Raymond James Financial Inc. Makes New $2.97 Million Investment in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Raymond James Financial Inc. bought a new stake in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) in the fourth quarter, HoldingsChannel reports. The institutional investor bought 87,175 shares of the company’s stock, valued at approximately $2,970,000.

Other large investors also recently modified their holdings of the company. Norges Bank bought a new stake in DigitalOcean during the fourth quarter worth about $14,772,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new stake in shares of DigitalOcean during the 4th quarter worth approximately $5,382,000. Bank of New York Mellon Corp increased its stake in DigitalOcean by 19.7% in the fourth quarter. Bank of New York Mellon Corp now owns 791,861 shares of the company’s stock valued at $26,979,000 after acquiring an additional 130,263 shares during the last quarter. Sei Investments Co. raised its position in DigitalOcean by 274.5% during the fourth quarter. Sei Investments Co. now owns 176,813 shares of the company’s stock valued at $6,024,000 after purchasing an additional 129,595 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its stake in DigitalOcean by 10.4% during the third quarter. Principal Financial Group Inc. now owns 1,301,499 shares of the company’s stock worth $52,568,000 after purchasing an additional 122,651 shares during the last quarter. 49.77% of the stock is owned by institutional investors and hedge funds.

DigitalOcean Trading Up 0.4 %

DOCN stock opened at $30.87 on Tuesday. DigitalOcean Holdings, Inc. has a 1-year low of $25.45 and a 1-year high of $47.02. The stock has a 50-day moving average price of $34.15 and a 200-day moving average price of $37.34. The firm has a market cap of $2.83 billion, a PE ratio of 36.32, a price-to-earnings-growth ratio of 3.12 and a beta of 1.87.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. JPMorgan Chase & Co. boosted their price target on DigitalOcean from $40.00 to $45.00 and gave the stock a “neutral” rating in a report on Wednesday, February 26th. Needham & Company LLC restated a “hold” rating on shares of DigitalOcean in a research note on Monday, April 7th. Stifel Nicolaus lowered their price objective on shares of DigitalOcean from $40.00 to $33.00 and set a “hold” rating for the company in a research report on Monday, April 7th. Morgan Stanley decreased their target price on shares of DigitalOcean from $52.00 to $41.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. Finally, Bank of America boosted their price objective on DigitalOcean from $28.00 to $31.00 and gave the stock an “underperform” rating in a research report on Wednesday, February 26th. One research analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $41.27.

Insiders Place Their Bets

In other DigitalOcean news, insider Bratin Saha sold 3,948 shares of the firm’s stock in a transaction on Tuesday, March 18th. The shares were sold at an average price of $36.63, for a total value of $144,615.24. Following the completion of the sale, the insider now directly owns 358,696 shares in the company, valued at approximately $13,139,034.48. This trade represents a 1.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.74% of the stock is currently owned by corporate insiders.

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).