Cherry Creek Investment Advisors Inc. Purchases 1,880 Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN)

Cherry Creek Investment Advisors Inc. grew its stake in shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) by 17.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,745 shares of the company’s stock after purchasing an additional 1,880 shares during the period. Cherry Creek Investment Advisors Inc.’s holdings in DigitalOcean were worth $434,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP increased its position in shares of DigitalOcean by 23.4% during the second quarter. Dimensional Fund Advisors LP now owns 1,079,579 shares of the company’s stock valued at $37,512,000 after acquiring an additional 205,007 shares in the last quarter. Hsbc Holdings PLC grew its position in shares of DigitalOcean by 47.3% during the second quarter. Hsbc Holdings PLC now owns 10,022 shares of the company’s stock worth $343,000 after purchasing an additional 3,219 shares in the last quarter. Sei Investments Co. lifted its holdings in shares of DigitalOcean by 1.5% in the second quarter. Sei Investments Co. now owns 30,834 shares of the company’s stock worth $1,071,000 after buying an additional 468 shares in the last quarter. Thrivent Financial for Lutherans purchased a new position in shares of DigitalOcean during the second quarter valued at about $1,550,000. Finally, The Manufacturers Life Insurance Company increased its stake in DigitalOcean by 8.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 38,344 shares of the company’s stock worth $1,332,000 after acquiring an additional 2,830 shares during the last quarter. 49.77% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at DigitalOcean

In related news, CFO Matt Steinfort sold 12,498 shares of the company’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 transaction of $499,920.00. Following the sale, the chief financial officer now directly owns 517,498 shares of the company’s stock, valued at approximately $20,699,920. This represents a 2.36 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Bratin Saha sold 16,989 shares of DigitalOcean stock in a transaction on Monday, November 18th. The stock was sold at an average price of $36.85, for a total transaction of $626,044.65. Following the completion of the transaction, the insider now directly owns 390,296 shares of the company’s stock, valued at approximately $14,382,407.60. This represents a 4.17 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 37,244 shares of company stock valued at $1,416,208. Insiders own 0.74% of the company’s stock.

DigitalOcean Stock Performance

Shares of NYSE:DOCN opened at $40.18 on Tuesday. The business’s 50-day simple moving average is $36.91 and its 200 day simple moving average is $37.42. The company has a market cap of $3.71 billion, a P/E ratio of 47.27, a PEG ratio of 2.77 and a beta of 1.78. DigitalOcean Holdings, Inc. has a one year low of $26.63 and a one year high of $44.80.

DigitalOcean (NYSE:DOCN) last posted its earnings results on Monday, November 4th. The company reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.40 by $0.12. The business had revenue of $198.50 million for the quarter, compared to analysts’ expectations of $196.64 million. DigitalOcean had a net margin of 10.86% and a negative return on equity of 43.11%. The business’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.17 earnings per share. Analysts predict that DigitalOcean Holdings, Inc. will post 1.01 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Cantor Fitzgerald assumed coverage on shares of DigitalOcean in a research note on Friday, January 17th. They set a “neutral” rating and a $39.00 price objective for the company. Needham & Company LLC restated a “hold” rating on shares of DigitalOcean in a report on Tuesday, November 5th. Canaccord Genuity Group increased their target price on shares of DigitalOcean from $42.00 to $48.00 and gave the company a “buy” rating in a research report on Friday, October 4th. JMP Securities lifted their target price on shares of DigitalOcean from $47.00 to $55.00 and gave the stock a “market outperform” rating in a research note on Monday. Finally, Morgan Stanley upgraded DigitalOcean from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $40.00 to $41.00 in a research note on Thursday, January 16th. Six equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $42.73.

DigitalOcean 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).