Canada Pension Plan Investment Board Invests $133,000 in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Canada Pension Plan Investment Board purchased a new stake in DigitalOcean Holdings, Inc. (NYSE:DOCN) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 3,900 shares of the company’s stock, valued at approximately $133,000.

Several other hedge funds have also added to or reduced their stakes in the business. Oppenheimer & Co. Inc. bought a new stake in DigitalOcean in the 4th quarter valued at $333,000. Illinois Municipal Retirement Fund acquired a new position in shares of DigitalOcean in the fourth quarter valued at about $1,139,000. Bank of New York Mellon Corp raised its stake in DigitalOcean by 19.7% in 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 in the last quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new stake in DigitalOcean in the 4th quarter valued at about $5,382,000. Finally, Allspring Global Investments Holdings LLC grew its position in shares of DigitalOcean by 29.8% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 96,306 shares of the company’s stock worth $3,284,000 after purchasing an additional 22,100 shares in the last quarter. Institutional investors and hedge funds own 49.77% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on DOCN shares. Canaccord Genuity Group dropped their price target on shares of DigitalOcean from $50.00 to $45.00 and set a “buy” rating for the company in a research report on Monday, April 7th. Citigroup assumed coverage on DigitalOcean in a research report on Friday, January 24th. They set a “buy” rating and a $45.00 target price for the company. JPMorgan Chase & Co. raised their price target on DigitalOcean from $40.00 to $45.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 26th. JMP Securities upped their price objective on shares of DigitalOcean from $47.00 to $55.00 and gave the stock a “market outperform” rating in a research report on Monday, January 27th. Finally, Needham & Company LLC restated a “hold” rating on shares of DigitalOcean in a research report on Monday, April 7th. One analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $41.27.

DigitalOcean Stock Performance

NYSE DOCN opened at $30.79 on Friday. The firm’s fifty day moving average price is $34.42 and its two-hundred day moving average price is $37.48. The stock has a market cap of $2.83 billion, a PE ratio of 36.22, a PEG ratio of 3.12 and a beta of 1.87. DigitalOcean Holdings, Inc. has a fifty-two week low of $25.45 and a fifty-two week high of $47.02.

Insider Buying and Selling

In other DigitalOcean news, insider Bratin Saha sold 3,461 shares of the business’s stock in a transaction that occurred on Monday, April 21st. The shares were sold at an average price of $26.86, for a total transaction of $92,962.46. Following the sale, the insider now directly owns 394,367 shares of the company’s stock, valued at $10,592,697.62. The trade was a 0.87 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.74% of the stock is currently owned by corporate insiders.

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).