DigitalOcean (NYSE:DOCN) Stock Price Down 4.8% – Here’s Why

DigitalOcean Holdings, Inc. (NYSE:DOCN)’s share price fell 4.8% on Monday . The company traded as low as $85.36 and last traded at $85.6930. 1,202,185 shares were traded during trading, a decline of 67% from the average session volume of 3,651,965 shares. The stock had previously closed at $90.01.

Wall Street Analysts Forecast Growth

DOCN has been the topic of a number of recent research reports. UBS Group lifted their target price on DigitalOcean from $48.00 to $68.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 25th. Oppenheimer raised their price objective on shares of DigitalOcean from $85.00 to $100.00 and gave the stock an “outperform” rating in a report on Wednesday, March 18th. Royal Bank Of Canada set a $60.00 target price on shares of DigitalOcean in a research note on Tuesday, February 24th. Barclays raised their price target on DigitalOcean from $63.00 to $69.00 and gave the company an “overweight” rating in a report on Wednesday, February 25th. Finally, Bank of America lifted their target price on shares of DigitalOcean from $72.00 to $86.00 and gave the stock a “buy” rating in a report on Wednesday, February 25th. Nine investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, DigitalOcean has an average rating of “Moderate Buy” and an average target price of $72.08.

DigitalOcean Stock Down 3.0%

The firm has a market cap of $8.03 billion, a P/E ratio of 34.45 and a beta of 1.43. The business has a fifty day moving average of $67.83 and a 200 day moving average of $52.96.

Insider Transactions at DigitalOcean

In other news, CFO Matt Steinfort sold 20,000 shares of DigitalOcean stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $55.40, for a total transaction of $1,108,000.00. Following the sale, the chief financial officer directly owned 545,916 shares of the company’s stock, valued at approximately $30,243,746.40. This trade represents a 3.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Cherie Barrett sold 22,000 shares of DigitalOcean stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $54.77, for a total transaction of $1,204,940.00. Following the sale, the chief accounting officer owned 62,469 shares in the company, valued at approximately $3,421,427.13. This represents a 26.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.96% of the company’s stock.

Institutional Trading of DigitalOcean

Several large investors have recently modified their holdings of the stock. Rockefeller Capital Management L.P. increased its holdings in DigitalOcean by 309.2% during the 4th quarter. Rockefeller Capital Management L.P. now owns 4,669 shares of the company’s stock worth $225,000 after purchasing an additional 3,528 shares in the last quarter. Alpine Global Management LLC bought a new position in DigitalOcean during the fourth quarter valued at about $577,000. Pacer Advisors Inc. increased its stake in shares of DigitalOcean by 225.7% during the 4th quarter. Pacer Advisors Inc. now owns 16,426 shares of the company’s stock worth $790,000 after purchasing an additional 11,382 shares during the last quarter. Invesco Ltd. increased its position in DigitalOcean by 12.3% in the fourth quarter. Invesco Ltd. now owns 288,571 shares of the company’s stock worth $13,886,000 after buying an additional 31,618 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV bought a new stake in DigitalOcean in the 4th quarter valued at about $400,000. Institutional investors and hedge funds own 49.77% of the company’s stock.

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.