DigitalOcean (NYSE:DOCN) Hits New 52-Week High – Here’s What Happened

DigitalOcean Holdings, Inc. (NYSE:DOCN) shares hit a new 52-week high during trading on Tuesday . The stock traded as high as $93.31 and last traded at $87.1060, with a volume of 2941599 shares trading hands. The stock had previously closed at $90.01.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on DOCN. Oppenheimer raised their target price on DigitalOcean from $85.00 to $100.00 and gave the company an “outperform” rating in a research note on Wednesday, March 18th. Canaccord Genuity Group raised their target price on DigitalOcean from $65.00 to $80.00 and gave the company a “buy” rating in a research note on Friday, February 20th. Stifel Nicolaus set a $57.00 target price on DigitalOcean in a research note on Tuesday, February 24th. The Goldman Sachs Group raised their target price on DigitalOcean from $50.00 to $78.00 and gave the company a “buy” rating in a research note on Wednesday, February 25th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of DigitalOcean in a research report on Friday, March 27th. Nine research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $72.08.

DigitalOcean Trading Down 3.2%

The firm has a market cap of $8.01 billion, a P/E ratio of 34.43 and a beta of 1.43. The company’s 50-day moving average is $68.39 and its two-hundred day moving average is $53.31.

Insider Activity

In related news, CFO Matt Steinfort sold 20,000 shares of the firm’s 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 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Cherie Barrett sold 22,000 shares of the firm’s stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $54.77, for a total transaction of $1,204,940.00. Following the completion of the transaction, the chief accounting officer directly owned 62,469 shares in the company, valued at approximately $3,421,427.13. The trade was a 26.05% decrease in their position. The SEC filing for this sale provides additional information. 0.96% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On DigitalOcean

Several institutional investors and hedge funds have recently added to or reduced their stakes in DOCN. Allworth Financial LP increased its stake 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 buying an additional 255 shares during the last quarter. Huntington National Bank increased its stake in DigitalOcean by 638.3% in the 4th quarter. Huntington National Bank now owns 598 shares of the company’s stock valued at $29,000 after buying an additional 517 shares during the last quarter. NBC Securities Inc. purchased a new stake in DigitalOcean in the 4th quarter valued at about $32,000. Wilmington Savings Fund Society FSB purchased a new stake in DigitalOcean in the 3rd quarter valued at about $37,000. Finally, Transamerica Financial Advisors LLC increased its stake in DigitalOcean by 417.9% in the 4th quarter. Transamerica Financial Advisors LLC now owns 782 shares of the company’s stock valued at $38,000 after buying an additional 631 shares during the last quarter. Hedge funds and other institutional investors own 49.77% of the company’s stock.

DigitalOcean Company Profile

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.