DigitalOcean (NYSE:DOCN) Sets New 1-Year High – Here’s What Happened

DigitalOcean Holdings, Inc. (NYSE:DOCN)’s share price reached a new 52-week high during trading on Wednesday . The stock traded as high as $90.74 and last traded at $87.2480, with a volume of 539386 shares. The stock had previously closed at $85.78.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on DOCN. Wall Street Zen cut DigitalOcean from a “buy” rating to a “hold” rating in a research report on Sunday, January 4th. The Goldman Sachs Group upped their price objective on DigitalOcean from $50.00 to $78.00 and gave the stock a “buy” rating in a research report on Wednesday, February 25th. 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 report on Friday, February 20th. Citizens Jmp lifted their target price on shares of DigitalOcean from $83.00 to $105.00 and gave the company a “market outperform” rating in a report on Thursday, March 26th. Finally, Citigroup reissued a “buy” rating on shares of DigitalOcean in a report on Friday, February 13th. Nine equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $72.08.

DigitalOcean Trading Up 3.2%

The company has a market cap of $8.14 billion, a price-to-earnings ratio of 34.56 and a beta of 1.76. The business has a fifty day moving average of $65.65 and a two-hundred day moving average of $51.85.

Insider Activity at DigitalOcean

In other news, CFO Matt Steinfort sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $55.40, for a total transaction of $1,108,000.00. Following the completion of the transaction, the chief financial officer directly owned 545,916 shares of the company’s stock, valued at $30,243,746.40. This represents a 3.53% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CAO Cherie Barrett sold 22,000 shares of the stock in a transaction that occurred 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 transaction, the chief accounting officer owned 62,469 shares in the company, valued at $3,421,427.13. This trade represents a 26.05% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.74% of the company’s stock.

Institutional Trading of DigitalOcean

Institutional investors have recently modified their holdings of the stock. Maryland State Retirement & Pension System lifted its holdings in shares of DigitalOcean by 1.9% in the 4th quarter. Maryland State Retirement & Pension System now owns 10,001 shares of the company’s stock worth $481,000 after acquiring an additional 185 shares during the last quarter. Allworth Financial LP increased 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 purchasing an additional 255 shares during the last quarter. CWM LLC raised its position in DigitalOcean by 1.3% in the fourth quarter. CWM LLC now owns 20,971 shares of the company’s stock valued at $1,009,000 after purchasing an additional 270 shares during the period. Oregon Public Employees Retirement Fund lifted its stake in DigitalOcean by 2.6% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 15,729 shares of the company’s stock worth $757,000 after purchasing an additional 398 shares in the last quarter. Finally, GAMMA Investing LLC lifted its stake in DigitalOcean by 33.8% during the fourth quarter. GAMMA Investing LLC now owns 1,581 shares of the company’s stock worth $76,000 after purchasing an additional 399 shares in 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.