Short Interest in DigitalOcean Holdings, Inc. (NYSE:DOCN) Rises By 18.4%

DigitalOcean Holdings, Inc. (NYSE:DOCN) was the target of a large increase in short interest in November. As of November 15th, there was short interest totalling 6,500,000 shares, an increase of 18.4% from the October 31st total of 5,490,000 shares. Based on an average trading volume of 1,160,000 shares, the days-to-cover ratio is presently 5.6 days. Currently, 10.6% of the company’s stock are short sold.

Insider Transactions at DigitalOcean

In other DigitalOcean news, insider Bratin Saha sold 16,989 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $36.85, for a total transaction 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. This trade represents a 4.17 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.74% of the company’s stock.

Hedge Funds Weigh In On DigitalOcean

Large investors have recently modified their holdings of the company. 180 Wealth Advisors LLC lifted its position in DigitalOcean by 4.4% during the second quarter. 180 Wealth Advisors LLC now owns 7,120 shares of the company’s stock valued at $237,000 after buying an additional 297 shares in the last quarter. Harbor Capital Advisors Inc. increased its holdings in DigitalOcean by 4.5% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 8,426 shares of the company’s stock valued at $293,000 after purchasing an additional 359 shares in the last quarter. Sei Investments Co. lifted its stake in shares of DigitalOcean by 1.5% during the second quarter. Sei Investments Co. now owns 30,834 shares of the company’s stock worth $1,071,000 after purchasing an additional 468 shares in the last quarter. Nisa Investment Advisors LLC grew its stake in shares of DigitalOcean by 56.4% in the third quarter. Nisa Investment Advisors LLC now owns 1,340 shares of the company’s stock valued at $54,000 after buying an additional 483 shares in the last quarter. Finally, Creative Financial Designs Inc. ADV raised its stake in shares of DigitalOcean by 17.8% during the third quarter. Creative Financial Designs Inc. ADV now owns 3,744 shares of the company’s stock valued at $151,000 after purchasing an additional 566 shares during the period. 49.77% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on DOCN shares. Needham & Company LLC restated a “hold” rating on shares of DigitalOcean in a research report on Tuesday, November 5th. Barclays increased their target price on shares of DigitalOcean from $38.00 to $48.00 and gave the stock an “overweight” rating in a research note on Friday, October 11th. Stifel Nicolaus increased their price objective on DigitalOcean from $32.00 to $35.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. UBS Group cut their price objective 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. Finally, JPMorgan Chase & Co. lifted their target price on shares of DigitalOcean from $32.00 to $40.00 and gave the company a “neutral” rating in a report on Friday, October 25th. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, DigitalOcean currently has an average rating of “Hold” and a consensus price target of $41.50.

DigitalOcean Trading Down 2.3 %

DOCN traded down $0.90 during midday trading on Tuesday, hitting $38.36. The company’s stock had a trading volume of 165,923 shares, compared to its average volume of 1,230,732. The firm has a 50-day moving average price of $40.23 and a two-hundred day moving average price of $37.15. DigitalOcean has a 52-week low of $26.63 and a 52-week high of $44.80. The firm has a market cap of $3.54 billion, a P/E ratio of 46.18, a PEG ratio of 2.45 and a beta of 1.77.

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

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).