Short Interest in DigitalOcean Holdings, Inc. (NYSE:DOCN) Grows By 8.9%

DigitalOcean Holdings, Inc. (NYSE:DOCN) was the recipient of a significant increase in short interest in the month of January. As of January 31st, there was short interest totalling 7,010,000 shares, an increase of 8.9% from the January 15th total of 6,440,000 shares. Currently, 11.3% of the shares of the company are sold short. Based on an average daily volume of 944,900 shares, the days-to-cover ratio is presently 7.4 days.

DigitalOcean Stock Down 2.9 %

DOCN stock traded down $1.32 during midday trading on Friday, reaching $44.52. The stock had a trading volume of 885,841 shares, compared to its average volume of 1,145,288. The business has a fifty day simple moving average of $38.17 and a two-hundred day simple moving average of $38.46. The firm has a market cap of $4.11 billion, a price-to-earnings ratio of 52.38, a PEG ratio of 3.19 and a beta of 1.81. DigitalOcean has a twelve month low of $26.63 and a twelve month high of $46.46.

Analyst Upgrades and Downgrades

DOCN has been the subject of several recent analyst reports. JMP Securities increased their price objective on DigitalOcean from $47.00 to $55.00 and gave the stock a “market outperform” rating in a research note on Monday, January 27th. JPMorgan Chase & Co. increased their price objective on DigitalOcean from $32.00 to $40.00 and gave the stock a “neutral” rating in a research note on Friday, October 25th. Stifel Nicolaus increased their price objective on DigitalOcean from $35.00 to $40.00 and gave the stock a “hold” rating in a research note on Wednesday, December 18th. Needham & Company LLC reiterated a “hold” rating on shares of DigitalOcean in a research note on Tuesday, November 5th. Finally, Citigroup started coverage on DigitalOcean in a research note on Friday, January 24th. They issued a “buy” rating and a $45.00 target price for the company. Six equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $42.73.

Insider Buying and Selling

In related news, insider Bratin Saha sold 4,289 shares of the firm’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $36.80, for a total value of $157,835.20. Following the completion of the transaction, the insider now directly owns 372,762 shares of the company’s stock, valued at $13,717,641.60. This trade represents a 1.14 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Matt Steinfort sold 12,498 shares of the firm’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $40.00, for a total value of $499,920.00. Following the completion of the transaction, the chief financial officer now directly owns 517,498 shares of the company’s stock, valued at approximately $20,699,920. This trade represents a 2.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 37,244 shares of company stock valued at $1,416,208 over the last ninety days. 0.74% of the stock is owned by company insiders.

Institutional Trading of DigitalOcean

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in DigitalOcean by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 8,434,555 shares of the company’s stock worth $287,365,000 after purchasing an additional 117,133 shares during the period. Fuller & Thaler Asset Management Inc. increased its position in DigitalOcean by 7.3% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 1,545,642 shares of the company’s stock worth $52,660,000 after purchasing an additional 105,235 shares during the period. First Trust Advisors LP boosted its holdings in DigitalOcean by 6.2% during the fourth quarter. First Trust Advisors LP now owns 1,533,699 shares of the company’s stock worth $52,253,000 after buying an additional 89,349 shares during the last quarter. Geode Capital Management LLC boosted its holdings in DigitalOcean by 0.6% during the fourth quarter. Geode Capital Management LLC now owns 1,473,421 shares of the company’s stock worth $50,211,000 after buying an additional 9,088 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. boosted its holdings in DigitalOcean by 32.8% during the third quarter. Jacobs Levy Equity Management Inc. now owns 1,397,588 shares of the company’s stock worth $56,449,000 after buying an additional 345,119 shares during the last quarter. 49.77% of the stock is currently owned by institutional investors and hedge funds.

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).