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

DigitalOcean Holdings, Inc. (NYSE:DOCN) was the recipient of a large decline in short interest in October. As of October 31st, there was short interest totalling 5,490,000 shares, a decline of 5.3% from the October 15th total of 5,800,000 shares. Based on an average daily volume of 1,240,000 shares, the short-interest ratio is currently 4.4 days. Currently, 9.2% of the company’s stock are sold short.

DigitalOcean Stock Performance

DOCN stock opened at $38.00 on Wednesday. DigitalOcean has a one year low of $26.63 and a one year high of $44.80. The company’s fifty day moving average price is $40.63 and its 200-day moving average price is $37.01. The company has a market capitalization of $3.51 billion, a PE ratio of 44.71, a price-to-earnings-growth ratio of 2.37 and a beta of 1.83.

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

Wall Street Analysts Forecast Growth

DOCN has been the subject of several research analyst reports. Canaccord Genuity Group raised their price target on shares of DigitalOcean from $42.00 to $48.00 and gave the stock a “buy” rating in a research note on Friday, October 4th. UBS Group dropped their target price on shares of DigitalOcean from $40.00 to $34.00 and set a “neutral” rating for the company in a research report on Friday, August 9th. JPMorgan Chase & Co. upped their target price 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 lifted their target price on shares of DigitalOcean from $32.00 to $35.00 and gave the stock a “hold” rating in a research note on Friday, August 9th. Finally, Barclays boosted their target price on DigitalOcean from $38.00 to $48.00 and gave the company an “overweight” rating in a research note on Friday, October 11th. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $41.50.

Insiders Place Their Bets

In other DigitalOcean news, insider Bratin Saha sold 16,989 shares of the business’s stock in a transaction 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 transaction, the insider now owns 390,296 shares of the company’s stock, valued at approximately $14,382,407.60. The trade was a 4.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.74% of the company’s stock.

Hedge Funds Weigh In On DigitalOcean

Institutional investors have recently modified their holdings of the stock. Empowered Funds LLC boosted its holdings in DigitalOcean by 10.0% in the first quarter. Empowered Funds LLC now owns 7,852 shares of the company’s stock worth $300,000 after acquiring an additional 711 shares in the last quarter. ProShare Advisors LLC grew its holdings in DigitalOcean by 8.4% in the 1st quarter. ProShare Advisors LLC now owns 12,743 shares of the company’s stock valued at $487,000 after buying an additional 986 shares in the last quarter. State Board of Administration of Florida Retirement System increased its stake in DigitalOcean by 20.9% during the first quarter. State Board of Administration of Florida Retirement System now owns 21,896 shares of the company’s stock worth $858,000 after acquiring an additional 3,790 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of DigitalOcean by 11.5% in the 1st quarter. Vanguard Group Inc. now owns 6,728,563 shares of the company’s stock valued at $256,897,000 after acquiring an additional 696,426 shares during the period. Finally, Covestor Ltd lifted its position in shares of DigitalOcean by 571.4% during the first quarter. Covestor Ltd now owns 1,947 shares of the company’s stock worth $74,000 after purchasing an additional 1,657 shares in the last quarter. 49.77% of the stock is owned by hedge funds and other institutional investors.

About DigitalOcean

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).