Nordea Investment Management AB Lowers Stock Position in DigitalOcean Holdings, Inc. $DOCN

Nordea Investment Management AB lessened its holdings in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) by 12.9% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 243,146 shares of the company’s stock after selling 35,947 shares during the period. Nordea Investment Management AB’s holdings in DigitalOcean were worth $11,722,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Allworth Financial LP lifted its position in DigitalOcean by 54.4% during the 3rd quarter. Allworth Financial LP now owns 724 shares of the company’s stock valued at $25,000 after acquiring an additional 255 shares during the period. Wilmington Savings Fund Society FSB purchased a new stake in DigitalOcean in the third quarter worth about $37,000. Advisory Services Network LLC bought a new position in shares of DigitalOcean during the third quarter valued at approximately $54,000. Advisors Asset Management Inc. increased its stake in shares of DigitalOcean by 18.0% during the second quarter. Advisors Asset Management Inc. now owns 2,630 shares of the company’s stock valued at $75,000 after purchasing an additional 401 shares in the last quarter. Finally, GAMMA Investing LLC lifted its holdings in shares of DigitalOcean by 33.8% during the fourth quarter. GAMMA Investing LLC now owns 1,581 shares of the company’s stock valued at $76,000 after purchasing an additional 399 shares during the last quarter. 49.77% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at DigitalOcean

In other DigitalOcean news, CFO Matt Steinfort sold 20,000 shares of DigitalOcean stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $55.40, for a total value of $1,108,000.00. Following the completion of the sale, the chief financial officer owned 545,916 shares of the company’s stock, valued at approximately $30,243,746.40. This trade represents a 3.53% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Cherie Barrett sold 22,000 shares of the business’s stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $54.77, for a total value of $1,204,940.00. Following the completion of the transaction, the chief accounting officer owned 62,469 shares of the company’s stock, valued at $3,421,427.13. This represents a 26.05% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 0.74% of the company’s stock.

DigitalOcean Stock Down 1.5%

NYSE:DOCN opened at $84.73 on Wednesday. The stock has a market cap of $7.80 billion, a price-to-earnings ratio of 33.49, a PEG ratio of 83.60 and a beta of 1.76. The company’s 50 day moving average price is $62.52 and its 200-day moving average price is $50.13. DigitalOcean Holdings, Inc. has a 52 week low of $25.45 and a 52 week high of $88.84.

Wall Street Analysts Forecast Growth

DOCN has been the topic of a number of analyst reports. Royal Bank Of Canada set a $60.00 price target on DigitalOcean in a research note on Tuesday, February 24th. Bank of America lifted their price objective on DigitalOcean from $72.00 to $86.00 and gave the company a “buy” rating in a research note on Wednesday, February 25th. Weiss Ratings reissued a “hold (c+)” rating on shares of DigitalOcean in a report on Monday, December 29th. Oppenheimer increased their target price on DigitalOcean from $85.00 to $100.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 18th. Finally, UBS Group raised their price target on DigitalOcean from $48.00 to $68.00 and gave the company a “neutral” rating in a report on Wednesday, February 25th. Nine equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, DigitalOcean presently has an average rating of “Moderate Buy” and an average price target of $70.38.

About DigitalOcean

DigitalOcean Holdings, Inc is a cloud infrastructure provider that focuses on simplicity, performance and developer experience. The company offers a range of cloud services designed to help software developers, startups and small- to medium-sized businesses deploy, manage and scale applications. Its flagship offering, Droplets, provides virtual private servers that can be configured with various CPU, memory and storage options. In addition to compute instances, DigitalOcean’s platform includes managed Kubernetes, scalable object and block storage, managed databases, load balancers and networking capabilities such as Virtual Private Cloud (VPC) and Floating IPs.

Founded in 2011 and headquartered in New York City, DigitalOcean was created with the goal of making cloud computing more accessible to individual developers and smaller teams.