DigitalOcean Holdings, Inc. (NYSE:DOCN) Receives Average Rating of "Hold" from Brokerages

Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN - Get Free Report) have received a consensus rating of "Hold" from the thirteen research firms that are currently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating on the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $43.27.

A number of brokerages recently issued reports on DOCN. JMP Securities increased their price objective on DigitalOcean from $47.00 to $55.00 and gave the stock a "market outperform" rating in a 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 report on Thursday, January 16th. Cantor Fitzgerald boosted their price objective on shares of DigitalOcean from $39.00 to $43.00 and gave the company a "neutral" rating in a research note on Wednesday, February 26th. UBS Group increased their target price on shares of DigitalOcean from $39.00 to $44.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 26th. Finally, Needham & Company LLC reissued a "hold" rating on shares of DigitalOcean in a report on Wednesday, February 26th.

DigitalOcean Price Performance

Shares of NYSE:DOCN traded up $0.06 during trading on Friday, hitting $37.94. 724,973 shares of the company were exchanged, compared to its average volume of 1,208,288. DigitalOcean has a 52-week low of $26.63 and a 52-week high of $47.02. The stock has a 50 day moving average of $40.09 and a 200 day moving average of $39.34. The company has a market cap of $3.49 billion, a PE ratio of 44.64, a P/E/G ratio of 3.12 and a beta of 1.80.

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Insider Buying and Selling at DigitalOcean

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

Hedge Funds Weigh In On DigitalOcean

Institutional investors and hedge funds have recently made changes to their positions in the business. Norges Bank bought a new stake in DigitalOcean in the fourth quarter worth $14,772,000. Jacobs Levy Equity Management Inc. lifted its stake in shares of DigitalOcean by 32.8% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,397,588 shares of the company's stock valued at $56,449,000 after acquiring an additional 345,119 shares during the last quarter. CenterBook Partners LP purchased a new stake in DigitalOcean during the 4th quarter valued at about $7,633,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new position in DigitalOcean during the 4th quarter worth approximately $5,382,000. Finally, Bank of New York Mellon Corp grew its position in DigitalOcean by 19.7% during the 4th quarter. Bank of New York Mellon Corp now owns 791,861 shares of the company's stock worth $26,979,000 after acquiring an additional 130,263 shares during the last quarter. 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).