Concurrent Investment Advisors LLC Purchases 13,555 Shares of DigitalOcean Holdings, Inc. $DOCN

Concurrent Investment Advisors LLC lifted its position in DigitalOcean Holdings, Inc. (NYSE:DOCN) by 148.9% during the 4th quarter, Holdings Channel reports. The firm owned 22,658 shares of the company’s stock after buying an additional 13,555 shares during the quarter. Concurrent Investment Advisors LLC’s holdings in DigitalOcean were worth $1,090,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. NBC Securities Inc. bought a new stake in DigitalOcean during the 4th quarter worth about $32,000. Allworth Financial LP grew its holdings in DigitalOcean by 54.4% during the 3rd quarter. Allworth Financial LP now owns 724 shares of the company’s stock worth $25,000 after acquiring an additional 255 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new stake in DigitalOcean during the 3rd quarter worth about $37,000. GAMMA Investing LLC grew its holdings in DigitalOcean by 33.8% during the 4th quarter. GAMMA Investing LLC now owns 1,581 shares of the company’s stock worth $76,000 after acquiring an additional 399 shares during the last quarter. Finally, Advisory Services Network LLC bought a new stake in DigitalOcean during the 3rd quarter worth about $54,000. Institutional investors own 49.77% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. The Goldman Sachs Group increased their price objective on shares of DigitalOcean from $50.00 to $78.00 and gave the stock a “buy” rating in a report on Wednesday, February 25th. Royal Bank Of Canada set a $60.00 price objective on shares of DigitalOcean in a report on Tuesday, February 24th. Oppenheimer increased their price objective on shares of DigitalOcean from $100.00 to $115.00 and gave the stock an “outperform” rating in a report on Tuesday. Wall Street Zen lowered shares of DigitalOcean from a “buy” rating to a “hold” rating in a report on Sunday, January 4th. Finally, Barclays increased their price objective on shares of DigitalOcean from $69.00 to $105.00 and gave the stock an “overweight” rating in a report on Monday, April 20th. Nine research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, DigitalOcean has an average rating of “Moderate Buy” and a consensus price target of $88.00.

DigitalOcean Price Performance

Shares of NYSE:DOCN opened at $96.41 on Friday. The company has a market capitalization of $10.06 billion, a price-to-earnings ratio of 38.11 and a beta of 1.43. The firm’s 50 day simple moving average is $77.95 and its 200 day simple moving average is $59.59. DigitalOcean Holdings, Inc. has a fifty-two week low of $25.56 and a fifty-two week high of $99.23.

Insider Buying and Selling

In related news, CFO Matt Steinfort sold 20,000 shares of the stock in a transaction that occurred on 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 sale, the chief financial officer directly owned 545,916 shares in the company, valued at $30,243,746.40. This trade represents a 3.53% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Cherie Barrett sold 22,000 shares of the stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $54.77, for a total transaction of $1,204,940.00. Following the completion of the sale, the chief accounting officer owned 62,469 shares in the company, valued at $3,421,427.13. This represents a 26.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.96% of the company’s stock.

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.