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

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

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Stifel Nicolaus boosted their price objective on shares of DigitalOcean from $35.00 to $40.00 and gave the stock a “hold” rating in a research note on Wednesday, December 18th. JPMorgan Chase & Co. boosted their price target on DigitalOcean from $32.00 to $40.00 and gave the stock a “neutral” rating in a research report on Friday, October 25th. JMP Securities raised their price objective 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 upgraded DigitalOcean from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $40.00 to $41.00 in a research note on Thursday, January 16th. Finally, Needham & Company LLC reissued a “hold” rating on shares of DigitalOcean in a research note on Tuesday, November 5th. Six equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $42.73.

DigitalOcean Stock Up 4.9 %

The stock has a market capitalization of $4.31 billion, a P/E ratio of 54.90, a P/E/G ratio of 3.19 and a beta of 1.81. The business has a fifty day moving average price of $38.44 and a 200-day moving average price of $38.68.

Insider Buying and Selling at DigitalOcean

In other news, CFO Matt Steinfort sold 12,498 shares of the 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 $20,699,920. This represents a 2.36 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Bratin Saha sold 3,468 shares of DigitalOcean stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $38.18, for a total value of $132,408.24. Following the completion of the sale, the insider now directly owns 379,795 shares of the company’s stock, valued at $14,500,573.10. The trade was a 0.90 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,255 shares of company stock worth $790,163. Company insiders own 0.74% of the company’s stock.

Hedge Funds Weigh In On DigitalOcean

Several institutional investors have recently made changes to their positions in the business. Harbor Investment Advisory LLC increased its holdings in DigitalOcean by 380.0% during the fourth quarter. Harbor Investment Advisory LLC now owns 720 shares of the company’s stock valued at $25,000 after buying an additional 570 shares during the last quarter. Farther Finance Advisors LLC bought a new stake in shares of DigitalOcean during the 3rd quarter valued at $30,000. Advisors Asset Management Inc. increased its stake in shares of DigitalOcean by 150.4% in the 3rd quarter. Advisors Asset Management Inc. now owns 974 shares of the company’s stock worth $39,000 after purchasing an additional 585 shares in the last quarter. JTC Employer Solutions Trustee Ltd bought a new position in DigitalOcean in the 4th quarter worth $45,000. Finally, Blue Trust Inc. lifted its position in DigitalOcean by 380.6% during the third quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock valued at $49,000 after purchasing an additional 959 shares in the last quarter. 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).