DigitalOcean Holdings, Inc. (NYSE:DOCN) Short Interest Up 18.4% in November

DigitalOcean Holdings, Inc. (NYSE:DOCN) was the target of a significant growth in short interest in November. As of November 15th, there was short interest totalling 6,500,000 shares, a growth of 18.4% from the October 31st total of 5,490,000 shares. Currently, 10.6% of the company’s stock are short sold. Based on an average daily volume of 1,160,000 shares, the days-to-cover ratio is currently 5.6 days.

Insider Transactions at DigitalOcean

In other news, 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 transaction, the insider now owns 390,296 shares in the company, valued at approximately $14,382,407.60. This represents a 4.17 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.74% of the company’s stock.

Hedge Funds Weigh In On DigitalOcean

Institutional investors have recently modified their holdings of the company. Farther Finance Advisors LLC purchased a new stake in shares of DigitalOcean during the 3rd quarter valued at $30,000. Advisors Asset Management Inc. lifted its stake in shares of 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 purchasing an additional 585 shares in the last quarter. Blue Trust Inc. boosted its position in shares of DigitalOcean by 380.6% in the third quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock worth $49,000 after buying an additional 959 shares during the period. Nisa Investment Advisors LLC grew its stake in shares of 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 in the last quarter. Finally, KBC Group NV lifted its position in DigitalOcean by 47.6% during the 3rd quarter. KBC Group NV now owns 2,096 shares of the company’s stock worth $85,000 after acquiring an additional 676 shares in the last quarter. Institutional investors and hedge funds own 49.77% of the company’s stock.

Analyst Ratings Changes

DOCN has been the subject of several research reports. Barclays upped their price target 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. Canaccord Genuity Group boosted their price objective 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. Needham & Company LLC reaffirmed a “hold” rating on shares of DigitalOcean in a report on Tuesday, November 5th. JPMorgan Chase & Co. boosted their price target on shares of DigitalOcean from $32.00 to $40.00 and gave the stock a “neutral” rating in a research note on Friday, October 25th. Finally, Stifel Nicolaus lifted their price objective on DigitalOcean from $32.00 to $35.00 and gave the company a “hold” rating in a report on Friday, August 9th. Five equities 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.com, the company has an average rating of “Hold” and a consensus target price of $41.50.

DigitalOcean Price Performance

DigitalOcean stock traded up $0.20 during trading hours on Friday, hitting $38.08. The stock had a trading volume of 301,588 shares, compared to its average volume of 1,133,967. The stock has a market capitalization of $3.51 billion, a price-to-earnings ratio of 44.80, a PEG ratio of 2.45 and a beta of 1.83. DigitalOcean has a 1-year low of $26.63 and a 1-year high of $44.80. The stock’s fifty day moving average is $40.23 and its two-hundred day moving average is $37.16.

DigitalOcean (NYSE:DOCN) last announced its earnings results on Monday, November 4th. The company reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.12. The company had revenue of $198.50 million during the quarter, compared to analysts’ expectations of $196.64 million. DigitalOcean had a net margin of 10.86% and a negative return on equity of 43.11%. The firm’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.17 earnings per share. As a group, sell-side analysts anticipate that DigitalOcean will post 1.01 EPS for the current year.

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).