Wealth Enhancement Advisory Services LLC Takes Position in DigitalOcean Holdings, Inc. $DOCN

Wealth Enhancement Advisory Services LLC bought a new stake in DigitalOcean Holdings, Inc. (NYSE:DOCN) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 10,734 shares of the company’s stock, valued at approximately $517,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. GAMMA Investing LLC increased its stake in shares of DigitalOcean by 33.8% in the 4th quarter. GAMMA Investing LLC now owns 1,581 shares of the company’s stock valued at $76,000 after buying an additional 399 shares during the period. Insight Wealth Strategies LLC acquired a new stake in shares of DigitalOcean in the 4th quarter valued at $4,608,000. Allworth Financial LP increased its stake in shares of DigitalOcean by 54.4% in the 3rd quarter. Allworth Financial LP now owns 724 shares of the company’s stock valued at $25,000 after buying an additional 255 shares during the period. CIBC Bancorp USA Inc. acquired a new stake in shares of DigitalOcean in the 3rd quarter valued at $249,000. Finally, Wilmington Savings Fund Society FSB acquired a new stake in shares of DigitalOcean in the 3rd quarter valued at $37,000. 49.77% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at DigitalOcean

In other DigitalOcean news, CAO Cherie Barrett sold 22,000 shares of the business’s stock in a transaction dated 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 directly owned 62,469 shares of the company’s stock, valued at approximately $3,421,427.13. The trade was a 26.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Matt Steinfort sold 20,000 shares of the business’s stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $55.40, for a total value of $1,108,000.00. Following the completion of the transaction, the chief financial officer directly owned 545,916 shares of the company’s stock, valued at approximately $30,243,746.40. The trade was a 3.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.96% of the stock is currently owned by insiders.

DigitalOcean Stock Down 2.1%

Shares of DigitalOcean stock opened at $87.52 on Friday. DigitalOcean Holdings, Inc. has a 12 month low of $25.56 and a 12 month high of $94.66. The business has a fifty day simple moving average of $70.12 and a 200 day simple moving average of $54.15. The stock has a market cap of $8.05 billion, a PE ratio of 34.59 and a beta of 1.43.

Analysts Set New Price Targets

A number of equities research analysts recently commented on DOCN shares. Royal Bank Of Canada set a $60.00 price objective on DigitalOcean in a research note on Tuesday, February 24th. Citigroup reaffirmed a “buy” rating on shares of DigitalOcean in a research note on Friday, February 13th. Canaccord Genuity Group lifted their price objective on DigitalOcean from $65.00 to $80.00 and gave the stock a “buy” rating in a research note on Friday, February 20th. Stifel Nicolaus set a $57.00 price objective on DigitalOcean in a research note on Tuesday, February 24th. Finally, Bank of America lifted their price objective on DigitalOcean from $103.00 to $107.00 and gave the stock a “buy” rating in a research note on Thursday. Nine equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, DigitalOcean currently has an average rating of “Moderate Buy” and an average price target of $76.08.

DigitalOcean Profile

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.