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

Lodestone Wealth Management LLC acquired a new position in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 6,287 shares of the company’s stock, valued at approximately $303,000.

Several other institutional investors have also made changes to their positions in DOCN. Norges Bank bought a new stake in DigitalOcean in the second quarter valued at about $22,633,000. Alyeska Investment Group L.P. bought a new position in DigitalOcean during the third quarter worth about $21,808,000. Vanguard Group Inc. lifted its stake in DigitalOcean by 5.0% during the third quarter. Vanguard Group Inc. now owns 9,362,889 shares of the company’s stock worth $319,836,000 after purchasing an additional 442,617 shares during the period. Danske Bank A S bought a new position in DigitalOcean during the third quarter worth about $14,582,000. Finally, Lazard Asset Management LLC lifted its stake in DigitalOcean by 34.5% during the second quarter. Lazard Asset Management LLC now owns 1,660,731 shares of the company’s stock worth $47,430,000 after purchasing an additional 426,264 shares during the period. 49.77% of the stock is currently owned by institutional investors and hedge funds.

DigitalOcean Price Performance

NYSE DOCN opened at $85.68 on Wednesday. The stock’s 50 day simple moving average is $65.65 and its 200 day simple moving average is $51.85. DigitalOcean Holdings, Inc. has a one year low of $25.45 and a one year high of $88.84. The firm has a market cap of $7.88 billion, a PE ratio of 33.87 and a beta of 1.76.

Analyst Upgrades and Downgrades

DOCN has been the topic of several analyst reports. Bank of America upped their price objective on DigitalOcean from $72.00 to $86.00 and gave the company a “buy” rating in a research note on Wednesday, February 25th. Piper Sandler reaffirmed a “neutral” rating and issued a $67.00 price target on shares of DigitalOcean in a research note on Tuesday, February 24th. UBS Group upped their price target on DigitalOcean from $48.00 to $68.00 and gave the company a “neutral” rating in a research report on Wednesday, February 25th. Citizens Jmp increased their price objective on DigitalOcean from $83.00 to $105.00 and gave the stock a “market outperform” rating in a research note on Thursday, March 26th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of DigitalOcean in a report on Friday. Nine equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $72.08.

Insiders Place Their Bets

In other DigitalOcean news, CFO Matt Steinfort sold 20,000 shares of the business’s stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $55.40, for a total value of $1,108,000.00. Following the transaction, the chief financial officer owned 545,916 shares of the company’s stock, valued at approximately $30,243,746.40. The trade was a 3.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Cherie Barrett sold 22,000 shares of the stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $54.77, for a total value of $1,204,940.00. Following the sale, the chief accounting officer owned 62,469 shares in the company, valued at $3,421,427.13. The trade was a 26.05% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.74% of the stock is currently owned by insiders.

About DigitalOcean

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.