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 DigitalOcean stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $38.18, for a total value 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 through this link.

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

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

DigitalOcean Price Performance

Shares of NYSE:DOCN traded up $0.66 during trading on Thursday, hitting $35.45. The company’s stock had a trading volume of 974,842 shares, compared to its average volume of 1,206,827. The company has a 50-day moving average of $39.60 and a 200-day moving average of $37.28. The firm has a market cap of $3.27 billion, a price-to-earnings ratio of 41.71, a P/E/G ratio of 2.47 and a beta of 1.76. DigitalOcean Holdings, Inc. has a 12 month low of $26.63 and a 12 month high of $44.80.

DigitalOcean (NYSE:DOCN) last issued its quarterly earnings results on Monday, November 4th. The company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.12. The business had revenue of $198.50 million for 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 company’s revenue was up 12.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.17 EPS. As a group, research analysts anticipate that DigitalOcean Holdings, Inc. will post 1.01 earnings per share for the current year.

Wall Street Analysts Forecast Growth

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

Institutional Trading of DigitalOcean

A number of hedge funds and other institutional investors have recently bought and sold shares of DOCN. Jacobs Levy Equity Management Inc. lifted its position in shares of DigitalOcean by 32.8% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,397,588 shares of the company’s stock valued at $56,449,000 after buying an additional 345,119 shares in the last quarter. University of Texas Texas AM Investment Management Co. bought a new stake in DigitalOcean during the second quarter valued at about $11,712,000. Bank of New York Mellon Corp lifted its position in shares of DigitalOcean by 66.9% in the second quarter. Bank of New York Mellon Corp now owns 766,043 shares of the company’s stock valued at $26,620,000 after acquiring an additional 307,162 shares in the last quarter. Principal Financial Group Inc. grew its position in shares of DigitalOcean by 27.9% during the second quarter. Principal Financial Group Inc. now owns 1,178,848 shares of the company’s stock worth $40,965,000 after purchasing an additional 257,229 shares in the last quarter. Finally, Renaissance Technologies LLC grew its position in shares of DigitalOcean by 152.6% during the second quarter. Renaissance Technologies LLC now owns 375,600 shares of the company’s stock worth $13,052,000 after purchasing an additional 226,900 shares in the last quarter. Hedge funds and other institutional investors own 49.77% of the company’s stock.

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).