Victory Capital Management Inc. Buys 1,095 Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN)

Victory Capital Management Inc. raised its stake in DigitalOcean Holdings, Inc. (NYSE:DOCN) by 3.5% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 32,264 shares of the company’s stock after acquiring an additional 1,095 shares during the period. Victory Capital Management Inc.’s holdings in DigitalOcean were worth $1,099,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Harbor Investment Advisory LLC lifted its stake in DigitalOcean by 380.0% in the fourth quarter. Harbor Investment Advisory LLC now owns 720 shares of the company’s stock valued at $25,000 after buying an additional 570 shares in the last quarter. Advisors Asset Management Inc. lifted its position in shares of DigitalOcean by 150.4% in the third quarter. Advisors Asset Management Inc. now owns 974 shares of the company’s stock worth $39,000 after purchasing an additional 585 shares in the last quarter. JTC Employer Solutions Trustee Ltd bought a new stake in shares of DigitalOcean in the fourth quarter worth $45,000. SBI Securities Co. Ltd. bought a new stake in shares of DigitalOcean in the fourth quarter worth $66,000. Finally, KBC Group NV lifted its position in shares of DigitalOcean by 47.6% in the third quarter. KBC Group NV now owns 2,096 shares of the company’s stock worth $85,000 after purchasing an additional 676 shares in the last quarter. Institutional investors own 49.77% of the company’s stock.

DigitalOcean Price Performance

NYSE DOCN opened at $36.41 on Thursday. The stock has a market capitalization of $3.35 billion, a price-to-earnings ratio of 42.83, a PEG ratio of 3.12 and a beta of 1.80. DigitalOcean Holdings, Inc. has a one year low of $26.63 and a one year high of $47.02. The business’s fifty day moving average is $39.91 and its 200-day moving average is $39.30.

Insider Activity

In other DigitalOcean news, insider Bratin Saha sold 3,948 shares of the company’s stock in a transaction that occurred on Tuesday, March 18th. The stock was sold at an average price of $36.63, for a total value of $144,615.24. Following the completion of the sale, the insider now owns 358,696 shares of the company’s stock, valued at $13,139,034.48. This represents a 1.09 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.74% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. JMP Securities boosted their price objective on shares of DigitalOcean from $47.00 to $55.00 and gave the stock a “market outperform” rating in a research report on Monday, January 27th. Stifel Nicolaus boosted their price objective on shares of DigitalOcean from $35.00 to $40.00 and gave the stock a “hold” rating in a research report on Wednesday, December 18th. Cantor Fitzgerald boosted their price objective on shares of DigitalOcean from $39.00 to $43.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 26th. Needham & Company LLC reaffirmed a “hold” rating on shares of DigitalOcean in a research report on Wednesday, February 26th. Finally, Citigroup assumed coverage on shares of DigitalOcean in a research report on Friday, January 24th. They set a “buy” rating and a $45.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $43.27.

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).