DigitalOcean (NASDAQ:DOCN) Shares Gap Down to $35.05

Shares of DigitalOcean Holdings, Inc. (NASDAQ:DOCN – Get Rating) gapped down before the market opened on Friday . The stock had previously closed at $35.05, but opened at $33.80. DigitalOcean shares last traded at $32.72, with a volume of 344,880 shares changing hands.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on DOCN. Morgan Stanley lifted their price target on DigitalOcean from $28.00 to $30.00 and gave the company an “underweight” rating in a research report on Friday, February 17th. Canaccord Genuity Group lifted their target price on DigitalOcean from $40.00 to $46.00 and gave the stock a “buy” rating in a report on Tuesday, February 21st. Credit Suisse Group lifted their target price on DigitalOcean from $31.00 to $34.00 and gave the stock a “neutral” rating in a report on Friday, February 17th. The Goldman Sachs Group lifted their target price on DigitalOcean from $29.00 to $33.00 and gave the stock a “sell” rating in a report on Friday, February 17th. Finally, Barclays lifted their target price on DigitalOcean from $32.00 to $42.00 in a report on Friday, February 17th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $40.54.

DigitalOcean Trading Down 2.8 %

The company has a current ratio of 5.76, a quick ratio of 5.76 and a debt-to-equity ratio of 28.78. The business has a fifty day moving average price of $31.15 and a two-hundred day moving average price of $32.40.

DigitalOcean (NASDAQ:DOCN – Get Rating) last issued its quarterly earnings results on Thursday, February 16th. The company reported $0.28 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.09. DigitalOcean had a negative return on equity of 2.36% and a negative net margin of 4.21%. The business had revenue of $163.00 million for the quarter, compared to the consensus estimate of $161.10 million. During the same quarter in the previous year, the company posted ($0.11) earnings per share. DigitalOcean’s revenue for the quarter was up 36.2% compared to the same quarter last year. On average, equities research analysts anticipate that DigitalOcean Holdings, Inc. will post 0.49 EPS for the current year.

Insider Activity at DigitalOcean

In related news, CMO Carly D. Brantz sold 106,419 shares of DigitalOcean stock in a transaction on Tuesday, February 21st. The stock was sold at an average price of $34.42, for a total transaction of $3,662,941.98. Following the completion of the sale, the chief marketing officer now owns 76,358 shares of the company’s stock, valued at $2,628,242.36. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, COO Jeffrey Scott Guy sold 5,600 shares of DigitalOcean stock in a transaction on Tuesday, March 14th. The stock was sold at an average price of $35.00, for a total transaction of $196,000.00. Following the completion of the sale, the chief operating officer now owns 165,958 shares of the company’s stock, valued at $5,808,530. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CMO Carly D. Brantz sold 106,419 shares of DigitalOcean stock in a transaction on Tuesday, February 21st. The shares were sold at an average price of $34.42, for a total value of $3,662,941.98. Following the sale, the chief marketing officer now directly owns 76,358 shares of the company’s stock, valued at approximately $2,628,242.36. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 177,657 shares of company stock valued at $6,141,092. Insiders own 4.10% of the company’s stock.

Institutional Trading of DigitalOcean

A number of institutional investors have recently bought and sold shares of the company. Rockefeller Capital Management L.P. lifted its position in shares of DigitalOcean by 67.1% in the fourth quarter. Rockefeller Capital Management L.P. now owns 3,653 shares of the company’s stock worth $93,000 after buying an additional 1,467 shares during the last quarter. Clay Northam Wealth Management LLC lifted its position in shares of DigitalOcean by 3.4% in the fourth quarter. Clay Northam Wealth Management LLC now owns 26,083 shares of the company’s stock worth $664,000 after buying an additional 858 shares during the last quarter. Point72 Middle East FZE acquired a new stake in shares of DigitalOcean in the fourth quarter worth about $512,000. Harbour Investments Inc. acquired a new stake in shares of DigitalOcean in the fourth quarter worth about $103,000. Finally, Chimera Capital Management LLC lifted its position in shares of DigitalOcean by 23.8% in the fourth quarter. Chimera Capital Management LLC now owns 20,260 shares of the company’s stock worth $516,000 after buying an additional 3,892 shares during the last quarter. Institutional investors and hedge funds own 52.00% of the company’s stock.

About DigitalOcean

(Get Rating)

DigitalOcean Holdings, Inc, through its subsidiaries, operates a cloud computing platform in North America, Europe, Asia, and internationally. Its platform provides on-demand infrastructure and platform tools for developers, start-ups, and small and medium size businesses. The company offers infrastructure solutions across compute, storage, and networking, as well as enables developers to extend the native capabilities of its cloud with fully managed application, container, and database offerings.