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

DigitalOcean Holdings, Inc. (NYSE:DOCN) CFO Matt Steinfort sold 20,000 shares of the stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $55.40, for a total value of $1,108,000.00. Following the completion of the sale, the chief financial officer owned 545,916 shares of the company’s stock, valued at $30,243,746.40. The trade was a 3.53% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

DigitalOcean Stock Down 5.6%

Shares of DigitalOcean stock opened at $52.27 on Thursday. The company has a market capitalization of $4.81 billion, a price-to-earnings ratio of 20.66, a PEG ratio of 53.84 and a beta of 1.76. The stock’s 50-day simple moving average is $56.79 and its 200-day simple moving average is $46.10. DigitalOcean Holdings, Inc. has a 52 week low of $25.45 and a 52 week high of $70.43.

Hedge Funds Weigh In On DigitalOcean

Several large investors have recently modified their holdings of the stock. Huntington National Bank raised its holdings in DigitalOcean by 638.3% during 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 period. NBC Securities Inc. bought a new position in DigitalOcean during the fourth quarter valued at $32,000. Allworth Financial LP raised its stake in shares of DigitalOcean by 54.4% in the third quarter. Allworth Financial LP now owns 724 shares of the company’s stock valued at $25,000 after acquiring an additional 255 shares during the period. Transamerica Financial Advisors LLC lifted its holdings in shares of DigitalOcean by 417.9% in the 4th quarter. Transamerica Financial Advisors LLC now owns 782 shares of the company’s stock worth $38,000 after acquiring an additional 631 shares during the last quarter. Finally, UMB Bank n.a. lifted its holdings in shares of DigitalOcean by 242.1% in the 4th quarter. UMB Bank n.a. now owns 821 shares of the company’s stock worth $40,000 after acquiring an additional 581 shares during the last quarter. Institutional investors own 49.77% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on DOCN shares. Oppenheimer increased their price objective on shares of DigitalOcean from $60.00 to $85.00 and gave the company an “outperform” rating in a report on Wednesday, February 25th. Canaccord Genuity Group upped their target price on shares of DigitalOcean from $65.00 to $80.00 and gave the stock a “buy” rating in a research report on Friday, February 20th. Bank of America lifted their price target on shares of DigitalOcean from $72.00 to $86.00 and gave the company a “buy” rating in a report on Wednesday, February 25th. Royal Bank Of Canada set a $60.00 price objective on shares of DigitalOcean in a report on Tuesday, February 24th. Finally, Barclays raised their price objective on DigitalOcean from $63.00 to $69.00 and gave the company an “overweight” rating in a research report on Wednesday, February 25th. Nine equities 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, the company currently has a consensus rating of “Moderate Buy” and an average target price of $69.23.

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.