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

C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new position in shares of 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 firm bought 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 0.17% of DigitalOcean at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in DOCN. Nisa Investment Advisors LLC lifted its holdings in DigitalOcean by 56.4% during the third quarter. Nisa Investment Advisors LLC now owns 1,340 shares of the company’s stock worth $54,000 after buying an additional 483 shares during the period. Creative Financial Designs Inc. ADV raised its holdings in DigitalOcean by 17.8% in the 3rd quarter. Creative Financial Designs Inc. ADV now owns 3,744 shares of the company’s stock worth $151,000 after purchasing an additional 566 shares during the period. Harbor Investment Advisory LLC lifted its holdings in DigitalOcean by 380.0% during the fourth quarter. Harbor Investment Advisory LLC now owns 720 shares of the company’s stock valued at $25,000 after purchasing an additional 570 shares in the last quarter. Advisors Asset Management Inc. increased its position in shares of DigitalOcean by 150.4% during the third quarter. Advisors Asset Management Inc. now owns 974 shares of the company’s stock worth $39,000 after purchasing an additional 585 shares in the last quarter. Finally, BSW Wealth Partners lifted its stake in DigitalOcean by 4.3% in the 4th quarter. BSW Wealth Partners now owns 14,556 shares of the company’s stock worth $496,000 after purchasing an additional 600 shares in the last quarter. 49.77% of the stock is owned by hedge funds and other institutional investors.

DigitalOcean Price Performance

DigitalOcean stock opened at $45.33 on Thursday. The firm’s 50 day simple moving average is $37.95 and its 200-day simple moving average is $38.24. The company has a market cap of $4.18 billion, a P/E ratio of 53.33, a price-to-earnings-growth ratio of 3.19 and a beta of 1.81. DigitalOcean Holdings, Inc. has a fifty-two week low of $26.63 and a fifty-two week high of $46.46.

Analyst Ratings Changes

DOCN has been the subject of a number of recent analyst reports. Stifel Nicolaus lifted their price target on shares of DigitalOcean from $35.00 to $40.00 and gave the company a “hold” rating in a research report on Wednesday, December 18th. JMP Securities raised their target price 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. Cantor Fitzgerald began coverage on shares of DigitalOcean in a research report on Friday, January 17th. They set a “neutral” rating and a $39.00 price objective for the company. Citigroup initiated coverage on shares of DigitalOcean in a research report on Friday, January 24th. They set a “buy” rating and a $45.00 target price on the stock. Finally, Morgan Stanley upgraded DigitalOcean from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $40.00 to $41.00 in a research report on Thursday, January 16th. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $42.73.

Insiders Place Their Bets

In related news, insider Bratin Saha sold 4,289 shares of the business’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $36.80, for a total transaction of $157,835.20. Following the completion of the transaction, the insider now owns 372,762 shares of the company’s stock, valued at approximately $13,717,641.60. The trade was a 1.14 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Matt Steinfort sold 12,498 shares of the business’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 transaction, the chief financial officer now 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. Insiders sold a total of 37,244 shares of company stock worth $1,416,208 in the last quarter. 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).