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

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

Insider Buying and Selling

In related news, CAO Cherie Barrett sold 22,000 shares of the company’s stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $54.77, for a total value of $1,204,940.00. Following the sale, the chief accounting officer owned 62,469 shares of the company’s stock, valued at approximately $3,421,427.13. This represents a 26.05% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Matt Steinfort sold 20,000 shares of the company’s stock in a transaction that occurred on 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 completion of the sale, the chief financial officer directly owned 545,916 shares in the company, valued at approximately $30,243,746.40. The trade was a 3.53% decrease in their position. The SEC filing for this sale provides additional information. 0.96% of the stock is currently owned by corporate insiders.

Institutional Trading of DigitalOcean

Institutional investors and hedge funds have recently made changes to their positions in the company. Allworth Financial LP increased its holdings in shares of DigitalOcean by 54.4% during the 3rd quarter. Allworth Financial LP now owns 724 shares of the company’s stock worth $25,000 after buying an additional 255 shares during the last quarter. Huntington National Bank increased its holdings in shares of DigitalOcean by 638.3% during the 4th quarter. Huntington National Bank now owns 598 shares of the company’s stock worth $29,000 after buying an additional 517 shares during the last quarter. NBC Securities Inc. acquired a new stake in shares of DigitalOcean during the 4th quarter worth $32,000. Wilmington Savings Fund Society FSB acquired a new stake in shares of DigitalOcean during the 3rd quarter worth $37,000. Finally, Transamerica Financial Advisors LLC increased its holdings in shares of DigitalOcean by 417.9% during the 4th quarter. Transamerica Financial Advisors LLC now owns 782 shares of the company’s stock worth $38,000 after buying an additional 631 shares during the last quarter. 49.77% of the stock is currently owned by institutional investors and hedge funds.

DigitalOcean Stock Down 3.0%

Shares of DOCN stock traded down $2.62 on Friday, reaching $85.81. 4,564,028 shares of the stock were exchanged, compared to its average volume of 4,074,754. The stock has a market cap of $7.89 billion, a P/E ratio of 33.92 and a beta of 1.43. The firm has a 50 day moving average of $72.26 and a two-hundred day moving average of $55.63. DigitalOcean has a 1-year low of $25.56 and a 1-year high of $94.66.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. Piper Sandler upped their target price on DigitalOcean from $67.00 to $98.00 and gave the company a “neutral” rating in a research note on Tuesday, April 7th. Royal Bank Of Canada set a $60.00 price target on DigitalOcean in a research note on Tuesday, February 24th. Oppenheimer increased their price target on DigitalOcean from $85.00 to $100.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 18th. The Goldman Sachs Group increased their price target on DigitalOcean from $50.00 to $78.00 and gave the stock a “buy” rating in a research note on Wednesday, February 25th. Finally, Wall Street Zen lowered DigitalOcean from a “buy” rating to a “hold” rating in a research note on Sunday, January 4th. Nine analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $76.08.

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.