Insider Selling: DigitalOcean Holdings, Inc. (NYSE:DOCN) Insider Sells 16,989 Shares of Stock

DigitalOcean Holdings, Inc. (NYSE:DOCN) insider Bratin Saha sold 16,989 shares of the company’s stock in a transaction on 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 of the company’s stock, valued at approximately $14,382,407.60. This trade represents a 4.17 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

DigitalOcean Trading Up 4.4 %

NYSE:DOCN traded up $1.61 during mid-day trading on Tuesday, hitting $38.02. 925,309 shares of the company’s stock traded hands, compared to its average volume of 1,251,150. The firm has a 50 day moving average of $40.62 and a two-hundred day moving average of $36.98. DigitalOcean Holdings, Inc. has a 12 month low of $26.63 and a 12 month high of $44.80. The firm has a market capitalization of $3.51 billion, a price-to-earnings ratio of 42.82, a price-to-earnings-growth ratio of 2.37 and a beta of 1.83.

DigitalOcean (NYSE:DOCN) last announced 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 negative return on equity of 43.11% and a net margin of 10.86%. The company had revenue of $198.50 million during the quarter, compared to the consensus estimate of $196.64 million. During the same quarter last year, the company earned $0.17 EPS. The company’s quarterly revenue was up 12.1% on a year-over-year basis. As a group, equities research analysts expect that DigitalOcean Holdings, Inc. will post 1.01 earnings per share for the current year.

Wall Street Analyst Weigh In

DOCN has been the subject of several analyst reports. UBS Group reduced their target price on DigitalOcean from $40.00 to $34.00 and set a “neutral” rating for the company in a report on Friday, August 9th. Canaccord Genuity Group upped their target price on DigitalOcean from $42.00 to $48.00 and gave the company a “buy” rating in a report on Friday, October 4th. JPMorgan Chase & Co. upped their target price on DigitalOcean from $32.00 to $40.00 and gave the company a “neutral” rating in a report on Friday, October 25th. Barclays upped their price target on DigitalOcean from $38.00 to $48.00 and gave the company an “overweight” rating in a research report on Friday, October 11th. Finally, Needham & Company LLC reissued a “hold” rating on shares of DigitalOcean in a research report on Tuesday, November 5th. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $41.50.

Hedge Funds Weigh In On DigitalOcean

Hedge funds have recently modified their holdings of the stock. Farther Finance Advisors LLC bought a new position in shares of DigitalOcean in the 3rd quarter worth $30,000. Advisors Asset Management Inc. lifted its holdings in DigitalOcean by 150.4% during the third quarter. Advisors Asset Management Inc. now owns 974 shares of the company’s stock worth $39,000 after acquiring an additional 585 shares in the last quarter. Blue Trust Inc. lifted its holdings in DigitalOcean by 380.6% during the third quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock worth $49,000 after acquiring an additional 959 shares in the last quarter. Nisa Investment Advisors LLC lifted its holdings in DigitalOcean by 56.4% during the third quarter. Nisa Investment Advisors LLC now owns 1,340 shares of the company’s stock worth $54,000 after acquiring an additional 483 shares in the last quarter. Finally, Covestor Ltd lifted its holdings in DigitalOcean by 571.4% during the first quarter. Covestor Ltd now owns 1,947 shares of the company’s stock worth $74,000 after acquiring an additional 1,657 shares in the last quarter. 49.77% of the stock is owned by institutional investors and hedge funds.

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).