Matt Steinfort Sells 10,000 Shares of DigitalOcean (NYSE:DOCN) Stock

Key Points

• CFO Matt Steinfort sold 10,000 shares of DigitalOcean on June 2 at an average price of $170.07, totaling about $1.7 million. The sale was made under a pre-arranged 10b5-1 plan to cover tax withholding obligations tied to equity awards.
• DigitalOcean’s stock has been rallying sharply, trading near $173.60 and close to its 52-week high of $179.81. The company now has a market cap of about $18.12 billion.
• The company recently beat quarterly earnings and revenue estimates, reporting $0.44 EPS on revenue of $257.91 million, with revenue up 22.4% year over year. Analysts currently rate the stock a consensus Moderate Buy with an average target price of $146.36.

DigitalOcean Holdings, Inc. (NYSE:DOCN - Get Free Report) CFO Matt Steinfort sold 10,000 shares of DigitalOcean stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $170.07, for a total transaction of $1,700,700.00. Following the completion of the sale, the chief financial officer owned 538,414 shares of the company's stock, valued at approximately $91,568,068.98. The trade was a 1.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Matt Steinfort also recently made the following trade(s):

• On Friday, May 15th, Matt Steinfort sold 25,000 shares of DigitalOcean stock. The shares were sold at an average price of $152.50, for a total transaction of $3,812,500.00.

DigitalOcean Price Performance

Shares of NYSE DOCN traded up $0.53 during midday trading on Wednesday, reaching $173.60. The company's stock had a trading volume of 3,262,736 shares, compared to its average volume of 3,962,247. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.46 and a current ratio of 1.46. DigitalOcean Holdings, Inc. has a fifty-two week low of $25.56 and a fifty-two week high of $179.81. The business's 50 day moving average price is $115.48 and its two-hundred day moving average price is $76.04. The company has a market cap of $18.12 billion, a P/E ratio of 75.81 and a beta of 1.60.

DigitalOcean (NYSE:DOCN - Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The company reported $0.44 earnings per share for the quarter, beating analysts' consensus estimates of $0.27 by $0.17. DigitalOcean had a net margin of 24.97% and a return on equity of 88.86%. The company had revenue of $257.91 million during the quarter, compared to the consensus estimate of $249.76 million. During the same period in the previous year, the business earned $0.56 earnings per share. The firm's quarterly revenue was up 22.4% on a year-over-year basis. DigitalOcean has set its Q2 2026 guidance at 0.200-0.230 EPS and its FY 2026 guidance at 1.100-1.200 EPS. On average, analysts forecast that DigitalOcean Holdings, Inc. will post 0.55 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Parallel Advisors LLC increased its stake in DigitalOcean by 66.2% in the first quarter. Parallel Advisors LLC now owns 324 shares of the company's stock valued at $28,000 after acquiring an additional 129 shares during the last quarter. Optiver Holding B.V. grew its stake in shares of DigitalOcean by 1,063.9% during the first quarter. Optiver Holding B.V. now owns 419 shares of the company's stock worth $36,000 after buying an additional 383 shares during the last quarter. Norris Financial Group LLC bought a new stake in shares of DigitalOcean during the first quarter worth $7,234,000. Edgestream Partners L.P. bought a new stake in shares of DigitalOcean during the first quarter worth $3,119,000. Finally, Janus Henderson Group PLC grew its stake in shares of DigitalOcean by 3.8% during the first quarter. Janus Henderson Group PLC now owns 33,376 shares of the company's stock worth $2,864,000 after buying an additional 1,235 shares during the last quarter. 49.77% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

DOCN has been the subject of a number of analyst reports. Cantor Fitzgerald lifted their price target on shares of DigitalOcean from $68.00 to $83.00 and gave the company an "overweight" rating in a research report on Wednesday, February 25th. Royal Bank Of Canada set a $60.00 price objective on shares of DigitalOcean in a research note on Tuesday, February 24th. Piper Sandler lifted their price objective on shares of DigitalOcean from $98.00 to $155.00 and gave the company a "neutral" rating in a research note on Tuesday, May 5th. Canaccord Genuity Group lifted their price objective on shares of DigitalOcean from $120.00 to $200.00 and gave the company a "buy" rating in a research note on Wednesday, May 6th. Finally, Citizens Jmp lifted their price objective on shares of DigitalOcean from $83.00 to $105.00 and gave the company a "market outperform" rating in a research note on Thursday, March 26th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $146.36.

DigitalOcean Company Profile

DigitalOcean Holdings, Inc is a cloud infrastructure provider that focuses on simplicity, performance and developer experience. The company offers a range of cloud services designed to help software developers, startups and small- to medium-sized businesses deploy, manage and scale applications. Its flagship offering, Droplets, provides virtual private servers that can be configured with various CPU, memory and storage options. In addition to compute instances, DigitalOcean's platform includes managed Kubernetes, scalable object and block storage, managed databases, load balancers and networking capabilities such as Virtual Private Cloud (VPC) and Floating IPs.

Founded in 2011 and headquartered in New York City, DigitalOcean was created with the goal of making cloud computing more accessible to individual developers and smaller teams.

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