DigitalOcean Holdings, Inc. (NYSE:DOCN) Short Interest Up 8.9% in January

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

Analyst Upgrades and Downgrades

DOCN has been the subject of a number of analyst reports. Needham & Company LLC reaffirmed a “hold” rating on shares of DigitalOcean in a research report on Tuesday, November 5th. JPMorgan Chase & Co. boosted their target price on DigitalOcean from $32.00 to $40.00 and gave the stock a “neutral” rating in a report on Friday, October 25th. Morgan Stanley upgraded DigitalOcean from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $40.00 to $41.00 in a report on Thursday, January 16th. Stifel Nicolaus boosted their price objective on shares of DigitalOcean from $35.00 to $40.00 and gave the stock a “hold” rating in a research note on Wednesday, December 18th. Finally, Cantor Fitzgerald began coverage on shares of DigitalOcean in a report on Friday, January 17th. They issued a “neutral” rating and a $39.00 target price on the stock. Six analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, DigitalOcean has an average rating of “Moderate Buy” and a consensus target price of $42.73.

DigitalOcean Stock Down 2.9 %

DOCN stock opened at $44.52 on Tuesday. DigitalOcean has a twelve month low of $26.63 and a twelve month high of $46.46. The company has a market cap of $4.11 billion, a PE ratio of 52.38, a price-to-earnings-growth ratio of 3.19 and a beta of 1.81. The business’s 50-day simple moving average is $38.28 and its 200 day simple moving average is $38.55.

Insider Buying and Selling at DigitalOcean

In other news, CFO Matt Steinfort sold 12,498 shares of the firm’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $40.00, for a total transaction of $499,920.00. Following the transaction, the chief financial officer now owns 517,498 shares in the company, valued at approximately $20,699,920. This trade represents a 2.36 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Bratin Saha sold 4,289 shares of DigitalOcean stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $36.80, for a total transaction of $157,835.20. Following the completion of the sale, the insider now directly owns 372,762 shares of the company’s stock, valued at approximately $13,717,641.60. The trade was a 1.14 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,255 shares of company stock worth $790,163 over the last 90 days. 0.74% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of DOCN. Hillsdale Investment Management Inc. increased its holdings in DigitalOcean by 0.4% in the 4th quarter. Hillsdale Investment Management Inc. now owns 84,500 shares of the company’s stock valued at $2,879,000 after buying an additional 300 shares during the period. Focus Partners Wealth increased its stake in DigitalOcean by 2.8% in the fourth quarter. Focus Partners Wealth now owns 12,455 shares of the company’s stock valued at $424,000 after acquiring an additional 338 shares during the period. Summit Investment Advisors Inc. lifted its stake in DigitalOcean by 6.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 6,866 shares of the company’s stock worth $234,000 after purchasing an additional 436 shares during the period. Nisa Investment Advisors LLC boosted its holdings in DigitalOcean by 56.4% during the third quarter. Nisa Investment Advisors LLC now owns 1,340 shares of the company’s stock valued at $54,000 after purchasing an additional 483 shares in the last quarter. Finally, Creative Financial Designs Inc. ADV grew its stake in shares of DigitalOcean by 17.8% in the 3rd 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 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).