DigitalOcean Price Performance

DOCN stock opened at $36.76 on Friday. The firm has a 50 day simple moving average of $40.00 and a two-hundred day simple moving average of $39.31. The stock has a market cap of $3.38 billion, a PE ratio of 43.25, a P/E/G ratio of 3.12 and a beta of 1.80. DigitalOcean Holdings, Inc. has a one year low of $26.63 and a one year high of $47.02.

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).