Short Interest in DigitalOcean Holdings, Inc. (NYSE:DOCN) Drops By 5.3%

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

DigitalOcean Stock Down 1.2 %

Shares of DigitalOcean stock opened at $36.40 on Tuesday. The business has a fifty day simple moving average of $40.62 and a 200-day simple moving average of $36.98. The firm has a market cap of $3.36 billion, a price-to-earnings ratio of 42.82, a price-to-earnings-growth ratio of 2.37 and a beta of 1.83. DigitalOcean has a fifty-two week low of $26.63 and a fifty-two week high of $44.80.

DigitalOcean (NYSE:DOCN) last posted its quarterly earnings data on Monday, November 4th. The company reported $0.52 earnings per share for the quarter, beating 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 company had revenue of $198.50 million during the quarter, compared to analyst estimates of $196.64 million. During the same quarter last year, the firm posted $0.17 EPS. The business’s revenue for the quarter was up 12.1% on a year-over-year basis. Analysts anticipate that DigitalOcean will post 1.01 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently weighed in on DOCN shares. Barclays lifted their price objective on shares of DigitalOcean from $38.00 to $48.00 and gave the company an “overweight” rating in a research report on Friday, October 11th. UBS Group reduced their price objective on DigitalOcean from $40.00 to $34.00 and set a “neutral” rating for the company in a research report on Friday, August 9th. Stifel Nicolaus raised their target price on DigitalOcean from $32.00 to $35.00 and gave the company a “hold” rating in a research report on Friday, August 9th. Needham & Company LLC reiterated a “hold” rating on shares of DigitalOcean in a research report on Tuesday, November 5th. Finally, JPMorgan Chase & Co. increased their price target on DigitalOcean from $32.00 to $40.00 and gave the stock a “neutral” rating in a research note on Friday, October 25th. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $41.50.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of DOCN. Farther Finance Advisors LLC acquired a new position in shares of DigitalOcean in the 3rd quarter worth $30,000. Advisors Asset Management Inc. boosted its position in shares of DigitalOcean by 150.4% in the 3rd quarter. Advisors Asset Management Inc. now owns 974 shares of the company’s stock valued at $39,000 after purchasing an additional 585 shares during the period. Blue Trust Inc. boosted its position in shares of DigitalOcean by 380.6% in the 3rd quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock valued at $49,000 after purchasing an additional 959 shares during the period. Nisa Investment Advisors LLC increased its stake in DigitalOcean by 56.4% in the 3rd quarter. Nisa Investment Advisors LLC now owns 1,340 shares of the company’s stock worth $54,000 after purchasing an additional 483 shares in the last quarter. Finally, Covestor Ltd raised its holdings in DigitalOcean by 571.4% during the 1st quarter. Covestor Ltd now owns 1,947 shares of the company’s stock worth $74,000 after buying an additional 1,657 shares during the period. Institutional investors own 49.77% of the company’s stock.

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).