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

DigitalOcean Holdings, Inc. (NYSE:DOCN) was the recipient of a significant growth in short interest during the month of November. As of November 15th, there was short interest totalling 6,500,000 shares, a growth of 18.4% from the October 31st total of 5,490,000 shares. Based on an average daily volume of 1,160,000 shares, the short-interest ratio is currently 5.6 days. Approximately 10.6% of the company’s shares are short sold.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Needham & Company LLC reissued a “hold” rating on shares of DigitalOcean in a report on Tuesday, November 5th. UBS Group decreased their price target on DigitalOcean from $40.00 to $34.00 and set a “neutral” rating on the stock in a research note on Friday, August 9th. Canaccord Genuity Group upped their target price on DigitalOcean from $42.00 to $48.00 and gave the company a “buy” rating in a research note on Friday, October 4th. Barclays increased their price target on DigitalOcean from $38.00 to $48.00 and gave the company an “overweight” rating in a report on Friday, October 11th. Finally, Stifel Nicolaus upped their price objective on DigitalOcean from $32.00 to $35.00 and gave the company a “hold” rating in a report on Friday, August 9th. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $41.50.

DigitalOcean Stock Up 3.1 %

Shares of NYSE DOCN opened at $39.26 on Tuesday. DigitalOcean has a twelve month low of $26.63 and a twelve month high of $44.80. The company has a 50 day moving average of $40.23 and a 200 day moving average of $37.15. The firm has a market cap of $3.62 billion, a P/E ratio of 46.18, a PEG ratio of 2.45 and a beta of 1.77.

DigitalOcean (NYSE:DOCN) last issued its earnings results on Monday, November 4th. The company reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.40 by $0.12. The business had revenue of $198.50 million for the quarter, compared to the consensus estimate of $196.64 million. DigitalOcean had a net margin of 10.86% and a negative return on equity of 43.11%. The company’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.17 EPS. As a group, equities analysts expect that DigitalOcean will post 1.01 earnings per share for the current fiscal year.

Insider Transactions at DigitalOcean

In other DigitalOcean news, insider Bratin Saha sold 16,989 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $36.85, for a total value of $626,044.65. Following the completion of the transaction, the insider now directly owns 390,296 shares in the company, valued at $14,382,407.60. This represents a 4.17 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.74% of the company’s stock.

Institutional Investors Weigh In On DigitalOcean

Large investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC raised its stake in shares of DigitalOcean by 7.9% during the third quarter. Geode Capital Management LLC now owns 1,464,333 shares of the company’s stock worth $59,156,000 after purchasing an additional 106,636 shares during the last quarter. Jacobs Levy Equity Management Inc. increased its holdings in DigitalOcean by 32.8% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,397,588 shares of the company’s stock worth $56,449,000 after purchasing an additional 345,119 shares during the last quarter. Principal Financial Group Inc. boosted its position in DigitalOcean by 10.4% during the 3rd quarter. Principal Financial Group Inc. now owns 1,301,499 shares of the company’s stock valued at $52,568,000 after purchasing an additional 122,651 shares during the period. Van Berkom & Associates Inc. boosted its position in DigitalOcean by 1.6% during the 2nd quarter. Van Berkom & Associates Inc. now owns 1,273,103 shares of the company’s stock worth $44,240,000 after acquiring an additional 19,731 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in shares of DigitalOcean by 23.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,079,579 shares of the company’s stock worth $37,512,000 after buying an additional 205,007 shares in the last quarter. 49.77% of the stock is owned by hedge funds and other institutional investors.

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).