DigitalOcean Holdings, Inc. (NYSE:DOCN) CFO Matt Steinfort Sells 12,498 Shares

DigitalOcean Holdings, Inc. (NYSE:DOCN) CFO Matt Steinfort sold 12,498 shares of DigitalOcean stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $40.00, for a total transaction of $499,920.00. Following the completion of the transaction, the chief financial officer now owns 517,498 shares in the company, valued at approximately $20,699,920. This trade represents a 2.36 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

DigitalOcean Price Performance

NYSE:DOCN opened at $40.17 on Monday. The stock has a market cap of $3.71 billion, a PE ratio of 47.26, a price-to-earnings-growth ratio of 2.57 and a beta of 1.76. DigitalOcean Holdings, Inc. has a fifty-two week low of $26.63 and a fifty-two week high of $44.80. The stock’s 50-day moving average is $40.07 and its two-hundred day moving average is $37.22.

DigitalOcean (NYSE:DOCN) last announced its quarterly earnings data on Monday, November 4th. The company reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.40 by $0.12. The firm had revenue of $198.50 million for the quarter, compared to the consensus estimate of $196.64 million. DigitalOcean had a net margin of 10.86% and a negative return on equity of 43.11%. The firm’s revenue was up 12.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.17 earnings per share. On average, equities research analysts anticipate that DigitalOcean Holdings, Inc. will post 1.01 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on DOCN. Needham & Company LLC reissued a “hold” rating on shares of DigitalOcean in a research note on Tuesday, November 5th. Canaccord Genuity Group increased their price target on DigitalOcean from $42.00 to $48.00 and gave the company a “buy” rating in a research report on Friday, October 4th. JPMorgan Chase & Co. boosted their price objective on DigitalOcean from $32.00 to $40.00 and gave the stock a “neutral” rating in a report on Friday, October 25th. Finally, Barclays raised their target price on shares of DigitalOcean from $38.00 to $48.00 and gave the stock an “overweight” rating in a report on Friday, October 11th. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $41.50.

Institutional Trading of DigitalOcean

Institutional investors have recently bought and sold shares of the company. Point72 Hong Kong Ltd acquired a new position in shares of DigitalOcean during the 2nd quarter worth $877,000. Versor Investments LP acquired a new position in DigitalOcean during the third quarter worth $751,000. Public Sector Pension Investment Board bought a new position in DigitalOcean during the second quarter valued at about $4,108,000. University of Texas Texas AM Investment Management Co. acquired a new stake in shares of DigitalOcean in the second quarter worth about $11,712,000. Finally, FORA Capital LLC bought a new stake in shares of DigitalOcean during the 3rd quarter worth about $1,149,000. Institutional investors and hedge funds own 49.77% of the company’s stock.

About DigitalOcean

DigitalOcean Holdings, Inc, through its subsidiaries, operates a cloud computing platform in North America, Europe, Asia, and internationally. The company’s platform provides on-demand infrastructure and platform tools for developers, start-ups, and small and growing digital businesses. It also offers infrastructure-as-a-service (IaaS) solutions comprising compute and storage services, as well as networking projects, including Cloud Firewalls software, Managed Load Balancers software, and Virtual Private Cloud (VPC).