SeaCrest Wealth Management LLC Takes Position in DigitalOcean Holdings, Inc. $DOCN

SeaCrest Wealth Management LLC bought a new position in DigitalOcean Holdings, Inc. (NYSE:DOCN) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 8,975 shares of the company’s stock, valued at approximately $432,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Allworth Financial LP grew its position in DigitalOcean by 54.4% in the 3rd quarter. Allworth Financial LP now owns 724 shares of the company’s stock worth $25,000 after purchasing an additional 255 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new position in shares of DigitalOcean during the third quarter valued at about $37,000. GAMMA Investing LLC raised its position in shares of DigitalOcean by 33.8% during the fourth quarter. GAMMA Investing LLC now owns 1,581 shares of the company’s stock valued at $76,000 after buying an additional 399 shares during the last quarter. Advisory Services Network LLC bought a new stake in shares of DigitalOcean in the third quarter valued at about $54,000. Finally, Ninepoint Partners LP acquired a new stake in DigitalOcean during the third quarter worth about $77,000. 49.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. The Goldman Sachs Group boosted their price target on DigitalOcean from $50.00 to $78.00 and gave the company a “buy” rating in a research note on Wednesday, February 25th. Oppenheimer lifted their price objective on DigitalOcean from $85.00 to $100.00 and gave the stock an “outperform” rating in a report on Wednesday, March 18th. Canaccord Genuity Group boosted their price objective on DigitalOcean from $65.00 to $80.00 and gave the company a “buy” rating in a research report on Friday, February 20th. Bank of America upped their target price on DigitalOcean from $72.00 to $86.00 and gave the company a “buy” rating in a research note on Wednesday, February 25th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of DigitalOcean in a research note on Monday, December 29th. Nine equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $72.08.

DigitalOcean Trading Down 5.1%

Shares of DOCN opened at $81.29 on Friday. The stock has a market cap of $7.48 billion, a PE ratio of 32.13, a PEG ratio of 83.21 and a beta of 1.76. DigitalOcean Holdings, Inc. has a 1 year low of $25.45 and a 1 year high of $88.84. The stock has a 50 day simple moving average of $64.43 and a 200-day simple moving average of $50.97.

Insiders Place Their Bets

In related news, CFO Matt Steinfort sold 20,000 shares of the stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $55.40, for a total transaction of $1,108,000.00. Following the completion of the sale, the chief financial officer owned 545,916 shares in the company, valued at $30,243,746.40. This trade represents a 3.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Cherie Barrett sold 22,000 shares of DigitalOcean stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $54.77, for a total transaction of $1,204,940.00. Following the transaction, the chief accounting officer directly owned 62,469 shares of the company’s stock, valued at $3,421,427.13. This represents a 26.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.96% of the stock is currently owned by company insiders.

DigitalOcean Company Profile

DigitalOcean Holdings, Inc is a cloud infrastructure provider that focuses on simplicity, performance and developer experience. The company offers a range of cloud services designed to help software developers, startups and small- to medium-sized businesses deploy, manage and scale applications. Its flagship offering, Droplets, provides virtual private servers that can be configured with various CPU, memory and storage options. In addition to compute instances, DigitalOcean’s platform includes managed Kubernetes, scalable object and block storage, managed databases, load balancers and networking capabilities such as Virtual Private Cloud (VPC) and Floating IPs.

Founded in 2011 and headquartered in New York City, DigitalOcean was created with the goal of making cloud computing more accessible to individual developers and smaller teams.