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 that occurred 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 owns 390,296 shares of the company’s stock, 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 filing with the SEC, which is accessible through the SEC website.

DigitalOcean Price Performance

NYSE:DOCN opened at $38.00 on Wednesday. DigitalOcean Holdings, Inc. has a one year low of $26.63 and a one year high of $44.80. The company has a market cap of $3.51 billion, a PE ratio of 44.71, a P/E/G ratio of 2.37 and a beta of 1.83. The firm’s 50 day simple moving average is $40.63 and its 200 day simple moving average is $37.01.

DigitalOcean (NYSE:DOCN) last issued its quarterly earnings results on Monday, November 4th. The company reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.40 by $0.12. The company had revenue of $198.50 million for the quarter, compared to analyst estimates of $196.64 million. DigitalOcean had a net margin of 10.86% and a negative return on equity of 43.11%. DigitalOcean’s revenue was up 12.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.17 earnings per share. Equities research analysts expect that DigitalOcean Holdings, Inc. will post 1.01 EPS for the current year.

Analyst Ratings Changes

Several research analysts have commented on the stock. Barclays boosted their price objective on shares of DigitalOcean from $38.00 to $48.00 and gave the company an “overweight” rating in a research report on Friday, October 11th. UBS Group dropped their price objective on DigitalOcean from $40.00 to $34.00 and set a “neutral” rating for the company in a research report on Friday, August 9th. JPMorgan Chase & Co. boosted their target price on DigitalOcean from $32.00 to $40.00 and gave the stock a “neutral” rating in a research note on Friday, October 25th. Canaccord Genuity Group raised their price target on shares of DigitalOcean from $42.00 to $48.00 and gave the company a “buy” rating in a research note on Friday, October 4th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of DigitalOcean in a research report on Tuesday, November 5th. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus 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 made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in DigitalOcean by 11.5% in the first quarter. Vanguard Group Inc. now owns 6,728,563 shares of the company’s stock valued at $256,897,000 after acquiring an additional 696,426 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of DigitalOcean by 7.9% in 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 during the last quarter. Jacobs Levy Equity Management Inc. increased its position 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 during the period. Principal Financial Group Inc. raised its stake in DigitalOcean by 10.4% during the third quarter. Principal Financial Group Inc. now owns 1,301,499 shares of the company’s stock worth $52,568,000 after buying an additional 122,651 shares during the last quarter. Finally, Van Berkom & Associates Inc. lifted its holdings in DigitalOcean by 1.6% in the second quarter. Van Berkom & Associates Inc. now owns 1,273,103 shares of the company’s stock valued at $44,240,000 after buying an additional 19,731 shares during the period. Institutional investors and hedge funds own 49.77% of the company’s stock.

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).