DigitalOcean (NYSE:DOCN) Stock Price Down 7.3% – Here’s What Happened

DigitalOcean Holdings, Inc. (NYSE:DOCN) dropped 7.3% during mid-day trading on Monday . The company traded as low as $60.19 and last traded at $59.0160. Approximately 562,162 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 2,914,188 shares. The stock had previously closed at $63.63.

Wall Street Analysts Forecast Growth

Several research analysts have commented on DOCN shares. Piper Sandler raised their price objective on DigitalOcean from $47.00 to $50.00 and gave the stock a “neutral” rating in a report on Monday, January 5th. Wall Street Zen downgraded DigitalOcean from a “buy” rating to a “hold” rating in a research report on Sunday, January 4th. Citigroup restated a “buy” rating on shares of DigitalOcean in a research note on Friday, February 13th. Cantor Fitzgerald upgraded shares of DigitalOcean from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $47.00 to $68.00 in a report on Thursday, February 5th. Finally, Bank of America raised their target price on shares of DigitalOcean from $60.00 to $72.00 and gave the company a “buy” rating in a research report on Tuesday, January 27th. Eight analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $53.92.

DigitalOcean Trading Down 7.7%

The stock has a market cap of $5.37 billion, a PE ratio of 23.68, a P/E/G ratio of 8.94 and a beta of 1.76. The business’s 50-day moving average price is $55.15 and its 200-day moving average price is $44.75.

Institutional Trading of DigitalOcean

Several hedge funds and other institutional investors have recently made changes to their positions in DOCN. Allworth Financial LP grew its stake in DigitalOcean by 54.4% during the 3rd quarter. Allworth Financial LP now owns 724 shares of the company’s stock worth $25,000 after buying an additional 255 shares during the last quarter. Huntington National Bank grew its stake in shares of DigitalOcean by 638.3% during the fourth quarter. Huntington National Bank now owns 598 shares of the company’s stock worth $29,000 after acquiring an additional 517 shares during the last quarter. NBC Securities Inc. purchased a new stake in shares of DigitalOcean during the fourth quarter worth about $32,000. Wilmington Savings Fund Society FSB acquired a new position in shares of DigitalOcean during the third quarter valued at about $37,000. Finally, Transamerica Financial Advisors LLC raised its position in shares of DigitalOcean by 417.9% in the 4th quarter. Transamerica Financial Advisors LLC now owns 782 shares of the company’s stock valued at $38,000 after purchasing an additional 631 shares during the last quarter. Hedge funds and other institutional investors own 49.77% of the company’s stock.

DigitalOcean Company Profile

DigitalOcean Holdings, Inc is a cloud infrastructure provider that focuses on simplicity, performance and developer experience. The company offers a range of cloud services designed to help software developers, startups and small- to medium-sized businesses deploy, manage and scale applications. Its flagship offering, Droplets, provides virtual private servers that can be configured with various CPU, memory and storage options. In addition to compute instances, DigitalOcean’s platform includes managed Kubernetes, scalable object and block storage, managed databases, load balancers and networking capabilities such as Virtual Private Cloud (VPC) and Floating IPs.

Founded in 2011 and headquartered in New York City, DigitalOcean was created with the goal of making cloud computing more accessible to individual developers and smaller teams.