DigitalOcean (NYSE:DOCN) CAO Cherie Barrett Sells 22,000 Shares of Stock

DigitalOcean Holdings, Inc. (NYSE:DOCN) CAO Cherie Barrett sold 22,000 shares of the firm’s stock in a transaction dated 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 transaction, the chief accounting officer owned 62,469 shares of the company’s stock, valued at approximately $3,421,427.13. This represents a 26.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

DigitalOcean Stock Down 4.9%

DigitalOcean stock opened at $55.41 on Wednesday. The stock has a 50-day simple moving average of $56.74 and a 200 day simple moving average of $46.06. The stock has a market capitalization of $5.10 billion, a price-to-earnings ratio of 21.90, a P/E/G ratio of 56.60 and a beta of 1.76. DigitalOcean Holdings, Inc. has a 12-month low of $25.45 and a 12-month high of $70.43.

Institutional Investors Weigh In On DigitalOcean

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in DigitalOcean by 5.0% during the third quarter. Vanguard Group Inc. now owns 9,362,889 shares of the company’s stock worth $319,836,000 after buying an additional 442,617 shares during the last quarter. Fuller & Thaler Asset Management Inc. raised its position in shares of DigitalOcean by 11.6% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 2,420,341 shares of the company’s stock valued at $116,467,000 after acquiring an additional 252,303 shares during the period. Lazard Asset Management LLC boosted its stake in DigitalOcean by 34.5% during the 2nd quarter. Lazard Asset Management LLC now owns 1,660,731 shares of the company’s stock worth $47,430,000 after acquiring an additional 426,264 shares during the last quarter. Van Berkom & Associates Inc. grew its holdings in DigitalOcean by 2.9% during the fourth quarter. Van Berkom & Associates Inc. now owns 1,610,671 shares of the company’s stock valued at $77,505,000 after purchasing an additional 45,680 shares during the period. Finally, Dimensional Fund Advisors LP grew its holdings in DigitalOcean by 2.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,359,695 shares of the company’s stock valued at $65,432,000 after purchasing an additional 31,682 shares during the period. Institutional investors own 49.77% of the company’s stock.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Piper Sandler reaffirmed a “neutral” rating and set a $67.00 price objective on shares of DigitalOcean in a report on Tuesday, February 24th. Weiss Ratings restated a “hold (c+)” rating on shares of DigitalOcean in a research report on Monday, December 29th. Citizens Jmp upped their price target on DigitalOcean from $60.00 to $83.00 and gave the company a “market outperform” rating in a research note on Wednesday, February 25th. The Goldman Sachs Group lifted their price objective on DigitalOcean from $50.00 to $78.00 and gave the stock a “buy” rating in a research report on Wednesday, February 25th. Finally, UBS Group boosted their price objective on DigitalOcean from $48.00 to $68.00 and gave the stock a “neutral” rating in a report on Wednesday, February 25th. Nine analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target 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.