DigitalOcean Holdings, Inc. (NYSE:DOCN) CFO Sells $499,920.00 in Stock

DigitalOcean Holdings, Inc. (NYSE:DOCN) CFO Matt Steinfort sold 12,498 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $40.00, for a total transaction of $499,920.00. Following the completion of the sale, the chief financial officer now owns 517,498 shares of the company’s stock, valued at $20,699,920. This trade represents a 2.36 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

DigitalOcean Price Performance

NYSE:DOCN traded up $0.63 during trading hours on Friday, hitting $40.17. The company’s stock had a trading volume of 544,578 shares, compared to its average volume of 1,225,131. DigitalOcean Holdings, Inc. has a twelve month low of $26.63 and a twelve month high of $44.80. The stock has a fifty day simple moving average of $40.09 and a 200-day simple moving average of $37.21. The company has a market capitalization of $3.71 billion, a P/E ratio of 46.52, a PEG ratio of 2.50 and a beta of 1.76.

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. DigitalOcean had a net margin of 10.86% and a negative return on equity of 43.11%. The company had revenue of $198.50 million for the quarter, compared to analyst estimates of $196.64 million. During the same period in the previous year, the firm posted $0.17 EPS. The firm’s revenue was up 12.1% on a year-over-year basis. On average, equities analysts predict that DigitalOcean Holdings, Inc. will post 1.01 EPS for the current fiscal year.

Institutional Trading of DigitalOcean

Hedge funds have recently made changes to their positions in the company. Franklin Resources Inc. boosted its stake in DigitalOcean by 17.1% in the third quarter. Franklin Resources Inc. now owns 39,078 shares of the company’s stock worth $1,714,000 after buying an additional 5,718 shares in the last quarter. Tidal Investments LLC purchased a new stake in shares of DigitalOcean in the third quarter worth approximately $423,000. Geode Capital Management LLC raised its position in DigitalOcean by 7.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,464,333 shares of the company’s stock valued at $59,156,000 after purchasing an additional 106,636 shares in the last quarter. Stifel Financial Corp increased its position in DigitalOcean by 3.6% during the 3rd quarter. Stifel Financial Corp now owns 22,218 shares of the company’s stock valued at $897,000 after purchasing an additional 777 shares during the period. Finally, Jacobs Levy Equity Management Inc. boosted its position in DigitalOcean by 32.8% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,397,588 shares of the company’s stock valued at $56,449,000 after acquiring an additional 345,119 shares in the last quarter. 49.77% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently issued reports on DOCN shares. Barclays raised 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. JPMorgan Chase & Co. upped their price objective on shares of DigitalOcean from $32.00 to $40.00 and gave the company a “neutral” rating in a report on Friday, October 25th. UBS Group dropped their price objective on shares of DigitalOcean from $40.00 to $34.00 and set a “neutral” rating on the stock in a research report on Friday, August 9th. Stifel Nicolaus lifted their target price on shares of DigitalOcean from $32.00 to $35.00 and gave the stock a “hold” rating in a report on Friday, August 9th. Finally, Needham & Company LLC restated a “hold” rating on shares of DigitalOcean in a research report on Tuesday, November 5th. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, DigitalOcean currently has a consensus rating of “Hold” and a consensus target price of $41.50.

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).