Public Sector Pension Investment Board Has $9.10 Million Stake in DigitalOcean Holdings, Inc. $DOCN

Public Sector Pension Investment Board lifted its stake in DigitalOcean Holdings, Inc. (NYSE:DOCN) by 24.4% during the third quarter, Holdings Channel reports. The fund owned 266,308 shares of the company’s stock after acquiring an additional 52,148 shares during the quarter. Public Sector Pension Investment Board’s holdings in DigitalOcean were worth $9,097,000 as of its most recent filing with the SEC.

Other large investors have also recently added to or reduced their stakes in the company. Advisors Asset Management Inc. grew its holdings in DigitalOcean by 18.0% during the second quarter. Advisors Asset Management Inc. now owns 2,630 shares of the company’s stock valued at $75,000 after purchasing an additional 401 shares during the last quarter. Man Group plc raised its holdings in DigitalOcean by 0.5% in the 2nd quarter. Man Group plc now owns 82,485 shares of the company’s stock worth $2,356,000 after acquiring an additional 420 shares during the period. CWM LLC lifted its position in DigitalOcean by 2.6% during the 2nd quarter. CWM LLC now owns 18,272 shares of the company’s stock worth $522,000 after acquiring an additional 470 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in DigitalOcean by 6.5% during the second quarter. PNC Financial Services Group Inc. now owns 10,242 shares of the company’s stock valued at $293,000 after acquiring an additional 628 shares during the period. Finally, Vanguard Personalized Indexing Management LLC grew its position in shares of DigitalOcean by 9.2% in the third quarter. Vanguard Personalized Indexing Management LLC now owns 7,978 shares of the company’s stock valued at $273,000 after purchasing an additional 674 shares during the last quarter. Institutional investors own 49.77% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Cantor Fitzgerald raised DigitalOcean from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $47.00 to $68.00 in a research report on Thursday, February 5th. Citigroup restated a “buy” rating on shares of DigitalOcean in a research note on Friday. Weiss Ratings reiterated a “hold (c+)” rating on shares of DigitalOcean in a research note on Monday, December 29th. Canaccord Genuity Group increased their price target on shares of DigitalOcean from $55.00 to $60.00 and gave the company a “buy” rating in a report on Thursday, November 6th. Finally, Bank of America boosted their price objective on shares of DigitalOcean from $60.00 to $72.00 and gave the stock a “buy” rating in a report on Tuesday, January 27th. Eight analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, DigitalOcean currently has a consensus rating of “Moderate Buy” and a consensus price target of $52.25.

DigitalOcean Price Performance

DOCN opened at $68.07 on Tuesday. The company has a market capitalization of $6.23 billion, a P/E ratio of 27.45, a P/E/G ratio of 9.58 and a beta of 1.76. The firm’s fifty day moving average price is $53.73 and its two-hundred day moving average price is $43.74. DigitalOcean Holdings, Inc. has a fifty-two week low of $25.45 and a fifty-two week high of $70.43.

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.