C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors Acquires New Position in DigitalOcean Holdings, Inc. (NYSE:DOCN)

C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new stake in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 157,971 shares of the company’s stock, valued at approximately $5,382,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors owned approximately 0.17% of DigitalOcean as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Versor Investments LP purchased a new position in DigitalOcean during the third quarter valued at approximately $751,000. FORA Capital LLC bought a new stake in DigitalOcean in the third quarter worth approximately $1,149,000. Victory Capital Management Inc. grew its position in DigitalOcean by 79.8% in the third quarter. Victory Capital Management Inc. now owns 31,169 shares of the company’s stock worth $1,259,000 after acquiring an additional 13,837 shares in the last quarter. Public Sector Pension Investment Board grew its position in DigitalOcean by 13.5% in the third quarter. Public Sector Pension Investment Board now owns 134,214 shares of the company’s stock worth $5,421,000 after acquiring an additional 16,000 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its position in DigitalOcean by 32.8% in the third quarter. Jacobs Levy Equity Management Inc. now owns 1,397,588 shares of the company’s stock worth $56,449,000 after acquiring an additional 345,119 shares in the last quarter. 49.77% of the stock is owned by hedge funds and other institutional investors.

DigitalOcean Stock Performance

Shares of DOCN stock opened at $44.52 on Tuesday. DigitalOcean Holdings, Inc. has a 52-week low of $26.63 and a 52-week high of $46.46. The stock has a market cap of $4.11 billion, a price-to-earnings ratio of 52.38, a P/E/G ratio of 3.19 and a beta of 1.81. The firm has a fifty day moving average of $38.28 and a 200-day moving average of $38.55.

Insider Activity

In other news, insider Bratin Saha sold 4,289 shares of the company’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $36.80, for a total value of $157,835.20. Following the sale, the insider now owns 372,762 shares of the company’s stock, valued at approximately $13,717,641.60. This represents a 1.14 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Matt Steinfort sold 12,498 shares of the company’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $40.00, for a total transaction of $499,920.00. Following the completion of the sale, the chief financial officer now directly owns 517,498 shares in the company, valued at approximately $20,699,920. The trade was a 2.36 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 20,255 shares of company stock worth $790,163. 0.74% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Morgan Stanley raised shares of DigitalOcean from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $40.00 to $41.00 in a research report on Thursday, January 16th. Citigroup started coverage on shares of DigitalOcean in a research report on Friday, January 24th. They issued a “buy” rating and a $45.00 target price for the company. Stifel Nicolaus upped their price objective on shares of DigitalOcean from $35.00 to $40.00 and gave the stock a “hold” rating in a report on Wednesday, December 18th. Cantor Fitzgerald started coverage on shares of DigitalOcean in a report on Friday, January 17th. They set a “neutral” rating and a $39.00 price objective for the company. Finally, JPMorgan Chase & Co. upped their price objective on shares of DigitalOcean from $32.00 to $40.00 and gave the stock a “neutral” rating in a report on Friday, October 25th. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, DigitalOcean currently has a consensus rating of “Moderate Buy” and a consensus target price of $42.73.

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).