Canaccord Genuity Group Issues Positive Forecast for DigitalOcean (NYSE:DOCN) Stock Price

DigitalOcean (NYSE:DOCN - Get Free Report) had its price target boosted by investment analysts at Canaccord Genuity Group from $48.00 to $50.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Canaccord Genuity Group's price target would suggest a potential upside of 16.98% from the company's current price.

DOCN has been the topic of a number of other research reports. JMP Securities raised their target price on shares of DigitalOcean from $47.00 to $55.00 and gave the stock a "market outperform" rating in a research report on Monday, January 27th. Morgan Stanley raised shares of DigitalOcean from an "equal weight" rating to an "overweight" rating and increased their price target for the stock from $40.00 to $41.00 in a research note on Thursday, January 16th. Needham & Company LLC reaffirmed a "hold" rating on shares of DigitalOcean in a research note on Wednesday. Cantor Fitzgerald increased 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. Finally, Stifel Nicolaus increased their price target 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. One analyst has rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $43.27.

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DigitalOcean Stock Performance

NYSE DOCN traded up $0.03 during mid-day trading on Wednesday, reaching $42.74. 1,198,218 shares of the stock were exchanged, compared to its average volume of 1,348,071. DigitalOcean has a 1-year low of $26.63 and a 1-year high of $47.02. The business's fifty day simple moving average is $39.17 and its 200 day simple moving average is $39.25. The stock has a market capitalization of $3.94 billion, a PE ratio of 50.29, a PEG ratio of 3.12 and a beta of 1.81.

Insider Activity

In related news, 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 sale, the insider now owns 372,762 shares of the company's stock, valued at $13,717,641.60. The trade was a 1.14 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Matt Steinfort sold 12,498 shares of DigitalOcean stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $40.00, for a total transaction of $499,920.00. Following the sale, the chief financial officer now directly owns 517,498 shares in the company, valued at $20,699,920. This trade represents a 2.36 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,255 shares of company stock valued at $790,163. Company insiders own 0.74% of the company's stock.

Institutional Investors Weigh In On DigitalOcean

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Harbor Investment Advisory LLC increased its stake in DigitalOcean by 380.0% during the 4th quarter. Harbor Investment Advisory LLC now owns 720 shares of the company's stock worth $25,000 after buying an additional 570 shares during the period. Farther Finance Advisors LLC acquired a new position in DigitalOcean during the 3rd quarter worth $30,000. Advisors Asset Management Inc. grew its holdings in DigitalOcean by 150.4% during the 3rd quarter. Advisors Asset Management Inc. now owns 974 shares of the company's stock worth $39,000 after acquiring an additional 585 shares in the last quarter. Blue Trust Inc. grew its holdings in DigitalOcean by 380.6% during the 3rd quarter. Blue Trust Inc. now owns 1,211 shares of the company's stock worth $49,000 after acquiring an additional 959 shares in the last quarter. Finally, JTC Employer Solutions Trustee Ltd acquired a new position in DigitalOcean during the 4th quarter worth $45,000. Hedge funds and other institutional investors own 49.77% of the company's stock.

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).