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

DigitalOcean Holdings, Inc. (NYSE:DOCN) insider Bratin Saha sold 16,989 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $36.85, for a total value of $626,044.65. Following the sale, the insider now directly 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 legal filing with the SEC, which is available at this link.

DigitalOcean Stock Performance

DOCN stock opened at $37.51 on Thursday. The company’s 50 day moving average price is $40.58 and its 200 day moving average price is $37.01. The firm has a market capitalization of $3.46 billion, a price-to-earnings ratio of 44.13, a PEG ratio of 2.37 and a beta of 1.83. DigitalOcean Holdings, Inc. has a fifty-two week low of $26.63 and a fifty-two week high of $44.80.

DigitalOcean (NYSE:DOCN) last announced its quarterly earnings data on Monday, November 4th. The company reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.40 by $0.12. The company had revenue of $198.50 million for the quarter, compared to the consensus estimate of $196.64 million. DigitalOcean had a net margin of 10.86% and a negative return on equity of 43.11%. The company’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.17 EPS. Equities analysts forecast that DigitalOcean Holdings, Inc. will post 1.01 EPS for the current fiscal year.

Institutional Trading of DigitalOcean

A number of institutional investors have recently bought and sold shares of DOCN. Vanguard Group Inc. raised its position in shares of DigitalOcean by 11.5% during the 1st quarter. Vanguard Group Inc. now owns 6,728,563 shares of the company’s stock worth $256,897,000 after acquiring an additional 696,426 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its holdings in 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 purchasing an additional 345,119 shares in the last quarter. University of Texas Texas AM Investment Management Co. acquired a new stake in DigitalOcean during the second quarter worth approximately $11,712,000. Bank of New York Mellon Corp boosted its holdings in shares of DigitalOcean by 66.9% in 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 buying an additional 307,162 shares in the last quarter. Finally, Principal Financial Group Inc. grew its position in shares of DigitalOcean by 27.9% in the 2nd quarter. Principal Financial Group Inc. now owns 1,178,848 shares of the company’s stock valued at $40,965,000 after buying an additional 257,229 shares during the last quarter. 49.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

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).