Prosperity Wealth Management Inc. Buys New Stake in DigitalOcean Holdings, Inc. (NYSE:DOCN)

Prosperity Wealth Management Inc. purchased a new position in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 9,520 shares of the company’s stock, valued at approximately $324,000.

Other institutional investors also recently added to or reduced their stakes in the company. Harbor Investment Advisory LLC boosted its stake in shares of DigitalOcean by 380.0% in the 4th 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. Farther Finance Advisors LLC acquired a new position in DigitalOcean in the third quarter valued at about $30,000. Advisors Asset Management Inc. boosted its position in DigitalOcean by 150.4% in the third quarter. Advisors Asset Management Inc. now owns 974 shares of the company’s stock valued at $39,000 after buying an additional 585 shares in the last quarter. JTC Employer Solutions Trustee Ltd bought a new stake in DigitalOcean during the fourth quarter worth about $45,000. Finally, SBI Securities Co. Ltd. acquired a new stake in shares of DigitalOcean during the fourth quarter worth approximately $66,000. 49.77% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at DigitalOcean

In other news, insider Bratin Saha sold 3,468 shares of the business’s stock in a transaction dated 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 transaction, the insider now directly owns 379,795 shares in the company, valued at approximately $14,500,573.10. The trade was a 0.90 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.74% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Cantor Fitzgerald increased their price target on DigitalOcean from $39.00 to $43.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 26th. JPMorgan Chase & Co. increased their target price on DigitalOcean from $40.00 to $45.00 and gave the stock a “neutral” rating in a report on Wednesday, February 26th. Citigroup started coverage on DigitalOcean in a report on Friday, January 24th. They issued a “buy” rating and a $45.00 price target for the company. UBS Group raised their price objective on shares of DigitalOcean from $39.00 to $44.00 and gave the company a “neutral” rating in a research report on Wednesday, February 26th. Finally, Stifel Nicolaus boosted their target price on shares of DigitalOcean from $35.00 to $40.00 and gave the stock a “hold” rating in a research note on Wednesday, December 18th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $43.27.

DigitalOcean Price Performance

Shares of NYSE DOCN opened at $36.09 on Thursday. DigitalOcean Holdings, Inc. has a fifty-two week low of $26.63 and a fifty-two week high of $47.02. The firm has a market capitalization of $3.32 billion, a P/E ratio of 42.46, a P/E/G ratio of 3.12 and a beta of 1.80. The company’s 50 day simple moving average is $39.80 and its 200 day simple moving average is $39.34.

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).