DigitalOcean Holdings, Inc. (NYSE:DOCN) Insider Sells $96,111.97 in Stock

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

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 Trading Down 0.3%

Shares of DOCN stock traded down $0.08 on Wednesday, reaching $27.83. The company had a trading volume of 1,562,245 shares, compared to its average volume of 1,280,681. The stock has a market cap of $2.53 billion, a PE ratio of 25.08, a PEG ratio of 2.06 and a beta of 1.78. The company has a 50-day moving average of $29.19 and a 200-day moving average of $34.80. DigitalOcean Holdings, Inc. has a 12 month low of $25.45 and a 12 month high of $47.02.

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

Institutional Trading of DigitalOcean

Several hedge funds have recently added to or reduced their stakes in the business. Viking Fund Management LLC acquired a new stake in DigitalOcean in the 1st quarter valued at approximately $2,170,000. Wesbanco Bank Inc. acquired a new position in DigitalOcean during the first quarter worth $808,000. Northern Trust Corp raised its position in DigitalOcean by 14.8% during the fourth quarter. Northern Trust Corp now owns 725,960 shares of the company's stock worth $24,733,000 after acquiring an additional 93,347 shares in the last quarter. Oppenheimer & Co. Inc. acquired a new stake in DigitalOcean in the fourth quarter valued at $333,000. Finally, Bank of New York Mellon Corp lifted its stake in DigitalOcean by 19.7% in the fourth quarter. Bank of New York Mellon Corp now owns 791,861 shares of the company's stock valued at $26,979,000 after acquiring an additional 130,263 shares during the last quarter. Institutional investors and hedge funds own 49.77% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. JPMorgan Chase & Co. boosted their target price on shares of DigitalOcean from $40.00 to $45.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 26th. Cantor Fitzgerald boosted their price objective on shares of DigitalOcean from $39.00 to $43.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 26th. Needham & Company LLC reaffirmed a "hold" rating on shares of DigitalOcean in a report on Tuesday, May 6th. Citigroup decreased their price objective on DigitalOcean from $50.00 to $40.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. Finally, Canaccord Genuity Group dropped their target price on DigitalOcean from $50.00 to $45.00 and set a "buy" rating for the company in a research report on Monday, April 7th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $39.83.

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).

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