Alberta Investment Management Corp Decreases Stock Position in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Alberta Investment Management Corp lowered its position in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) by 6.4% during the fourth quarter, HoldingsChannel reports. The firm owned 41,161 shares of the company’s stock after selling 2,805 shares during the period. Alberta Investment Management Corp’s holdings in DigitalOcean were worth $1,402,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the company. Harbor Investment Advisory LLC increased its stake in DigitalOcean by 380.0% during the 4th quarter. Harbor Investment Advisory LLC now owns 720 shares of the company’s stock worth $25,000 after buying an additional 570 shares during the period. Farther Finance Advisors LLC purchased a new stake in shares of DigitalOcean during the third quarter worth about $30,000. Advisors Asset Management Inc. lifted its stake in shares of DigitalOcean by 150.4% in the third quarter. Advisors Asset Management Inc. now owns 974 shares of the company’s stock worth $39,000 after acquiring an additional 585 shares in the last quarter. Blue Trust Inc. boosted its holdings in DigitalOcean by 380.6% in the third quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock valued at $49,000 after purchasing an additional 959 shares during the last quarter. Finally, JTC Employer Solutions Trustee Ltd acquired a new stake in DigitalOcean during the 4th quarter valued at approximately $45,000. 49.77% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CFO Matt Steinfort sold 12,498 shares of the firm’s stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $40.00, for a total value of $499,920.00. Following the sale, the chief financial officer now directly owns 517,498 shares in the company, valued at $20,699,920. This trade represents a 2.36 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Bratin Saha sold 4,289 shares of the stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $36.80, for a total value of $157,835.20. Following the completion of the transaction, the insider now directly 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 disclosure for this sale can be found here. Over the last 90 days, insiders have sold 20,255 shares of company stock valued at $790,163. Insiders own 0.74% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on DOCN. Morgan Stanley upgraded DigitalOcean from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $40.00 to $41.00 in a research note on Thursday, January 16th. JMP Securities increased their price objective on shares of DigitalOcean from $47.00 to $55.00 and gave the company a “market outperform” rating in a research note on Monday, January 27th. Stifel Nicolaus increased their price target on shares of DigitalOcean from $35.00 to $40.00 and gave the stock a “hold” rating in a research report on Wednesday, December 18th. Needham & Company LLC reissued a “hold” rating on shares of DigitalOcean in a report on Tuesday, November 5th. Finally, JPMorgan Chase & Co. increased their target price on DigitalOcean from $32.00 to $40.00 and gave the stock a “neutral” rating in a report on Friday, October 25th. Six equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $42.73.

DigitalOcean Stock Down 8.6 %

DOCN stock opened at $39.35 on Friday. The firm’s 50-day simple moving average is $38.66 and its 200 day simple moving average is $38.83. The stock has a market cap of $3.63 billion, a PE ratio of 46.29, a price-to-earnings-growth ratio of 3.21 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 $47.02.

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).