DigitalOcean (NYSE:DOCN) CFO Sells $1,108,000.00 in Stock

DigitalOcean Holdings, Inc. (NYSE:DOCN) CFO Matt Steinfort sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $55.40, for a total value of $1,108,000.00. Following the transaction, the chief financial officer directly owned 545,916 shares of the company’s stock, valued at $30,243,746.40. This represents a 3.53% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

DigitalOcean Trading Up 2.9%

Shares of NYSE DOCN opened at $53.75 on Friday. DigitalOcean Holdings, Inc. has a twelve month low of $25.45 and a twelve month high of $70.43. The firm has a 50-day moving average of $56.88 and a two-hundred day moving average of $46.15. The company has a market capitalization of $4.94 billion, a price-to-earnings ratio of 21.25, a PEG ratio of 50.79 and a beta of 1.76.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Oppenheimer increased their price objective on DigitalOcean from $60.00 to $85.00 and gave the company an “outperform” rating in a research report on Wednesday, February 25th. Citigroup reaffirmed a “buy” rating on shares of DigitalOcean in a report on Friday, February 13th. Bank of America increased their price target on DigitalOcean from $72.00 to $86.00 and gave the company a “buy” rating in a research report on Wednesday, February 25th. Barclays boosted their price objective on DigitalOcean from $63.00 to $69.00 and gave the stock an “overweight” rating in a report on Wednesday, February 25th. Finally, Stifel Nicolaus set a $57.00 target price on shares of DigitalOcean in a report on Tuesday, February 24th. Nine analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $69.23.

Hedge Funds Weigh In On DigitalOcean

Several institutional investors and hedge funds have recently bought and sold shares of the business. Alpine Global Management LLC acquired a new position in shares of DigitalOcean in the 4th quarter valued at about $577,000. Pacer Advisors Inc. grew its position in DigitalOcean by 225.7% during the fourth quarter. Pacer Advisors Inc. now owns 16,426 shares of the company’s stock valued at $790,000 after purchasing an additional 11,382 shares in the last quarter. Invesco Ltd. increased its stake in DigitalOcean by 12.3% in the 4th quarter. Invesco Ltd. now owns 288,571 shares of the company’s stock valued at $13,886,000 after buying an additional 31,618 shares during the period. Mercer Global Advisors Inc. ADV purchased a new stake in DigitalOcean in the 4th quarter worth approximately $400,000. Finally, Vident Advisory LLC acquired a new stake in shares of DigitalOcean during the 4th quarter valued at $438,000. 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.