Insider Selling: DigitalOcean Holdings, Inc. (NYSE:DOCN) Insider Sells 3,948 Shares of Stock

DigitalOcean Holdings, Inc. (NYSE:DOCN) insider Bratin Saha sold 3,948 shares of the company’s stock in a transaction dated Tuesday, March 18th. The shares were sold at an average price of $36.63, for a total transaction of $144,615.24. Following the completion of the sale, the insider now directly owns 358,696 shares of the company’s stock, valued at $13,139,034.48. The trade was a 1.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Bratin Saha also recently made the following trade(s):

• On Tuesday, January 21st, Bratin Saha sold 4,289 shares of DigitalOcean stock. The shares were sold at an average price of $36.80, for a total value of $157,835.20.

DigitalOcean Trading Up 1.7 %

Shares of NYSE:DOCN traded up $0.61 during midday trading on Wednesday, hitting $36.41. 733,473 shares of the stock were exchanged, compared to its average volume of 1,293,005. DigitalOcean Holdings, Inc. has a twelve month low of $26.63 and a twelve month high of $47.02. The company has a 50 day moving average price of $39.87 and a 200-day moving average price of $39.32. The stock has a market cap of $3.35 billion, a P/E ratio of 42.83, a PEG ratio of 3.12 and a beta of 1.80.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on DOCN shares. Citigroup assumed coverage on DigitalOcean in a report on Friday, January 24th. They issued a “buy” rating and a $45.00 target price on the stock. Bank of America boosted their price objective on shares of DigitalOcean from $28.00 to $31.00 and gave the company an “underperform” rating in a research note on Wednesday, February 26th. Needham & Company LLC restated a “hold” rating on shares of DigitalOcean in a research note on Wednesday, February 26th. UBS Group lifted their price objective on DigitalOcean from $39.00 to $44.00 and gave the company a “neutral” rating in a report on Wednesday, February 26th. Finally, Stifel Nicolaus upped their price objective on DigitalOcean from $35.00 to $40.00 and gave the stock a “hold” rating in a report on Wednesday, December 18th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $43.27.

Hedge Funds Weigh In On DigitalOcean

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Hillsdale Investment Management Inc. grew its position in shares of DigitalOcean by 0.4% in the fourth quarter. Hillsdale Investment Management Inc. now owns 84,500 shares of the company’s stock valued at $2,879,000 after purchasing an additional 300 shares during the last quarter. Focus Partners Wealth lifted its stake in DigitalOcean by 2.8% in the 4th quarter. Focus Partners Wealth now owns 12,455 shares of the company’s stock valued at $424,000 after buying an additional 338 shares in the last quarter. Summit Investment Advisors Inc. grew its holdings in DigitalOcean by 6.8% during the 4th quarter. Summit Investment Advisors Inc. now owns 6,866 shares of the company’s stock valued at $234,000 after buying an additional 436 shares during the last quarter. Harbor Investment Advisory LLC raised its holdings in shares of DigitalOcean by 380.0% in the fourth quarter. Harbor Investment Advisory LLC now owns 720 shares of the company’s stock worth $25,000 after acquiring an additional 570 shares during the last quarter. Finally, Advisors Asset Management Inc. lifted its position in shares of DigitalOcean by 150.4% in the third quarter. Advisors Asset Management Inc. now owns 974 shares of the company’s stock valued at $39,000 after acquiring an additional 585 shares in the last quarter. Institutional investors and hedge funds own 49.77% of the company’s stock.

DigitalOcean Company Profile

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).