Illinois Municipal Retirement Fund Makes New Investment in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Illinois Municipal Retirement Fund bought a new position in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) during the 4th quarter, according to its most recent disclosure with the SEC. The fund bought 33,444 shares of the company’s stock, valued at approximately $1,139,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Bank of New York Mellon Corp lifted its stake in shares of DigitalOcean by 19.7% in the 4th quarter. Bank of New York Mellon Corp now owns 791,861 shares of the company’s stock valued at $26,979,000 after purchasing an additional 130,263 shares during the period. Handelsbanken Fonder AB lifted its stake in shares of DigitalOcean by 21.6% in the 4th quarter. Handelsbanken Fonder AB now owns 13,500 shares of the company’s stock valued at $460,000 after purchasing an additional 2,400 shares during the period. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new position in shares of DigitalOcean in the 4th quarter valued at about $5,382,000. Truist Financial Corp lifted its stake in shares of DigitalOcean by 4.4% in the 4th quarter. Truist Financial Corp now owns 20,480 shares of the company’s stock valued at $698,000 after purchasing an additional 869 shares during the period. Finally, Sanctuary Advisors LLC acquired a new position in shares of DigitalOcean in the 4th quarter valued at about $174,000. 49.77% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

DOCN has been the topic of a number of recent analyst reports. Canaccord Genuity Group boosted their price objective on DigitalOcean from $48.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, February 26th. Citigroup initiated coverage on DigitalOcean in a research note on Friday, January 24th. They issued a “buy” rating and a $45.00 price objective on the stock. JMP Securities boosted their price objective on DigitalOcean from $47.00 to $55.00 and gave the company a “market outperform” rating in a research note on Monday, January 27th. Bank of America upped their price target on DigitalOcean from $28.00 to $31.00 and gave the stock an “underperform” rating in a research note on Wednesday, February 26th. Finally, Cantor Fitzgerald upped their price target on DigitalOcean from $39.00 to $43.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 26th. One research analyst has rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, DigitalOcean currently has an average rating of “Hold” and a consensus price target of $43.27.

DigitalOcean Stock Performance

Shares of DOCN opened at $42.74 on Monday. The stock has a 50 day moving average price of $39.17 and a two-hundred day moving average price of $39.27. The firm has a market capitalization of $3.94 billion, a P/E ratio of 50.29, a P/E/G ratio of 3.12 and a beta of 1.81. DigitalOcean Holdings, Inc. has a 52 week low of $26.63 and a 52 week high of $47.02.

Insiders Place Their Bets

In other DigitalOcean news, insider Bratin Saha sold 3,468 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $38.18, for a total transaction of $132,408.24. Following the completion of the sale, the insider now directly owns 379,795 shares of the company’s stock, valued at approximately $14,500,573.10. The trade was a 0.90 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Matt Steinfort sold 12,498 shares of the business’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 of the company’s stock, valued at $20,699,920. This represents a 2.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 20,255 shares of company stock valued at $790,163. Corporate insiders own 0.74% of the company’s stock.

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).