DigitalOcean Holdings, Inc. (NYSE:DOCN) Insider Sells $626,044.65 in Stock

DigitalOcean Holdings, Inc. (NYSE:DOCN) insider Bratin Saha sold 16,989 shares of the business’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $36.85, for a total value of $626,044.65. Following the completion of the sale, the insider now owns 390,296 shares in the company, valued at approximately $14,382,407.60. This trade represents a 4.17 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

DigitalOcean Price Performance

NYSE DOCN traded up $1.61 during trading on Tuesday, reaching $38.02. 925,309 shares of the company’s stock were exchanged, compared to its average volume of 1,251,150. DigitalOcean Holdings, Inc. has a fifty-two week low of $26.63 and a fifty-two week high of $44.80. The stock has a market capitalization of $3.51 billion, a P/E ratio of 42.82, a PEG ratio of 2.37 and a beta of 1.83. The business has a 50 day moving average price of $40.62 and a 200-day moving average price of $36.98.

DigitalOcean (NYSE:DOCN) last issued 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 business had revenue of $198.50 million during the quarter, compared to analysts’ expectations of $196.64 million. DigitalOcean had a negative return on equity of 43.11% and a net margin of 10.86%. The firm’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. On average, analysts forecast that DigitalOcean Holdings, Inc. will post 1.01 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have recently commented on DOCN. Barclays boosted their price target on DigitalOcean from $38.00 to $48.00 and gave the company an “overweight” rating in a report on Friday, October 11th. Canaccord Genuity Group boosted their price target on DigitalOcean from $42.00 to $48.00 and gave the company a “buy” rating in a report on Friday, October 4th. Stifel Nicolaus lifted their target price on DigitalOcean from $32.00 to $35.00 and gave the company a “hold” rating in a research report on Friday, August 9th. Needham & Company LLC reaffirmed a “hold” rating on shares of DigitalOcean in a research report on Tuesday, November 5th. Finally, JPMorgan Chase & Co. lifted their target price on DigitalOcean from $32.00 to $40.00 and gave the company a “neutral” rating in a research report on Friday, October 25th. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $41.50.

Institutional Investors Weigh In On DigitalOcean

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC lifted its stake in DigitalOcean by 7.9% during the third quarter. Geode Capital Management LLC now owns 1,464,333 shares of the company’s stock worth $59,156,000 after purchasing an additional 106,636 shares during the last quarter. Stifel Financial Corp increased its holdings in shares of DigitalOcean by 3.6% during the third quarter. Stifel Financial Corp now owns 22,218 shares of the company’s stock worth $897,000 after buying an additional 777 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its holdings in shares of DigitalOcean by 32.8% during the third quarter. Jacobs Levy Equity Management Inc. now owns 1,397,588 shares of the company’s stock worth $56,449,000 after buying an additional 345,119 shares in the last quarter. Janus Henderson Group PLC increased its holdings in shares of DigitalOcean by 2.1% during the third quarter. Janus Henderson Group PLC now owns 185,823 shares of the company’s stock worth $7,505,000 after buying an additional 3,801 shares in the last quarter. Finally, ClearAlpha Technologies LP acquired a new position in shares of DigitalOcean during the third quarter worth $246,000. 49.77% of the stock is currently owned by institutional investors.

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).