Short Interest in DigitalOcean Holdings, Inc. (NYSE:DOCN) Grows By 8.9%

DigitalOcean Holdings, Inc. (NYSE:DOCN) was the recipient 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 trading volume, of 944,900 shares, the short-interest ratio is presently 7.4 days. Currently, 11.3% of the company’s shares are sold short.

DigitalOcean Trading Down 2.9 %

Shares of NYSE:DOCN traded down $1.32 during trading on Friday, hitting $44.52. 885,841 shares of the company were exchanged, compared to its average volume of 1,145,288. The stock has a market cap of $4.11 billion, a price-to-earnings ratio of 52.38, a P/E/G ratio of 3.19 and a beta of 1.81. DigitalOcean has a fifty-two week low of $26.63 and a fifty-two week high of $46.46. The firm has a fifty day moving average price of $38.17 and a two-hundred day moving average price of $38.46.

Insiders Place Their Bets

In other news, CFO Matt Steinfort sold 12,498 shares of DigitalOcean 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 in the company, valued at $20,699,920. The trade was a 2.36 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Bratin Saha sold 4,289 shares of DigitalOcean stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $36.80, for a total value of $157,835.20. Following the transaction, the insider now owns 372,762 shares in the company, valued at $13,717,641.60. This trade represents a 1.14 % decrease in their position. The disclosure for this sale can be found here. Over 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

A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in shares of DigitalOcean by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 8,434,555 shares of the company’s stock worth $287,365,000 after acquiring an additional 117,133 shares during the last quarter. Fuller & Thaler Asset Management Inc. increased its holdings in shares of DigitalOcean by 7.3% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 1,545,642 shares of the company’s stock worth $52,660,000 after acquiring an additional 105,235 shares during the last quarter. First Trust Advisors LP increased its holdings in shares of DigitalOcean by 6.2% during the 4th quarter. First Trust Advisors LP now owns 1,533,699 shares of the company’s stock worth $52,253,000 after acquiring an additional 89,349 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of DigitalOcean by 0.6% during the 4th quarter. Geode Capital Management LLC now owns 1,473,421 shares of the company’s stock worth $50,211,000 after acquiring an additional 9,088 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. increased its holdings in shares of DigitalOcean by 32.8% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,397,588 shares of the company’s stock worth $56,449,000 after acquiring an additional 345,119 shares during the last quarter. 49.77% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have recently weighed in on DOCN. JMP Securities lifted their price objective on DigitalOcean from $47.00 to $55.00 and gave the company a “market outperform” rating in a report on Monday, January 27th. Morgan Stanley raised DigitalOcean from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $40.00 to $41.00 in a research report on Thursday, January 16th. Needham & Company LLC reissued a “hold” rating on shares of DigitalOcean in a research report on Tuesday, November 5th. Stifel Nicolaus lifted their target price on DigitalOcean from $35.00 to $40.00 and gave the company a “hold” rating in a research report on Wednesday, December 18th. Finally, JPMorgan Chase & Co. lifted their target price on DigitalOcean from $32.00 to $40.00 and gave the company 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’s stock. According to data from MarketBeat, DigitalOcean presently has an average rating of “Moderate Buy” and an average price target of $42.73.

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).