DigitalOcean Holdings, Inc. (NYSE:DOCN) Short Interest Update

DigitalOcean Holdings, Inc. (NYSE:DOCN) was the recipient of a significant growth in short interest in March. As of March 31st, there was short interest totaling 12,801,699 shares, a growth of 32.5% from the March 15th total of 9,659,433 shares. Currently, 14.1% of the shares of the stock are short sold. Based on an average daily trading volume, of 5,510,282 shares, the short-interest ratio is currently 2.3 days.

DigitalOcean Stock Performance

Shares of DOCN traded down $2.62 during mid-day trading on Friday, reaching $85.81. The company had a trading volume of 4,565,257 shares, compared to its average volume of 4,088,385. The company’s 50 day simple moving average is $72.26 and its 200 day simple moving average is $55.63. DigitalOcean has a 1-year low of $25.56 and a 1-year high of $94.66. The company has a market capitalization of $7.89 billion, a price-to-earnings ratio of 33.92 and a beta of 1.43.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on DOCN. Bank of America increased their price objective on shares of DigitalOcean from $103.00 to $107.00 and gave the stock a “buy” rating in a research note on Thursday, April 9th. Oppenheimer increased their price objective on shares of DigitalOcean from $85.00 to $100.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 18th. UBS Group increased their price objective on shares of DigitalOcean from $48.00 to $68.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 25th. Wall Street Zen downgraded shares of DigitalOcean from a “buy” rating to a “hold” rating in a research note on Sunday, January 4th. Finally, Citigroup restated a “buy” rating on shares of DigitalOcean in a research note on Friday, February 13th. Nine equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, DigitalOcean presently has a consensus rating of “Moderate Buy” and a consensus price target of $76.08.

Insider Transactions at DigitalOcean

In other DigitalOcean news, CFO Matt Steinfort sold 20,000 shares of the stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $55.40, for a total transaction of $1,108,000.00. Following the sale, the chief financial officer directly owned 545,916 shares in the company, valued at $30,243,746.40. This represents a 3.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Cherie Barrett sold 22,000 shares of the stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $54.77, for a total transaction of $1,204,940.00. Following the sale, the chief accounting officer owned 62,469 shares in the company, valued at $3,421,427.13. The trade was a 26.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.96% of the company’s stock.

Institutional Investors Weigh In On DigitalOcean

A number of hedge funds have recently made changes to their positions in DOCN. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in DigitalOcean by 5.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 339,670 shares of the company’s stock worth $11,342,000 after buying an additional 16,162 shares during the period. Intech Investment Management LLC boosted its position in DigitalOcean by 59.2% during the 1st quarter. Intech Investment Management LLC now owns 39,429 shares of the company’s stock worth $1,317,000 after buying an additional 14,655 shares during the period. Amundi boosted its position in DigitalOcean by 126,552.2% during the 2nd quarter. Amundi now owns 29,130 shares of the company’s stock worth $827,000 after buying an additional 29,107 shares during the period. Jump Financial LLC acquired a new stake in DigitalOcean during the 2nd quarter worth approximately $3,212,000. Finally, Qube Research & Technologies Ltd boosted its position in DigitalOcean by 69.7% during the 2nd quarter. Qube Research & Technologies Ltd now owns 414,643 shares of the company’s stock worth $11,842,000 after buying an additional 170,339 shares during the period. 49.77% of the stock is currently owned by institutional investors and hedge funds.

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.