DigitalOcean (NYSE:DOCN) Reaches New 12-Month High - Here's What Happened

DigitalOcean Holdings, Inc. (NYSE:DOCN - Get Free Report)'s share price hit a new 52-week high during trading on Tuesday . The company traded as high as $46.48 and last traded at $46.72, with a volume of 264154 shares trading hands. The stock had previously closed at $44.51.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Morgan Stanley upgraded DigitalOcean from an "equal weight" rating to an "overweight" rating and increased their price target for the stock from $40.00 to $41.00 in a report on Thursday, January 16th. Citigroup started coverage on DigitalOcean in a report on Friday, January 24th. They issued a "buy" rating and a $45.00 target price on the stock. JPMorgan Chase & Co. boosted their price target on shares of DigitalOcean from $32.00 to $40.00 and gave the company a "neutral" rating in a research note on Friday, October 25th. Stifel Nicolaus raised their price objective on shares of DigitalOcean from $35.00 to $40.00 and gave the company a "hold" rating in a research note on Wednesday, December 18th. Finally, Cantor Fitzgerald assumed coverage on shares of DigitalOcean in a report on Friday, January 17th. They set a "neutral" rating and a $39.00 price objective for the company. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, DigitalOcean presently has an average rating of "Moderate Buy" and an average price target of $42.73.

DigitalOcean Stock Performance

The company's 50 day simple moving average is $38.66 and its 200 day simple moving average is $38.83. The stock has a market cap of $3.63 billion, a PE ratio of 46.29, a price-to-earnings-growth ratio of 3.21 and a beta of 1.81.

Insider Activity at DigitalOcean

In other DigitalOcean news, 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 value of $499,920.00. Following the transaction, the chief financial officer now directly owns 517,498 shares in the company, valued at $20,699,920. The trade was a 2.36 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Bratin Saha sold 3,468 shares of the firm's stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $38.18, for a total transaction of $132,408.24. Following the sale, the insider now owns 379,795 shares of the company's stock, valued at approximately $14,500,573.10. The trade was a 0.90 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 20,255 shares of company stock valued at $790,163. 0.74% of the stock is owned by insiders.

Hedge Funds Weigh In On DigitalOcean

Institutional investors have recently bought and sold shares of the company. Hillsdale Investment Management Inc. lifted its position in shares of DigitalOcean by 0.4% during the 4th quarter. Hillsdale Investment Management Inc. now owns 84,500 shares of the company's stock valued at $2,879,000 after buying an additional 300 shares during the last quarter. Focus Partners Wealth raised its stake in DigitalOcean by 2.8% in the 4th quarter. Focus Partners Wealth now owns 12,455 shares of the company's stock valued at $424,000 after acquiring an additional 338 shares during the period. Summit Investment Advisors Inc. lifted its holdings in DigitalOcean by 6.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 6,866 shares of the company's stock valued at $234,000 after purchasing an additional 436 shares during the last quarter. Nisa Investment Advisors LLC boosted its position in DigitalOcean by 56.4% during the third quarter. Nisa Investment Advisors LLC now owns 1,340 shares of the company's stock worth $54,000 after purchasing an additional 483 shares during the period. Finally, Creative Financial Designs Inc. ADV increased its stake in shares of DigitalOcean by 17.8% in the third quarter. Creative Financial Designs Inc. ADV now owns 3,744 shares of the company's stock worth $151,000 after purchasing an additional 566 shares in the last quarter. Hedge funds and other institutional investors 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).