DigitalOcean (NYSE:DOCN) Sets New 52-Week High – What’s Next?

DigitalOcean Holdings, Inc. (NYSE:DOCN)’s stock price hit a new 52-week high during trading on Monday . The stock traded as high as $73.69 and last traded at $73.24, with a volume of 935924 shares changing hands. The stock had previously closed at $68.63.

Analyst Upgrades and Downgrades

DOCN has been the topic of several analyst reports. Wall Street Zen lowered shares of DigitalOcean from a “buy” rating to a “hold” rating in a report on Sunday, January 4th. Bank of America boosted their price target on shares of DigitalOcean from $72.00 to $86.00 and gave the company a “buy” rating in a research report on Wednesday, February 25th. Citizens Jmp upped their price objective on shares of DigitalOcean from $60.00 to $83.00 and gave the stock a “market outperform” rating in a research note on Wednesday, February 25th. Royal Bank Of Canada set a $60.00 price objective on shares of DigitalOcean in a report on Tuesday, February 24th. Finally, Canaccord Genuity Group lifted their target price on shares of DigitalOcean from $65.00 to $80.00 and gave the company a “buy” rating in a research note on Friday, February 20th. Nine investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $69.23.

DigitalOcean Stock Performance

The company’s 50-day moving average is $59.47 and its 200-day moving average is $48.30. The firm has a market cap of $7.14 billion, a price-to-earnings ratio of 30.69, a P/E/G ratio of 69.98 and a beta of 1.76.

Insider Activity at DigitalOcean

In other DigitalOcean news, CAO Cherie Barrett sold 22,000 shares of the company’s stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $54.77, for a total transaction of $1,204,940.00. Following the transaction, the chief accounting officer owned 62,469 shares of the company’s stock, valued at approximately $3,421,427.13. This represents a 26.05% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Matt Steinfort sold 20,000 shares of the stock in a transaction on 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 completion of the transaction, the chief financial officer owned 545,916 shares in the company, valued at $30,243,746.40. The trade was a 3.53% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.74% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On DigitalOcean

Large investors have recently made changes to their positions in the company. Allworth Financial LP raised its holdings 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 purchasing an additional 255 shares during the last quarter. Huntington National Bank grew its position in shares of DigitalOcean by 638.3% during the 4th quarter. Huntington National Bank now owns 598 shares of the company’s stock worth $29,000 after buying an additional 517 shares during the period. NBC Securities Inc. acquired a new stake in shares of DigitalOcean during the 4th quarter worth approximately $32,000. Wilmington Savings Fund Society FSB bought a new stake in shares of DigitalOcean during the third quarter worth approximately $37,000. Finally, Transamerica Financial Advisors LLC raised its stake in shares of DigitalOcean by 417.9% during the fourth quarter. Transamerica Financial Advisors LLC now owns 782 shares of the company’s stock worth $38,000 after buying an additional 631 shares during the last quarter. Institutional investors and hedge funds own 49.77% of the company’s stock.

About DigitalOcean

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.