DigitalOcean Holdings, Inc. (NYSE:DOCN) Insider Sells $92,962.46 in Stock

DigitalOcean Holdings, Inc. (NYSE:DOCN - Get Free Report) insider Bratin Saha sold 3,461 shares of the company's stock in a transaction that occurred on Monday, April 21st. The stock was sold at an average price of $26.86, for a total transaction of $92,962.46. Following the sale, the insider now directly owns 394,367 shares in the company, valued at approximately $10,592,697.62. The trade was a 0.87 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

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

• On Tuesday, March 18th, Bratin Saha sold 3,948 shares of DigitalOcean stock. The shares were sold at an average price of $36.63, for a total value of $144,615.24.
• On Tuesday, January 21st, Bratin Saha sold 4,289 shares of DigitalOcean stock. The stock was sold at an average price of $36.80, for a total value of $157,835.20.

DigitalOcean Stock Up 2.8 %

NYSE:DOCN traded up $0.84 during mid-day trading on Friday, reaching $30.79. 837,240 shares of the stock were exchanged, compared to its average volume of 1,303,729. The stock has a market capitalization of $2.83 billion, a P/E ratio of 36.22, a P/E/G ratio of 3.12 and a beta of 1.87. DigitalOcean Holdings, Inc. has a 1 year low of $25.45 and a 1 year high of $47.02. The company has a 50 day simple moving average of $34.42 and a 200-day simple moving average of $37.48.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. UBS Group upped their target price on shares of DigitalOcean from $39.00 to $44.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 26th. Needham & Company LLC restated a "hold" rating on shares of DigitalOcean in a report on Monday, April 7th. Bank of America boosted their target price on shares of DigitalOcean from $28.00 to $31.00 and gave the stock an "underperform" rating in a research note on Wednesday, February 26th. Stifel Nicolaus cut their price target on DigitalOcean from $40.00 to $33.00 and set a "hold" rating on the stock in a research note on Monday, April 7th. Finally, Citigroup started coverage on DigitalOcean in a research report on Friday, January 24th. They set a "buy" rating and a $45.00 price objective for the company. One research analyst has rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $41.27.

Hedge Funds Weigh In On DigitalOcean

A number of institutional investors have recently modified their holdings of DOCN. Oppenheimer & Co. Inc. purchased a new position in DigitalOcean during the 4th quarter worth $333,000. Illinois Municipal Retirement Fund acquired a new position in DigitalOcean in the 4th quarter valued at about $1,139,000. Bank of New York Mellon Corp lifted its position in DigitalOcean by 19.7% during the 4th quarter. Bank of New York Mellon Corp now owns 791,861 shares of the company's stock worth $26,979,000 after acquiring an additional 130,263 shares during the period. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new stake in DigitalOcean during the 4th quarter worth approximately $5,382,000. Finally, Allspring Global Investments Holdings LLC grew its stake in shares of DigitalOcean by 29.8% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 96,306 shares of the company's stock valued at $3,284,000 after purchasing an additional 22,100 shares during the last quarter. 49.77% of the stock is owned by institutional investors and hedge funds.

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).