DigitalOcean Holdings, Inc. (NYSE:DOCN) Short Interest Down 7.7% in November

DigitalOcean Holdings, Inc. (NYSE:DOCN) saw a significant decline in short interest during the month of November. As of November 30th, there was short interest totalling 6,000,000 shares, a decline of 7.7% from the November 15th total of 6,500,000 shares. Based on an average trading volume of 1,120,000 shares, the short-interest ratio is presently 5.4 days. Approximately 9.7% of the shares of the stock are short sold.

Insider Activity

In other news, CFO Matt Steinfort sold 12,498 shares of the stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $40.00, for a total transaction of $499,920.00. Following the sale, the chief financial officer now directly owns 517,498 shares of the company’s stock, valued at $20,699,920. This represents a 2.36 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Bratin Saha sold 16,989 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The stock was 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 owns 390,296 shares of the company’s stock, valued at $14,382,407.60. This trade represents a 4.17 % decrease in their position. The disclosure for this sale can be found here. 0.74% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On DigitalOcean

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Sei Investments Co. increased its holdings in DigitalOcean by 1.5% during the second quarter. Sei Investments Co. now owns 30,834 shares of the company’s stock worth $1,071,000 after buying an additional 468 shares during the last quarter. Nisa Investment Advisors LLC raised its stake in DigitalOcean by 56.4% in the third 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 during the period. Creative Financial Designs Inc. ADV lifted its holdings in DigitalOcean by 17.8% during the 3rd quarter. Creative Financial Designs Inc. ADV now owns 3,744 shares of the company’s stock valued at $151,000 after purchasing an additional 566 shares during the last quarter. Advisors Asset Management Inc. lifted its holdings in DigitalOcean by 150.4% during the 3rd quarter. Advisors Asset Management Inc. now owns 974 shares of the company’s stock valued at $39,000 after purchasing an additional 585 shares during the last quarter. Finally, KBC Group NV boosted its position in DigitalOcean by 47.6% during 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 during the period. Institutional investors own 49.77% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. JPMorgan Chase & Co. increased 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. Canaccord Genuity Group lifted their price objective on DigitalOcean from $42.00 to $48.00 and gave the stock a “buy” rating in a research note on Friday, October 4th. Barclays boosted their target price on DigitalOcean from $38.00 to $48.00 and gave the stock an “overweight” rating in a research report on Friday, October 11th. Finally, Needham & Company LLC restated a “hold” rating on shares of DigitalOcean in a research report on Tuesday, November 5th. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, DigitalOcean currently has an average rating of “Hold” and a consensus price target of $41.50.

DigitalOcean Price Performance

Shares of DOCN opened at $37.77 on Wednesday. The company has a 50 day moving average of $39.75 and a 200-day moving average of $37.30. The stock has a market capitalization of $3.49 billion, a P/E ratio of 44.44, a P/E/G ratio of 2.47 and a beta of 1.76. DigitalOcean has a twelve month low of $26.63 and a twelve month high of $44.80.

DigitalOcean (NYSE:DOCN) last posted its quarterly earnings data on Monday, November 4th. The company reported $0.52 EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $196.64 million. During the same period in the prior year, the business posted $0.17 EPS. The company’s quarterly revenue was up 12.1% on a year-over-year basis. On average, sell-side analysts anticipate that DigitalOcean will post 1.01 earnings per share for the current fiscal year.

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).