DigitalOcean Holdings, Inc. (NYSE:DOCN) Short Interest Update

DigitalOcean Holdings, Inc. (NYSE:DOCN) was the target of a large increase in short interest during the month of March. As of March 31st, there was short interest totaling 12,801,699 shares, an increase of 32.5% from the March 15th total of 9,659,433 shares. Approximately 14.1% of the company’s shares are sold short. Based on an average daily trading volume, of 5,510,282 shares, the short-interest ratio is currently 2.3 days.

DigitalOcean Trading Down 3.0%

NYSE:DOCN traded down $2.62 on Friday, reaching $85.81. The stock had a trading volume of 4,564,028 shares, compared to its average volume of 4,074,754. The company has a 50-day moving average of $72.26 and a 200 day moving average of $55.63. The stock has a market cap of $7.89 billion, a P/E ratio of 33.92 and a beta of 1.43. DigitalOcean has a 12-month low of $25.56 and a 12-month high of $94.66.

Insiders Place Their Bets

In related news, CFO Matt Steinfort sold 20,000 shares of the stock in a transaction on Tuesday, March 3rd. The stock was 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 approximately $30,243,746.40. This represents a 3.53% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Cherie Barrett sold 22,000 shares of the stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $54.77, for a total value of $1,204,940.00. Following the completion of the sale, 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.96% of the company’s stock.

Hedge Funds Weigh In On DigitalOcean

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Allworth Financial LP boosted its position 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 boosted its position in DigitalOcean by 638.3% in the 4th quarter. Huntington National Bank now owns 598 shares of the company’s stock valued at $29,000 after buying an additional 517 shares during the last quarter. NBC Securities Inc. purchased a new position in DigitalOcean in the 4th quarter valued at about $32,000. Wilmington Savings Fund Society FSB purchased a new position in DigitalOcean in the 3rd quarter valued at about $37,000. Finally, Transamerica Financial Advisors LLC boosted its position in 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 buying an additional 631 shares during the last quarter. 49.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on DOCN. Weiss Ratings reiterated a “hold (c+)” rating on shares of DigitalOcean in a report on Friday, March 27th. Royal Bank Of Canada set a $60.00 price target on DigitalOcean in a report on Tuesday, February 24th. Bank of America increased their price target on DigitalOcean from $103.00 to $107.00 and gave the company a “buy” rating in a report on Thursday, April 9th. Cantor Fitzgerald increased their price target on DigitalOcean from $68.00 to $83.00 and gave the company an “overweight” rating in a report on Wednesday, February 25th. Finally, Stifel Nicolaus set a $57.00 price target on DigitalOcean in a report on Tuesday, February 24th. Nine equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $76.08.

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.