DigitalOcean (NYSE:DOCN) Hits New 1-Year High – Here’s What Happened

DigitalOcean Holdings, Inc. (NYSE:DOCN)’s stock price hit a new 52-week high on Tuesday . The stock traded as high as $46.48 and last traded at $46.72, with a volume of 264154 shares changing hands. The stock had previously closed at $44.51.

Analyst Ratings Changes

A number of equities analysts have weighed in on DOCN shares. Stifel Nicolaus upped their price target on shares of DigitalOcean from $35.00 to $40.00 and gave the stock a “hold” rating in a research report on Wednesday, December 18th. Citigroup assumed coverage on shares of DigitalOcean in a report on Friday, January 24th. They issued a “buy” rating and a $45.00 target price for the company. JMP Securities increased their price target on DigitalOcean from $47.00 to $55.00 and gave the stock a “market outperform” rating in a research note on Monday, January 27th. JPMorgan Chase & Co. boosted 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. Finally, Cantor Fitzgerald initiated coverage on DigitalOcean in a research report on Friday, January 17th. They set a “neutral” rating and a $39.00 target price for the company. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, DigitalOcean has a consensus rating of “Moderate Buy” and an average price target of $42.73.

DigitalOcean Trading Up 4.9 %

The stock has a 50 day simple moving average of $38.44 and a 200-day simple moving average of $38.68. The firm has a market cap of $4.31 billion, a P/E ratio of 54.90, a P/E/G ratio of 3.19 and a beta of 1.81.

Insider Activity at DigitalOcean

In related news, CFO Matt Steinfort sold 12,498 shares of the stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $40.00, for a total value of $499,920.00. Following the completion of the transaction, the chief financial officer now owns 517,498 shares of the company’s stock, valued at approximately $20,699,920. This trade represents a 2.36 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Bratin Saha sold 4,289 shares of the business’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $36.80, for a total value of $157,835.20. Following the sale, the insider now directly owns 372,762 shares in the company, valued at $13,717,641.60. The trade was a 1.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,255 shares of company stock valued at $790,163. 0.74% of the stock is owned by corporate insiders.

Institutional Trading of DigitalOcean

Institutional investors have recently bought and sold shares of the stock. Creative Planning increased its position in DigitalOcean by 1,253.4% during the third quarter. Creative Planning now owns 73,867 shares of the company’s stock valued at $2,983,000 after acquiring an additional 68,409 shares during the last quarter. Vontobel Holding Ltd. bought a new position in DigitalOcean during the 3rd quarter valued at about $765,000. Blue Trust Inc. raised its position in DigitalOcean by 380.6% in the 3rd quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock worth $49,000 after purchasing an additional 959 shares during the period. Allspring Global Investments Holdings LLC lifted its stake in DigitalOcean by 36.3% in the third quarter. Allspring Global Investments Holdings LLC now owns 74,206 shares of the company’s stock worth $2,997,000 after purchasing an additional 19,781 shares during the last quarter. Finally, Everence Capital Management Inc. purchased a new position in shares of DigitalOcean during the third quarter valued at approximately $248,000. 49.77% of the stock is currently owned by institutional investors.

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).