Bratin Saha Sells 3,461 Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) Stock

DigitalOcean Holdings, Inc. (NYSE:DOCN - Get Free Report) insider Bratin Saha sold 3,461 shares of DigitalOcean stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $27.77, for a total transaction of $96,111.97. Following the completion of the transaction, the insider now directly owns 294,546 shares in the company, valued at $8,179,542.42. This represents a 1.16% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

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

• On Monday, April 21st, Bratin Saha sold 3,461 shares of DigitalOcean stock. The shares were sold at an average price of $26.86, for a total value of $92,962.46.

DigitalOcean Price Performance

DigitalOcean stock traded down $0.42 during trading hours on Friday, hitting $27.40. The company had a trading volume of 1,572,828 shares, compared to its average volume of 1,278,071. DigitalOcean Holdings, Inc. has a fifty-two week low of $25.45 and a fifty-two week high of $47.02. The firm has a market capitalization of $2.49 billion, a P/E ratio of 24.68, a price-to-earnings-growth ratio of 2.00 and a beta of 1.78. The firm's fifty day moving average is $29.12 and its 200-day moving average is $34.55.

DigitalOcean (NYSE:DOCN - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The company reported $0.56 EPS for the quarter, beating the consensus estimate of $0.45 by $0.11. DigitalOcean had a net margin of 13.46% and a negative return on equity of 60.69%. The business had revenue of $210.70 million for the quarter, compared to analysts' expectations of $208.63 million. During the same period in the previous year, the company posted $0.43 EPS. DigitalOcean's revenue was up 14.1% on a year-over-year basis. Analysts anticipate that DigitalOcean Holdings, Inc. will post 1.01 earnings per share for the current year.

Institutional Investors Weigh In On DigitalOcean

A number of hedge funds and other institutional investors have recently made changes to their positions in DOCN. GAMMA Investing LLC increased its holdings in DigitalOcean by 336.1% in the first quarter. GAMMA Investing LLC now owns 1,064 shares of the company's stock worth $36,000 after buying an additional 820 shares during the last quarter. Farther Finance Advisors LLC grew its position in DigitalOcean by 135,100.0% in the first quarter. Farther Finance Advisors LLC now owns 1,352 shares of the company's stock worth $46,000 after acquiring an additional 1,351 shares in the last quarter. SVB Wealth LLC bought a new stake in DigitalOcean in the first quarter worth approximately $48,000. SBI Securities Co. Ltd. acquired a new position in shares of DigitalOcean during the 4th quarter worth $66,000. Finally, Advisors Asset Management Inc. raised its holdings in shares of DigitalOcean by 39.6% during the 1st quarter. Advisors Asset Management Inc. now owns 2,229 shares of the company's stock valued at $74,000 after purchasing an additional 632 shares in the last quarter. 49.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on DOCN. UBS Group cut their target price on DigitalOcean from $44.00 to $32.00 and set a "neutral" rating on the stock in a research report on Thursday, May 8th. Canaccord Genuity Group dropped their price target on DigitalOcean from $50.00 to $45.00 and set a "buy" rating on the stock in a research note on Monday, April 7th. Barclays cut their price objective on DigitalOcean from $48.00 to $38.00 and set an "overweight" rating on the stock in a report on Monday, April 21st. Stifel Nicolaus decreased their target price on shares of DigitalOcean from $40.00 to $33.00 and set a "hold" rating for the company in a report on Monday, April 7th. Finally, The Goldman Sachs Group dropped their target price on shares of DigitalOcean from $46.00 to $41.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $39.83.

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).