Insider Selling: DigitalOcean (NYSE:DOCN) CFO Sells $1,108,000.00 in Stock

DigitalOcean Holdings, Inc. (NYSE:DOCN) CFO Matt Steinfort sold 20,000 shares of the stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $55.40, for a total value of $1,108,000.00. Following the transaction, the chief financial officer owned 545,916 shares of the company’s stock, valued at $30,243,746.40. The trade was a 3.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

DigitalOcean Stock Down 4.9%

DigitalOcean stock traded down $2.83 during midday trading on Tuesday, reaching $55.41. The stock had a trading volume of 1,887,194 shares, compared to its average volume of 3,561,418. DigitalOcean Holdings, Inc. has a 12 month low of $25.45 and a 12 month high of $70.43. The firm’s 50-day moving average price is $56.74 and its 200 day moving average price is $46.06. The firm has a market capitalization of $5.10 billion, a PE ratio of 21.90, a P/E/G ratio of 56.60 and a beta of 1.76.

Hedge Funds Weigh In On DigitalOcean

Several hedge funds and other institutional investors have recently added to or reduced their stakes in DOCN. Huntington National Bank increased its stake in DigitalOcean by 638.3% in the 4th quarter. Huntington National Bank now owns 598 shares of the company’s stock worth $29,000 after acquiring an additional 517 shares during the last quarter. NBC Securities Inc. purchased a new position in shares of DigitalOcean during the fourth quarter worth about $32,000. Allworth Financial LP increased its position in shares of DigitalOcean by 54.4% in the third quarter. Allworth Financial LP now owns 724 shares of the company’s stock worth $25,000 after purchasing an additional 255 shares during the last quarter. Transamerica Financial Advisors LLC raised its stake in DigitalOcean by 417.9% in the fourth quarter. Transamerica Financial Advisors LLC now owns 782 shares of the company’s stock valued at $38,000 after purchasing an additional 631 shares in the last quarter. Finally, UMB Bank n.a. lifted its position in DigitalOcean by 242.1% during the fourth quarter. UMB Bank n.a. now owns 821 shares of the company’s stock valued at $40,000 after purchasing an additional 581 shares during the last quarter. 49.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

DOCN has been the subject of a number of recent research reports. Cantor Fitzgerald lifted their price objective on shares of DigitalOcean from $68.00 to $83.00 and gave the company an “overweight” rating in a research note on Wednesday, February 25th. Oppenheimer raised their price target on DigitalOcean from $60.00 to $85.00 and gave the stock an “outperform” rating in a report on Wednesday, February 25th. Weiss Ratings reiterated a “hold (c+)” rating on shares of DigitalOcean in a research report on Monday, December 29th. Bank of America increased their price objective on DigitalOcean from $72.00 to $86.00 and gave the stock a “buy” rating in a report on Wednesday, February 25th. Finally, UBS Group lifted their target price on DigitalOcean from $48.00 to $68.00 and gave the company a “neutral” rating in a report on Wednesday, February 25th. Nine analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $69.23.

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.