Insider Selling: DigitalOcean Holdings, Inc. (NYSE:DOCN) Insider Sells 3,468 Shares of Stock

DigitalOcean Holdings, Inc. (NYSE:DOCN) insider Bratin Saha sold 3,468 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $38.18, for a total transaction of $132,408.24. Following the completion of the transaction, the insider now directly owns 379,795 shares of the company’s stock, valued at approximately $14,500,573.10. This represents a 0.90 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Bratin Saha also recently made the following trade(s):

• On Monday, November 18th, Bratin Saha sold 16,989 shares of DigitalOcean stock. The stock was sold at an average price of $36.85, for a total transaction of $626,044.65.

DigitalOcean Trading Up 1.9 %

Shares of DOCN stock opened at $35.45 on Friday. The company has a market cap of $3.27 billion, a PE ratio of 41.71, a P/E/G ratio of 2.47 and a beta of 1.76. The company’s fifty day simple moving average is $39.44 and its 200-day simple moving average is $37.27. DigitalOcean Holdings, Inc. has a 52 week low of $26.63 and a 52 week high of $44.80.

DigitalOcean (NYSE:DOCN) last issued 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 for the quarter, compared to analysts’ expectations of $196.64 million. During the same quarter in the previous year, the firm posted $0.17 earnings per share. The firm’s quarterly revenue was up 12.1% on a year-over-year basis. Equities research analysts expect that DigitalOcean Holdings, Inc. will post 1.01 EPS for the current fiscal year.

Institutional Trading of DigitalOcean

A number of hedge funds have recently made changes to their positions in DOCN. Hennion & Walsh Asset Management Inc. acquired a new stake in DigitalOcean during the 2nd quarter valued at $268,000. Louisiana State Employees Retirement System acquired a new position in shares of DigitalOcean in the second quarter worth about $938,000. Bank of New York Mellon Corp grew its stake in DigitalOcean by 66.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 766,043 shares of the company’s stock valued at $26,620,000 after purchasing an additional 307,162 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in DigitalOcean by 1.6% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 54,425 shares of the company’s stock worth $1,891,000 after purchasing an additional 865 shares during the last quarter. Finally, Ameritas Advisory Services LLC acquired a new position in shares of DigitalOcean in the 2nd quarter valued at approximately $278,000. Hedge funds and other institutional investors own 49.77% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on DOCN. Canaccord Genuity Group increased their price target on DigitalOcean from $42.00 to $48.00 and gave the stock a “buy” rating in a research note on Friday, October 4th. Stifel Nicolaus raised their price target on DigitalOcean from $35.00 to $40.00 and gave the stock a “hold” rating in a research note on Wednesday. Needham & Company LLC reaffirmed a “hold” rating on shares of DigitalOcean in a research note on Tuesday, November 5th. JPMorgan Chase & Co. increased their price objective on shares of DigitalOcean from $32.00 to $40.00 and gave the stock a “neutral” rating in a report on Friday, October 25th. Finally, Barclays boosted their target price on shares of DigitalOcean from $38.00 to $48.00 and gave the company an “overweight” rating in a report on Friday, October 11th. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $42.13.

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).