Brokerages Set DigitalOcean Holdings, Inc. (NYSE:DOCN) Target Price at $41.50

DigitalOcean Holdings, Inc. (NYSE:DOCN - Get Free Report) has been assigned an average recommendation of "Hold" from the nine analysts that are currently covering the stock, Marketbeat reports. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $41.50.

Several equities research analysts recently issued reports on the stock. Canaccord Genuity Group lifted their price objective on shares of DigitalOcean from $42.00 to $48.00 and gave the company a "buy" rating in a research note on Friday, October 4th. Needham & Company LLC reaffirmed a "hold" rating on shares of DigitalOcean in a research note on Tuesday, November 5th. JPMorgan Chase & Co. lifted their price objective on shares of DigitalOcean from $32.00 to $40.00 and gave the company a "neutral" rating in a research note on Friday, October 25th. Finally, 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 note on Friday, October 11th.

DigitalOcean Stock Up 0.3 %

Shares of DigitalOcean stock traded up $0.12 on Wednesday, hitting $38.41. 688,987 shares of the company traded hands, compared to its average volume of 1,218,932. The company has a 50-day moving average price of $40.04 and a 200 day moving average price of $37.25. DigitalOcean has a 12-month low of $26.63 and a 12-month high of $44.80. The company has a market cap of $3.54 billion, a PE ratio of 46.36, a PEG ratio of 2.58 and a beta of 1.76.

DigitalOcean (NYSE:DOCN - Get Free Report) last posted its quarterly earnings results on Monday, November 4th. The company reported $0.52 EPS 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 business had revenue of $198.50 million for the quarter, compared to analysts' expectations of $196.64 million. During the same period in the previous year, the company posted $0.17 EPS. DigitalOcean's revenue was up 12.1% on a year-over-year basis. Equities research analysts anticipate that DigitalOcean will post 1.01 EPS for the current year.

Insider Activity

In other news, CFO Matt Steinfort sold 12,498 shares of the company's stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $40.00, for a total transaction of $499,920.00. Following the completion of the transaction, the chief financial officer now owns 517,498 shares of the company's stock, valued at approximately $20,699,920. This represents a 2.36 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Bratin Saha sold 16,989 shares of the company's stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $36.85, for a total transaction of $626,044.65. Following the transaction, the insider now directly owns 390,296 shares of the company's stock, valued at $14,382,407.60. This represents a 4.17 % decrease in their position. The disclosure for this sale can be found here. 0.74% of the stock is owned by company insiders.

Institutional Trading of DigitalOcean

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Farther Finance Advisors LLC bought a new stake in DigitalOcean in the third quarter valued at about $30,000. Advisors Asset Management Inc. increased its stake in DigitalOcean by 150.4% in the third quarter. Advisors Asset Management Inc. now owns 974 shares of the company's stock valued at $39,000 after acquiring an additional 585 shares during the period. Blue Trust Inc. grew its stake in DigitalOcean by 380.6% during the third quarter. Blue Trust Inc. now owns 1,211 shares of the company's stock worth $49,000 after buying an additional 959 shares during the last quarter. Nisa Investment Advisors LLC grew its stake in DigitalOcean by 56.4% during the third quarter. Nisa Investment Advisors LLC now owns 1,340 shares of the company's stock worth $54,000 after buying an additional 483 shares during the last quarter. Finally, KBC Group NV grew its stake in DigitalOcean by 47.6% during the third quarter. KBC Group NV now owns 2,096 shares of the company's stock worth $85,000 after buying an additional 676 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).