Insider Selling: DigitalOcean Holdings, Inc. (NYSE:DOCN) CFO Sells $499,920.00 in Stock

DigitalOcean Holdings, Inc. (NYSE:DOCN) CFO Matt Steinfort sold 12,498 shares of the company’s stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $40.00, for a total value of $499,920.00. Following the sale, the chief financial officer now directly owns 517,498 shares in the company, valued at approximately $20,699,920. This represents a 2.36 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

DigitalOcean Trading Up 1.6 %

Shares of NYSE DOCN opened at $40.17 on Monday. DigitalOcean Holdings, Inc. has a 12-month low of $26.63 and a 12-month high of $44.80. The company has a market cap of $3.71 billion, a PE ratio of 47.26, a P/E/G ratio of 2.57 and a beta of 1.76. The stock has a 50 day simple moving average of $40.07 and a 200-day simple moving average of $37.22.

DigitalOcean (NYSE:DOCN) last announced its quarterly earnings results on Monday, November 4th. The company reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.12. The company had revenue of $198.50 million during the quarter, compared to analyst estimates of $196.64 million. DigitalOcean had a negative return on equity of 43.11% and a net margin of 10.86%. The firm’s quarterly revenue was up 12.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.17 EPS. Sell-side analysts forecast that DigitalOcean Holdings, Inc. will post 1.01 earnings per share for the current fiscal year.

Analysts Set New Price Targets

DOCN has been the topic of a number of research reports. Needham & Company LLC reissued a “hold” rating on shares of DigitalOcean in a report on Tuesday, November 5th. JPMorgan Chase & Co. raised their target price on shares of DigitalOcean from $32.00 to $40.00 and gave the stock a “neutral” rating in a report on Friday, October 25th. Canaccord Genuity Group upped their target price on DigitalOcean from $42.00 to $48.00 and gave the company a “buy” rating in a report on Friday, October 4th. Finally, Barclays raised their price target on DigitalOcean from $38.00 to $48.00 and gave the stock an “overweight” rating in a report on Friday, October 11th. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $41.50.

Hedge Funds Weigh In On DigitalOcean

Several large investors have recently bought and sold shares of DOCN. Farther Finance Advisors LLC acquired a new stake in shares of DigitalOcean in the 3rd quarter worth approximately $30,000. Advisors Asset Management Inc. lifted its position in DigitalOcean by 150.4% in the third quarter. Advisors Asset Management Inc. now owns 974 shares of the company’s stock worth $39,000 after purchasing an additional 585 shares during the period. Blue Trust Inc. boosted its stake in DigitalOcean by 380.6% during the 3rd quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock valued at $49,000 after purchasing an additional 959 shares in the last quarter. Nisa Investment Advisors LLC increased its position in shares of DigitalOcean by 56.4% during the 3rd quarter. Nisa Investment Advisors LLC now owns 1,340 shares of the company’s stock valued at $54,000 after purchasing an additional 483 shares during the period. Finally, KBC Group NV raised its stake in shares of DigitalOcean by 47.6% in the 3rd quarter. KBC Group NV now owns 2,096 shares of the company’s stock worth $85,000 after buying an additional 676 shares in the last quarter. Institutional investors and hedge funds own 49.77% of the company’s stock.

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).