DigitalOcean Holdings, Inc. (NYSE:DOCN) Short Interest Down 7.6% in October

by · The Cerbat Gem

DigitalOcean Holdings, Inc. (NYSE:DOCN – Get Free Report) was the target of a significant decline in short interest during the month of October. As of October 15th, there was short interest totalling 5,800,000 shares, a decline of 7.6% from the September 30th total of 6,280,000 shares. Based on an average daily trading volume, of 1,330,000 shares, the short-interest ratio is presently 4.4 days. Approximately 9.8% of the company’s stock are sold short.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Principal Financial Group Inc. raised its position in shares of DigitalOcean by 10.4% during the 3rd quarter. Principal Financial Group Inc. now owns 1,301,499 shares of the company’s stock valued at $52,568,000 after purchasing an additional 122,651 shares during the period. Amalgamated Bank raised its holdings in DigitalOcean by 13.5% during the third quarter. Amalgamated Bank now owns 18,552 shares of the company’s stock valued at $749,000 after acquiring an additional 2,205 shares during the period. Harbor Capital Advisors Inc. lifted its position in shares of DigitalOcean by 369.0% in the third quarter. Harbor Capital Advisors Inc. now owns 39,518 shares of the company’s stock valued at $1,596,000 after acquiring an additional 31,092 shares in the last quarter. Farther Finance Advisors LLC bought a new position in shares of DigitalOcean in the third quarter worth about $30,000. Finally, Creative Financial Designs Inc. ADV grew its position 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 worth $151,000 after purchasing an additional 566 shares in the last quarter. 49.77% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

DOCN has been the topic of several analyst reports. UBS Group lowered their price objective on DigitalOcean from $40.00 to $34.00 and set a “neutral” rating on the stock in a research report on Friday, August 9th. JPMorgan Chase & Co. upped their price target on DigitalOcean from $32.00 to $40.00 and gave the company a “neutral” rating in a report on Friday, October 25th. Stifel Nicolaus lifted their price objective on DigitalOcean from $32.00 to $35.00 and gave the stock a “hold” rating in a report on Friday, August 9th. Barclays raised their price target on shares of DigitalOcean from $38.00 to $48.00 and gave the company an “overweight” rating in a report on Friday, October 11th. Finally, Piper Sandler decreased their price objective on shares of DigitalOcean from $38.00 to $34.00 and set a “neutral” rating for the company in a report on Monday, July 15th. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, DigitalOcean currently has an average rating of “Moderate Buy” and an average target price of $40.56.

Read Our Latest Research Report on DigitalOcean

DigitalOcean Trading Down 3.3 %

DOCN stock traded down $1.37 during midday trading on Thursday, reaching $39.59. 893,134 shares of the company’s stock traded hands, compared to its average volume of 1,245,183. The stock’s 50-day moving average is $40.39 and its 200 day moving average is $36.55. The stock has a market cap of $3.64 billion, a P/E ratio of 54.98, a PEG ratio of 3.38 and a beta of 1.83. DigitalOcean has a 52-week low of $19.39 and a 52-week high of $44.80.

DigitalOcean (NYSE:DOCN – Get Free Report) last announced its earnings results on Thursday, August 8th. The company reported $0.48 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.09. DigitalOcean had a negative return on equity of 31.71% and a net margin of 9.30%. The company had revenue of $192.00 million for the quarter, compared to analysts’ expectations of $188.63 million. During the same period last year, the firm earned $0.11 EPS. DigitalOcean’s revenue for the quarter was up 13.1% compared to the same quarter last year. As a group, research analysts expect that DigitalOcean will post 0.86 EPS for the current fiscal year.

About DigitalOcean

(Get Free Report)

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).

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