Matt Steinfort Sells 20,000 Shares of DigitalOcean (NYSE:DOCN) Stock

DigitalOcean Holdings, Inc. (NYSE:DOCN) CFO Matt Steinfort sold 20,000 shares of the company’s stock in a transaction dated 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 completion of the transaction, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

DigitalOcean Trading Down 5.6%

Shares of DOCN opened at $52.27 on Thursday. The business’s 50 day moving average is $56.79 and its 200 day moving average is $46.10. DigitalOcean Holdings, Inc. has a 12-month low of $25.45 and a 12-month high of $70.43. The company has a market capitalization of $4.81 billion, a PE ratio of 20.66, a price-to-earnings-growth ratio of 53.84 and a beta of 1.76.

Institutional Trading of DigitalOcean

A number of institutional investors have recently bought and sold shares of DOCN. Penserra Capital Management LLC purchased a new position in shares of DigitalOcean during the 2nd quarter worth about $6,580,000. Allspring Global Investments Holdings LLC lifted its stake in DigitalOcean by 39.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 300,299 shares of the company’s stock worth $10,772,000 after purchasing an additional 84,816 shares during the last quarter. Jennison Associates LLC purchased a new position in shares of DigitalOcean during the second quarter valued at approximately $455,000. Cherry Creek Investment Advisors Inc. grew its stake in shares of DigitalOcean by 18.7% during the second quarter. Cherry Creek Investment Advisors Inc. now owns 45,831 shares of the company’s stock valued at $1,309,000 after buying an additional 7,228 shares during the last quarter. Finally, Van Berkom & Associates Inc. raised its holdings in shares of DigitalOcean by 33.1% in the third quarter. Van Berkom & Associates Inc. now owns 1,564,991 shares of the company’s stock worth $53,460,000 after buying an additional 389,161 shares during the period. 49.77% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

DOCN has been the subject of a number of research reports. Canaccord Genuity Group upped their target price on shares of DigitalOcean from $65.00 to $80.00 and gave the stock a “buy” rating in a research report on Friday, February 20th. Bank of America increased their price objective on shares of DigitalOcean from $72.00 to $86.00 and gave the company a “buy” rating in a report on Wednesday, February 25th. Barclays lifted their target price on DigitalOcean from $63.00 to $69.00 and gave the stock an “overweight” rating in a report on Wednesday, February 25th. Citigroup reissued a “buy” rating on shares of DigitalOcean in a research note on Friday, February 13th. Finally, UBS Group lifted their price objective on DigitalOcean from $48.00 to $68.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 25th. Nine equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $69.23.

About DigitalOcean

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.