DigitalOcean (NYSE:DOCN) Hits New 1-Year High - Here's What Happened

DigitalOcean Holdings, Inc. (NYSE:DOCN - Get Free Report)'s share price reached a new 52-week high during trading on Friday . The company traded as high as $45.50 and last traded at $44.94, with a volume of 394298 shares traded. The stock had previously closed at $43.99.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on DOCN shares. Needham & Company LLC reissued a "hold" rating on shares of DigitalOcean in a report on Tuesday, November 5th. Cantor Fitzgerald started coverage on DigitalOcean in a research report on Friday, January 17th. They set a "neutral" rating and a $39.00 price objective on the stock. Morgan Stanley upgraded DigitalOcean from an "equal weight" rating to an "overweight" rating and boosted their price objective for the stock from $40.00 to $41.00 in a research report on Thursday, January 16th. Stifel Nicolaus boosted their price objective on DigitalOcean from $35.00 to $40.00 and gave the stock a "hold" rating in a research report on Wednesday, December 18th. Finally, JPMorgan Chase & Co. boosted their price objective on DigitalOcean from $32.00 to $40.00 and gave the stock a "neutral" rating in a research report on Friday, October 25th. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $42.73.

DigitalOcean Trading Down 1.3 %

The business has a 50-day simple moving average of $37.72 and a 200 day simple moving average of $38.10. The stock has a market cap of $4.18 billion, a P/E ratio of 53.34, a price-to-earnings-growth ratio of 3.19 and a beta of 1.81.

Insider Buying and Selling at DigitalOcean

In other news, CFO Matt Steinfort sold 12,498 shares of the business's stock in a transaction dated Wednesday, December 4th. The stock was 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 of the company's stock, valued at $20,699,920. The trade was a 2.36 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Bratin Saha sold 4,289 shares of the company's stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $36.80, for a total value of $157,835.20. Following the transaction, the insider now directly owns 372,762 shares in the company, valued at approximately $13,717,641.60. This trade represents a 1.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 37,244 shares of company stock worth $1,416,208. Insiders own 0.74% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Harbor Investment Advisory LLC raised its stake in DigitalOcean by 380.0% during the 4th quarter. Harbor Investment Advisory LLC now owns 720 shares of the company's stock worth $25,000 after buying an additional 570 shares during the period. Farther Finance Advisors LLC acquired a new position in DigitalOcean during the 3rd quarter worth approximately $30,000. Advisors Asset Management Inc. raised its stake in shares of DigitalOcean by 150.4% in the third quarter. Advisors Asset Management Inc. now owns 974 shares of the company's stock worth $39,000 after purchasing an additional 585 shares during the last quarter. JTC Employer Solutions Trustee Ltd purchased a new stake in shares of DigitalOcean in the fourth quarter worth approximately $45,000. Finally, Blue Trust Inc. raised its stake in shares of DigitalOcean by 380.6% in the third quarter. Blue Trust Inc. now owns 1,211 shares of the company's stock worth $49,000 after purchasing an additional 959 shares during the last quarter. 49.77% of the stock is owned by institutional investors and hedge funds.

About DigitalOcean

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).