DigitalOcean (NYSE:DOCN) Trading 8.5% Higher – Here’s What Happened

DigitalOcean Holdings, Inc. (NYSE:DOCN) traded up 8.5% during trading on Thursday . The company traded as high as $82.63 and last traded at $84.3360. 787,711 shares traded hands during trading, a decline of 80% from the average session volume of 4,002,213 shares. The stock had previously closed at $77.71.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on DOCN. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of DigitalOcean in a research report on Friday, March 27th. The Goldman Sachs Group upped their target price on DigitalOcean from $50.00 to $78.00 and gave the stock a “buy” rating in a research report on Wednesday, February 25th. Barclays upped their target price on DigitalOcean from $63.00 to $69.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 25th. Oppenheimer upped their target price on DigitalOcean from $85.00 to $100.00 and gave the stock an “outperform” rating in a research report on Wednesday, March 18th. Finally, Royal Bank Of Canada set a $60.00 target price on DigitalOcean in a research report on Tuesday, February 24th. Nine analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $76.08.

DigitalOcean Trading Up 11.7%

The firm has a market cap of $7.99 billion, a price-to-earnings ratio of 34.34 and a beta of 1.43. The stock has a fifty day moving average price of $71.64 and a 200 day moving average price of $55.40.

Insider Transactions at DigitalOcean

In other DigitalOcean news, CAO Cherie Barrett sold 22,000 shares of the firm’s stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $54.77, for a total value of $1,204,940.00. Following the sale, the chief accounting officer owned 62,469 shares of the company’s stock, valued at $3,421,427.13. This trade represents a 26.05% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Matt Steinfort sold 20,000 shares of the firm’s stock in a transaction that occurred 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 sale, the chief financial officer directly owned 545,916 shares in the company, valued at $30,243,746.40. This trade represents a 3.53% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.96% of the company’s stock.

Institutional Trading of DigitalOcean

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Allworth Financial LP grew its holdings in DigitalOcean by 54.4% in the 3rd quarter. Allworth Financial LP now owns 724 shares of the company’s stock valued at $25,000 after buying an additional 255 shares during the last quarter. Huntington National Bank lifted its position in shares of DigitalOcean by 638.3% in the 4th quarter. Huntington National Bank now owns 598 shares of the company’s stock worth $29,000 after acquiring an additional 517 shares during the period. NBC Securities Inc. bought a new stake in shares of DigitalOcean in the 4th quarter worth approximately $32,000. Wilmington Savings Fund Society FSB bought a new stake in shares of DigitalOcean in the 3rd quarter worth approximately $37,000. Finally, Transamerica Financial Advisors LLC lifted 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 worth $38,000 after acquiring an additional 631 shares during the period. Institutional investors and hedge funds 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.