DigitalOcean (NYSE:DOCN) CFO Matt Steinfort Sells 20,000 Shares of Stock

DigitalOcean Holdings, Inc. (NYSE:DOCN) CFO Matt Steinfort sold 20,000 shares of the 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 completion of the transaction, the chief financial officer directly owned 545,916 shares in the company, valued at $30,243,746.40. This represents a 3.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

DigitalOcean Stock Down 4.9%

Shares of NYSE:DOCN opened at $55.41 on Wednesday. DigitalOcean Holdings, Inc. has a 52-week low of $25.45 and a 52-week high of $70.43. The stock has a market cap of $5.10 billion, a price-to-earnings ratio of 21.90, a PEG ratio of 56.60 and a beta of 1.76. The business has a 50-day moving average price of $56.74 and a 200-day moving average price of $46.06.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Cantor Fitzgerald increased their price objective on shares of DigitalOcean from $68.00 to $83.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 25th. Oppenheimer increased their price target on DigitalOcean from $60.00 to $85.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 25th. Citizens Jmp boosted their price objective on DigitalOcean from $60.00 to $83.00 and gave the company a “market outperform” rating in a report on Wednesday, February 25th. UBS Group raised their target price on DigitalOcean from $48.00 to $68.00 and gave the stock a “neutral” rating in a report on Wednesday, February 25th. Finally, Bank of America lifted 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. Nine research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, DigitalOcean currently has a consensus rating of “Moderate Buy” and a consensus target price of $69.23.

Hedge Funds Weigh In On DigitalOcean

Institutional investors and hedge funds have recently modified their holdings of the business. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in DigitalOcean by 5.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 339,670 shares of the company’s stock worth $11,342,000 after purchasing an additional 16,162 shares during the period. Intech Investment Management LLC raised its stake in shares of DigitalOcean by 59.2% during the 1st quarter. Intech Investment Management LLC now owns 39,429 shares of the company’s stock worth $1,317,000 after buying an additional 14,655 shares during the period. Y Intercept Hong Kong Ltd purchased a new position in shares of DigitalOcean during the 2nd quarter valued at approximately $478,000. Jennison Associates LLC acquired a new stake in DigitalOcean in the 2nd quarter valued at $455,000. Finally, Versor Investments LP purchased a new stake in DigitalOcean in the 2nd quarter worth $568,000. Hedge funds and other institutional investors 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.