Barclays Has Lowered Expectations for DigitalOcean (NYSE:DOCN) Stock Price

DigitalOcean (NYSE:DOCN - Get Free Report) had its price target reduced by analysts at Barclays from $48.00 to $38.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has an "overweight" rating on the stock. Barclays's price target suggests a potential upside of 42.11% from the company's current price.

Several other equities analysts have also recently commented on the stock. Citigroup initiated coverage on shares of DigitalOcean in a research note on Friday, January 24th. They set a "buy" rating and a $45.00 target price for the company. JPMorgan Chase & Co. boosted their price objective on DigitalOcean from $40.00 to $45.00 and gave the company a "neutral" rating in a research report on Wednesday, February 26th. Cantor Fitzgerald lifted their price target on shares of DigitalOcean from $39.00 to $43.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 26th. JMP Securities raised their price objective on shares of DigitalOcean from $47.00 to $55.00 and gave the stock a "market outperform" rating in a report on Monday, January 27th. Finally, UBS Group increased their price target on shares of DigitalOcean from $39.00 to $44.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 26th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $41.27.

DigitalOcean Price Performance

DOCN stock opened at $26.74 on Monday. The company has a 50-day moving average of $36.12 and a two-hundred day moving average of $37.93. The stock has a market capitalization of $2.46 billion, a price-to-earnings ratio of 31.83, a price-to-earnings-growth ratio of 3.12 and a beta of 1.87. DigitalOcean has a 52-week low of $25.45 and a 52-week high of $47.02.

Insiders Place Their Bets

In other news, insider Bratin Saha sold 3,948 shares of the firm's stock in a transaction dated Tuesday, March 18th. The shares were sold at an average price of $36.63, for a total value of $144,615.24. Following the transaction, the insider now owns 358,696 shares of the company's stock, valued at approximately $13,139,034.48. This trade represents a 1.09 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.74% of the company's stock.

Hedge Funds Weigh In On DigitalOcean

Hedge funds and other institutional investors have recently bought and sold shares of the business. Stifel Financial Corp grew its stake in shares of DigitalOcean by 3.6% during the third quarter. Stifel Financial Corp now owns 22,218 shares of the company's stock worth $897,000 after purchasing an additional 777 shares during the period. Tidal Investments LLC bought a new stake in shares of DigitalOcean in the 3rd quarter valued at $423,000. Franklin Resources Inc. lifted its holdings in DigitalOcean by 17.1% during the third quarter. Franklin Resources Inc. now owns 39,078 shares of the company's stock worth $1,714,000 after acquiring an additional 5,718 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of DigitalOcean by 10.4% in the third quarter. Principal Financial Group Inc. now owns 1,301,499 shares of the company's stock worth $52,568,000 after acquiring an additional 122,651 shares in the last quarter. Finally, Nordea Investment Management AB raised its holdings in DigitalOcean by 4.5% during the 4th quarter. Nordea Investment Management AB now owns 267,244 shares of the company's stock worth $9,196,000 after buying an additional 11,481 shares during the period. 49.77% of the stock is owned by institutional investors.

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).

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