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 DigitalOcean stock in a transaction on Monday, November 18th. The shares were 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 in the company, valued at $14,382,407.60. The trade was a 4.17 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

DigitalOcean Price Performance

Shares of DOCN stock opened at $37.51 on Thursday. DigitalOcean Holdings, Inc. has a 1-year low of $26.63 and a 1-year high of $44.80. The business’s fifty day moving average price is $40.58 and its 200 day moving average price is $37.01. The firm has a market capitalization of $3.46 billion, a PE ratio of 44.13, a P/E/G ratio of 2.37 and a beta of 1.83.

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 analysts’ consensus estimates of $0.40 by $0.12. The business had revenue of $198.50 million during the quarter, compared to the consensus estimate 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 was up 12.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.17 EPS. Equities research analysts expect that DigitalOcean Holdings, Inc. will post 1.01 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

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

Hedge Funds Weigh In On DigitalOcean

Hedge funds have recently bought and sold shares of the company. Farther Finance Advisors LLC acquired a new position in shares of DigitalOcean during the 3rd quarter worth $30,000. Advisors Asset Management Inc. lifted its holdings in shares of DigitalOcean by 150.4% in 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. Blue Trust Inc. grew its position in shares of DigitalOcean by 380.6% in the third quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock valued at $49,000 after purchasing an additional 959 shares during the last quarter. Nisa Investment Advisors LLC lifted its stake in DigitalOcean by 56.4% in the 3rd quarter. Nisa Investment Advisors LLC now owns 1,340 shares of the company’s stock valued at $54,000 after buying an additional 483 shares in the last quarter. Finally, Covestor Ltd boosted its stake in shares of DigitalOcean by 571.4% during the first quarter. Covestor Ltd now owns 1,947 shares of the company’s stock valued at $74,000 after acquiring an additional 1,657 shares during the last quarter. 49.77% of the stock is owned by hedge funds and other institutional investors.

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).