DigitalOcean Holdings, Inc. (NYSE:DOCN) Short Interest Up 8.9% in January

DigitalOcean Holdings, Inc. (NYSE:DOCN - Get Free Report) was the target of a significant increase in short interest during the month of January. As of January 31st, there was short interest totalling 7,010,000 shares, an increase of 8.9% from the January 15th total of 6,440,000 shares. Based on an average daily volume of 944,900 shares, the short-interest ratio is presently 7.4 days. Approximately 11.3% of the company's shares are sold short.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on DOCN shares. JPMorgan Chase & Co. upped their price target on DigitalOcean from $32.00 to $40.00 and gave the company a "neutral" rating in a research report on Friday, October 25th. Cantor Fitzgerald started coverage on DigitalOcean in a research report on Friday, January 17th. They set a "neutral" rating and a $39.00 price target on the stock. JMP Securities upped their price target on DigitalOcean from $47.00 to $55.00 and gave the company a "market outperform" rating in a research report on Monday, January 27th. Morgan Stanley raised DigitalOcean from an "equal weight" rating to an "overweight" rating and upped their target price for the stock from $40.00 to $41.00 in a research report on Thursday, January 16th. Finally, Stifel Nicolaus upped their target price on DigitalOcean from $35.00 to $40.00 and gave the stock a "hold" rating in a research report on Wednesday, December 18th. Six analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat.com, DigitalOcean has an average rating of "Moderate Buy" and a consensus price target of $42.73.

Insider Activity

In related news, CFO Matt Steinfort sold 12,498 shares of the company's stock in a transaction on 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 directly owns 517,498 shares of the company's stock, valued at approximately $20,699,920. The trade was a 2.36 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Bratin Saha sold 3,468 shares of the company's stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $38.18, for a total value of $132,408.24. Following the transaction, the insider now directly owns 379,795 shares in the company, valued at $14,500,573.10. The trade was a 0.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,255 shares of company stock valued at $790,163 over the last three months. Insiders own 0.74% of the company's stock.

Institutional Trading of DigitalOcean

Large investors have recently made changes to their positions in the stock. Harbor Investment Advisory LLC boosted its stake in shares of 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 acquiring an additional 570 shares in the last quarter. Farther Finance Advisors LLC bought a new stake in DigitalOcean during the 3rd quarter valued at approximately $30,000. Advisors Asset Management Inc. boosted its stake in DigitalOcean by 150.4% during the 3rd quarter. Advisors Asset Management Inc. now owns 974 shares of the company's stock valued at $39,000 after purchasing an additional 585 shares during the period. Blue Trust Inc. boosted its stake in DigitalOcean by 380.6% during the 3rd quarter. Blue Trust Inc. now owns 1,211 shares of the company's stock valued at $49,000 after purchasing an additional 959 shares during the period. Finally, JTC Employer Solutions Trustee Ltd bought a new stake in DigitalOcean during the 4th quarter valued at approximately $45,000. Institutional investors own 49.77% of the company's stock.

DigitalOcean Stock Performance

Shares of DOCN traded down $1.36 during trading hours on Thursday, hitting $42.92. 1,429,146 shares of the company were exchanged, compared to its average volume of 1,109,099. The company has a market cap of $3.96 billion, a PE ratio of 50.49, a PEG ratio of 3.38 and a beta of 1.81. The firm's 50 day moving average is $38.63 and its 200-day moving average is $38.75. DigitalOcean has a 52 week low of $26.63 and a 52 week high of $47.02.

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).