DigitalOcean Holdings, Inc. (NYSE:DOCN) Insider Sells $132,408.24 in Stock

DigitalOcean Holdings, Inc. (NYSE:DOCN) insider Bratin Saha sold 3,468 shares of the stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $38.18, for a total transaction of $132,408.24. Following the completion of the sale, the insider now owns 379,795 shares in the company, valued at $14,500,573.10. This represents a 0.90 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Bratin Saha also recently made the following trade(s):

• On Monday, November 18th, Bratin Saha sold 16,989 shares of DigitalOcean stock. The stock was sold at an average price of $36.85, for a total transaction of $626,044.65.

DigitalOcean Stock Performance

DOCN stock traded up $0.66 on Thursday, reaching $35.45. The company’s stock had a trading volume of 974,842 shares, compared to its average volume of 1,206,827. The business has a fifty day simple moving average of $39.60 and a two-hundred day simple moving average of $37.28. The firm has a market cap of $3.27 billion, a PE ratio of 41.71, a PEG ratio of 2.47 and a beta of 1.76. DigitalOcean Holdings, Inc. has a 12-month low of $26.63 and a 12-month high of $44.80.

DigitalOcean (NYSE:DOCN) last announced its quarterly earnings results on Monday, November 4th. The company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.12. The company 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%. DigitalOcean’s quarterly revenue was up 12.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.17 earnings per share. As a group, research analysts anticipate that DigitalOcean Holdings, Inc. will post 1.01 earnings per share for the current fiscal year.

Hedge Funds Weigh In On DigitalOcean

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sei Investments Co. increased its stake in shares of DigitalOcean by 1.5% in the 2nd quarter. Sei Investments Co. now owns 30,834 shares of the company’s stock worth $1,071,000 after acquiring an additional 468 shares in the last quarter. Nisa Investment Advisors LLC boosted its stake in DigitalOcean by 56.4% during the third quarter. Nisa Investment Advisors LLC now owns 1,340 shares of the company’s stock worth $54,000 after acquiring an additional 483 shares in the last quarter. Creative Financial Designs Inc. ADV grew its holdings in DigitalOcean by 17.8% in the third quarter. Creative Financial Designs Inc. ADV now owns 3,744 shares of the company’s stock worth $151,000 after purchasing an additional 566 shares during the period. Advisors Asset Management Inc. increased its stake in shares of DigitalOcean by 150.4% during the third quarter. Advisors Asset Management Inc. now owns 974 shares of the company’s stock valued at $39,000 after purchasing an additional 585 shares in the last quarter. Finally, KBC Group NV lifted its holdings in shares of DigitalOcean by 47.6% during the third quarter. KBC Group NV now owns 2,096 shares of the company’s stock valued at $85,000 after purchasing an additional 676 shares during the last quarter. Hedge funds and other institutional investors own 49.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on DOCN. Canaccord Genuity Group upped their target price on DigitalOcean from $42.00 to $48.00 and gave the stock a “buy” rating in a research note on Friday, October 4th. JPMorgan Chase & Co. raised their price target on DigitalOcean from $32.00 to $40.00 and gave the company a “neutral” rating in a research report on Friday, October 25th. Barclays increased their price objective on DigitalOcean from $38.00 to $48.00 and gave the company an “overweight” rating in a research report on Friday, October 11th. Needham & Company LLC reissued a “hold” rating on shares of DigitalOcean in a report on Tuesday, November 5th. Finally, Stifel Nicolaus upped their target price on DigitalOcean from $35.00 to $40.00 and gave the stock a “hold” rating in a research note on Wednesday. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, DigitalOcean has a consensus rating of “Hold” and a consensus price target of $42.13.

About DigitalOcean

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).