DigitalOcean Holdings, Inc. (NYSE:DOCN) Sees Large Decline in Short Interest

DigitalOcean Holdings, Inc. (NYSE:DOCN - Get Free Report) saw a large decline in short interest in November. As of November 30th, there was short interest totalling 6,000,000 shares, a decline of 7.7% from the November 15th total of 6,500,000 shares. Currently, 9.7% of the shares of the company are short sold. Based on an average daily volume of 1,120,000 shares, the days-to-cover ratio is presently 5.4 days.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on DOCN. Needham & Company LLC reissued a "hold" rating on shares of DigitalOcean in a research report on Tuesday, November 5th. Canaccord Genuity Group raised their price objective on DigitalOcean from $42.00 to $48.00 and gave the company a "buy" rating in a research report on Friday, October 4th. Barclays upped their target price on DigitalOcean from $38.00 to $48.00 and gave the stock an "overweight" rating in a research report on Friday, October 11th. Finally, JPMorgan Chase & Co. raised their target price on DigitalOcean from $32.00 to $40.00 and gave the company a "neutral" rating in a report on Friday, October 25th. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $41.50.

DigitalOcean Price Performance

Shares of DOCN stock traded down $0.36 on Monday, hitting $37.77. 611,516 shares of the stock traded hands, compared to its average volume of 1,210,755. DigitalOcean has a 1-year low of $26.63 and a 1-year high of $44.80. The company's fifty day moving average is $39.91 and its 200 day moving average is $37.29. The company has a market capitalization of $3.49 billion, a PE ratio of 44.86, a PEG ratio of 2.47 and a beta of 1.76.

DigitalOcean (NYSE:DOCN - Get Free Report) last issued its earnings results on Monday, November 4th. The company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.12. The firm had revenue of $198.50 million for the quarter, compared to analyst estimates of $196.64 million. DigitalOcean had a negative return on equity of 43.11% and a net margin of 10.86%. The firm's revenue for the quarter was up 12.1% on a year-over-year basis. During the same period last year, the company earned $0.17 earnings per share. As a group, equities research analysts expect that DigitalOcean will post 1.01 EPS for the current year.

Insider Buying and Selling

In related news, insider Bratin Saha sold 16,989 shares of DigitalOcean stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $36.85, for a total transaction of $626,044.65. Following the completion of the sale, the insider now owns 390,296 shares in the company, valued at approximately $14,382,407.60. This trade represents a 4.17 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Matt Steinfort sold 12,498 shares of the business's stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $40.00, for a total transaction of $499,920.00. Following the completion of the transaction, the chief financial officer now directly owns 517,498 shares of the company's stock, valued at $20,699,920. The trade was a 2.36 % decrease in their position. The disclosure for this sale can be found here. 0.74% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Sei Investments Co. increased its stake in shares of DigitalOcean by 1.5% during the second quarter. Sei Investments Co. now owns 30,834 shares of the company's stock valued at $1,071,000 after acquiring an additional 468 shares during the period. Nisa Investment Advisors LLC lifted its holdings in shares of DigitalOcean by 56.4% in the third quarter. Nisa Investment Advisors LLC now owns 1,340 shares of the company's stock valued at $54,000 after buying an additional 483 shares during the period. Creative Financial Designs Inc. ADV boosted its stake in DigitalOcean by 17.8% during the third quarter. Creative Financial Designs Inc. ADV now owns 3,744 shares of the company's stock valued at $151,000 after buying an additional 566 shares in the last quarter. Advisors Asset Management Inc. grew its holdings in DigitalOcean by 150.4% during the third quarter. Advisors Asset Management Inc. now owns 974 shares of the company's stock worth $39,000 after acquiring an additional 585 shares during the period. Finally, KBC Group NV raised its position in DigitalOcean by 47.6% in the third quarter. KBC Group NV now owns 2,096 shares of the company's stock worth $85,000 after acquiring an additional 676 shares in the last quarter. Institutional investors and hedge funds own 49.77% of the company's stock.

DigitalOcean Company Profile

DigitalOcean Holdings, Inc, through its subsidiaries, operates a cloud computing platform in North America, Europe, Asia, and internationally. The company's platform provides on-demand infrastructure and platform tools for developers, start-ups, and small and growing digital businesses. It also offers infrastructure-as-a-service (IaaS) solutions comprising compute and storage services, as well as networking projects, including Cloud Firewalls software, Managed Load Balancers software, and Virtual Private Cloud (VPC).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.