DigitalOcean Holdings, Inc. (NYSE:DOCN) Short Interest Up 17.6% in May

DigitalOcean Holdings, Inc. (NYSE:DOCN - Get Free Report) saw a significant increase in short interest in the month of May. As of May 15th, there was short interest totalling 7,280,000 shares, an increase of 17.6% from the April 30th total of 6,190,000 shares. Based on an average daily volume of 1,550,000 shares, the short-interest ratio is presently 4.7 days. Approximately 11.9% of the company's shares are sold short.

Insiders Place Their Bets

In other DigitalOcean news, insider Bratin Saha sold 3,461 shares of the stock in a transaction on Monday, April 21st. The shares were sold at an average price of $26.86, for a total value 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. This trade represents a 0.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.96% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. GAMMA Investing LLC raised its holdings in shares of DigitalOcean by 336.1% in the first quarter. GAMMA Investing LLC now owns 1,064 shares of the company's stock valued at $36,000 after purchasing an additional 820 shares during the last quarter. Farther Finance Advisors LLC raised its holdings in shares of DigitalOcean by 135,100.0% in the first quarter. Farther Finance Advisors LLC now owns 1,352 shares of the company's stock valued at $46,000 after purchasing an additional 1,351 shares during the last quarter. SVB Wealth LLC purchased a new stake in shares of DigitalOcean in the first quarter valued at about $48,000. SBI Securities Co. Ltd. purchased a new stake in shares of DigitalOcean in the fourth quarter valued at about $66,000. Finally, Advisors Asset Management Inc. raised its holdings in shares of DigitalOcean by 39.6% in the first 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 during the last quarter. 49.77% of the stock is owned by institutional investors.

DigitalOcean Stock Performance

Shares of NYSE:DOCN traded down $0.24 during trading on Wednesday, reaching $29.83. The stock had a trading volume of 952,357 shares, compared to its average volume of 1,256,094. The firm's fifty day moving average is $29.55 and its 200 day moving average is $35.44. DigitalOcean has a 52 week low of $25.45 and a 52 week high of $47.02. The stock has a market cap of $2.72 billion, a price-to-earnings ratio of 35.09, a P/E/G ratio of 3.12 and a beta of 1.78.

DigitalOcean (NYSE:DOCN - Get Free Report) last issued its earnings results on Tuesday, May 6th. The company reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.11. DigitalOcean had a net margin of 10.86% and a negative return on equity of 43.11%. The business had revenue of $210.70 million for the quarter, compared to analyst estimates of $208.63 million. During the same period in the prior year, the firm earned $0.43 earnings per share. DigitalOcean's revenue was up 14.1% on a year-over-year basis. On average, research analysts forecast that DigitalOcean will post 1.01 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently commented on DOCN shares. Barclays decreased their price objective on shares of DigitalOcean from $48.00 to $38.00 and set an "overweight" rating for the company in a research report on Monday, April 21st. UBS Group decreased their price target on shares of DigitalOcean from $44.00 to $32.00 and set a "neutral" rating on the stock in a report on Thursday, May 8th. Citigroup decreased their price target on shares of DigitalOcean from $50.00 to $40.00 and set a "buy" rating for the company in a research report on Wednesday, May 7th. Needham & Company LLC restated a "hold" rating on shares of DigitalOcean in a research report on Tuesday, May 6th. Finally, The Goldman Sachs Group decreased their price target on shares of DigitalOcean from $46.00 to $41.00 and set a "buy" rating for the company in a research report on Wednesday, May 7th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the company. According to 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).

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