DigitalOcean (NYSE:DOCN) Hits New 1-Year High – What’s Next?

DigitalOcean Holdings, Inc. (NYSE:DOCN) reached a new 52-week high during trading on Monday . The company traded as high as $87.34 and last traded at $87.4440, with a volume of 399512 shares trading hands. The stock had previously closed at $82.65.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Bank of America raised their price objective on DigitalOcean from $72.00 to $86.00 and gave the stock a “buy” rating in a research report on Wednesday, February 25th. Citigroup reissued a “buy” rating on shares of DigitalOcean in a research report on Friday, February 13th. Piper Sandler restated a “neutral” rating and set a $67.00 price target on shares of DigitalOcean in a report on Tuesday, February 24th. Cantor Fitzgerald boosted their price target on shares of DigitalOcean from $68.00 to $83.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 25th. Finally, Royal Bank Of Canada set a $60.00 price objective on shares of DigitalOcean in a research note on Tuesday, February 24th. Nine equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $70.38.

DigitalOcean Trading Up 5.8%

The firm has a 50-day moving average of $61.29 and a 200 day moving average of $49.38. The company has a market cap of $8.05 billion, a P/E ratio of 34.45, a price-to-earnings-growth ratio of 80.32 and a beta of 1.76.

Insider Activity at DigitalOcean

In other news, CFO Matt Steinfort sold 20,000 shares of DigitalOcean stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $55.40, for a total value of $1,108,000.00. Following the completion of the sale, the chief financial officer owned 545,916 shares in the company, valued at $30,243,746.40. The trade was a 3.53% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Cherie Barrett sold 22,000 shares of the business’s stock in a transaction on Monday, March 2nd. The shares were 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 in the company, valued at $3,421,427.13. The trade was a 26.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.74% of the stock is currently owned by insiders.

Hedge Funds Weigh In On DigitalOcean

Institutional investors have recently made changes to their positions in the stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in DigitalOcean by 5.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 339,670 shares of the company’s stock valued at $11,342,000 after buying an additional 16,162 shares in the last quarter. Intech Investment Management LLC increased its holdings in shares of DigitalOcean by 59.2% during the first quarter. Intech Investment Management LLC now owns 39,429 shares of the company’s stock valued at $1,317,000 after acquiring an additional 14,655 shares in the last quarter. PNC Financial Services Group Inc. raised its position in shares of DigitalOcean by 6.5% during the second quarter. PNC Financial Services Group Inc. now owns 10,242 shares of the company’s stock worth $293,000 after purchasing an additional 628 shares during the period. Police & Firemen s Retirement System of New Jersey raised its position in shares of DigitalOcean by 9.3% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 15,272 shares of the company’s stock worth $436,000 after purchasing an additional 1,299 shares during the period. Finally, Rhumbline Advisers lifted its holdings in shares of DigitalOcean by 1.6% in the 2nd quarter. Rhumbline Advisers now owns 180,034 shares of the company’s stock worth $5,142,000 after purchasing an additional 2,784 shares in the last quarter. 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.