DigitalOcean (NYSE:DOCN) Price Target Cut to $45.00 by Analysts at Canaccord Genuity Group

DigitalOcean (NYSE:DOCN - Get Free Report) had its price objective decreased by investment analysts at Canaccord Genuity Group from $50.00 to $45.00 in a report released on Monday,Benzinga reports. The firm currently has a "buy" rating on the stock. Canaccord Genuity Group's price objective would suggest a potential upside of 63.28% from the company's current price.

Other equities research analysts have also recently issued research reports about the stock. Cantor Fitzgerald increased their price target on shares of DigitalOcean from $39.00 to $43.00 and gave the company a "neutral" rating in a research report on Wednesday, February 26th. Morgan Stanley upgraded DigitalOcean from an "equal weight" rating to an "overweight" rating and increased their price objective for the stock from $40.00 to $41.00 in a report on Thursday, January 16th. Stifel Nicolaus boosted their target price on DigitalOcean from $35.00 to $40.00 and gave the company a "hold" rating in a research note on Wednesday, December 18th. The Goldman Sachs Group reaffirmed a "buy" rating on shares of DigitalOcean in a research note on Saturday, March 1st. Finally, Needham & Company LLC reissued a "hold" rating on shares of DigitalOcean in a research report on Wednesday, February 26th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat.com, DigitalOcean has a consensus rating of "Hold" and an average target price of $42.18.

DigitalOcean Stock Down 2.3 %

Shares of NYSE DOCN traded down $0.66 during midday trading on Monday, reaching $27.56. The company had a trading volume of 1,496,729 shares, compared to its average volume of 1,290,493. The stock has a market cap of $2.54 billion, a PE ratio of 32.42, a price-to-earnings-growth ratio of 3.12 and a beta of 1.87. DigitalOcean has a one year low of $25.45 and a one year high of $47.02. The firm's fifty day moving average price is $37.81 and its 200-day moving average price is $38.38.

Insider Activity at DigitalOcean

In related news, insider Bratin Saha sold 3,948 shares of the stock in a transaction dated Tuesday, March 18th. The shares were sold at an average price of $36.63, for a total transaction of $144,615.24. Following the sale, the insider now directly owns 358,696 shares of the company's stock, valued at approximately $13,139,034.48. This represents a 1.09 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.74% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in DigitalOcean by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 8,434,555 shares of the company's stock worth $287,365,000 after acquiring an additional 117,133 shares during the last quarter. Jacobs Levy Equity Management Inc. increased its holdings in shares of DigitalOcean by 16.6% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 1,628,995 shares of the company's stock worth $55,500,000 after purchasing an additional 231,407 shares in the last quarter. Fuller & Thaler Asset Management Inc. raised its stake in shares of DigitalOcean by 7.3% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 1,545,642 shares of the company's stock worth $52,660,000 after purchasing an additional 105,235 shares during the last quarter. First Trust Advisors LP lifted its holdings in shares of DigitalOcean by 6.2% during the fourth quarter. First Trust Advisors LP now owns 1,533,699 shares of the company's stock valued at $52,253,000 after purchasing an additional 89,349 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of DigitalOcean by 0.6% during the fourth quarter. Geode Capital Management LLC now owns 1,473,421 shares of the company's stock valued at $50,211,000 after buying an additional 9,088 shares during the last quarter. 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).