Matt Steinfort Sells 12,498 Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) Stock

DigitalOcean Holdings, Inc. (NYSE:DOCN - Get Free Report) CFO Matt Steinfort sold 12,498 shares of the company's stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $40.00, for a total transaction of $499,920.00. Following the transaction, the chief financial officer now owns 517,498 shares of the company's stock, valued at $20,699,920. This represents a 2.36 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

DigitalOcean Stock Up 1.6 %

DigitalOcean stock traded up $0.63 during mid-day trading on Friday, hitting $40.17. 544,578 shares of the company were exchanged, compared to its average volume of 1,225,131. The business has a fifty day moving average of $40.09 and a 200 day moving average of $37.21. DigitalOcean Holdings, Inc. has a 1-year low of $26.63 and a 1-year high of $44.80. The company has a market capitalization of $3.71 billion, a PE ratio of 46.52, a price-to-earnings-growth ratio of 2.50 and a beta of 1.76.

DigitalOcean (NYSE:DOCN - Get Free Report) last announced its earnings results on Monday, November 4th. The company reported $0.52 earnings per share for the quarter, beating analysts' consensus estimates of $0.40 by $0.12. The company had revenue of $198.50 million during 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 quarterly revenue was up 12.1% compared to the same quarter last year. During the same period last year, the company posted $0.17 earnings per share. Research analysts expect that DigitalOcean Holdings, Inc. will post 1.01 earnings per share for the current year.

Hedge Funds Weigh In On DigitalOcean

Large investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC lifted its stake in DigitalOcean by 7.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,464,333 shares of the company's stock valued at $59,156,000 after acquiring an additional 106,636 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its position in shares of DigitalOcean by 32.8% in the third quarter. Jacobs Levy Equity Management Inc. now owns 1,397,588 shares of the company's stock worth $56,449,000 after purchasing an additional 345,119 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in DigitalOcean by 10.4% during the third quarter. Principal Financial Group Inc. now owns 1,301,499 shares of the company's stock worth $52,568,000 after purchasing an additional 122,651 shares during the last quarter. Van Berkom & Associates Inc. increased its stake in DigitalOcean by 1.6% in the 2nd quarter. Van Berkom & Associates Inc. now owns 1,273,103 shares of the company's stock valued at $44,240,000 after buying an additional 19,731 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in DigitalOcean by 23.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,079,579 shares of the company's stock worth $37,512,000 after buying an additional 205,007 shares in the last quarter. Institutional investors own 49.77% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on DOCN shares. Needham & Company LLC reaffirmed a "hold" rating on shares of DigitalOcean in a report on Tuesday, November 5th. Canaccord Genuity Group upped their price target on shares of DigitalOcean from $42.00 to $48.00 and gave the company a "buy" rating in a report on Friday, October 4th. UBS Group cut their price target on shares of DigitalOcean from $40.00 to $34.00 and set a "neutral" rating for the company in a report on Friday, August 9th. Barclays upped their price target on shares of DigitalOcean from $38.00 to $48.00 and gave the company an "overweight" rating in a report on Friday, October 11th. Finally, JPMorgan Chase & Co. upped their price objective 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. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $41.50.

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).

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