DigitalOcean Holdings, Inc. (NYSE:DOCN - Get Free Report) CFO Matt Steinfort sold 20,000 shares of the company's stock in a transaction dated 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 transaction, the chief financial officer owned 545,916 shares of the company's stock, valued at approximately $30,243,746.40. This trade represents a 3.53% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.
DigitalOcean Trading Down 4.9%
DOCN stock opened at $55.41 on Wednesday. DigitalOcean Holdings, Inc. has a 12-month low of $25.45 and a 12-month high of $70.43. The business's 50-day moving average is $56.74 and its 200 day moving average is $46.06. 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.
Analysts Set New Price Targets
DOCN has been the subject of several research reports. Citizens Jmp boosted their price target on DigitalOcean from $60.00 to $83.00 and gave the stock a "market outperform" rating in a research report on Wednesday, February 25th. Citigroup reiterated a "buy" rating on shares of DigitalOcean in a research report on Friday, February 13th. Wall Street Zen downgraded shares of DigitalOcean from a "buy" rating to a "hold" rating in a research note on Sunday, January 4th. Barclays upped their price objective on shares of DigitalOcean from $63.00 to $69.00 and gave the company an "overweight" rating in a research note on Wednesday, February 25th. Finally, Canaccord Genuity Group raised their target price on shares of DigitalOcean from $65.00 to $80.00 and gave the stock a "buy" rating in a research note on Friday, February 20th. Nine analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $69.23.
View Our Latest Stock Analysis on DOCN
Institutional Investors Weigh In On DigitalOcean
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Maryland State Retirement & Pension System raised its stake in DigitalOcean by 1.9% during the fourth quarter. Maryland State Retirement & Pension System now owns 10,001 shares of the company's stock worth $481,000 after purchasing an additional 185 shares during the period. Allworth Financial LP increased its holdings in shares of DigitalOcean by 54.4% during the 3rd quarter. Allworth Financial LP now owns 724 shares of the company's stock worth $25,000 after buying an additional 255 shares during the last quarter. CWM LLC raised its position in shares of DigitalOcean by 1.3% during the 4th quarter. CWM LLC now owns 20,971 shares of the company's stock valued at $1,009,000 after buying an additional 270 shares during the period. Oregon Public Employees Retirement Fund raised its position in shares of DigitalOcean by 2.6% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 15,729 shares of the company's stock valued at $757,000 after buying an additional 398 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in DigitalOcean by 33.8% in the fourth quarter. GAMMA Investing LLC now owns 1,581 shares of the company's stock valued at $76,000 after acquiring an additional 399 shares during the last quarter. 49.77% of the stock is currently owned by institutional investors and hedge funds.
About DigitalOcean
(
Get Free Report)
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.
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