Analysts Set DigitalOcean Holdings, Inc. (NYSE:DOCN) Price Target at $42.13

Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN - Get Free Report) have received a consensus recommendation of "Hold" from the nine research firms that are presently covering the stock, MarketBeat Ratings reports. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $42.13.

A number of analysts recently issued reports on the stock. Canaccord Genuity Group lifted their price target on shares of DigitalOcean from $42.00 to $48.00 and gave the stock 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 report on Tuesday, November 5th. Stifel Nicolaus boosted their price objective on DigitalOcean from $35.00 to $40.00 and gave the company a "hold" rating in a report on Wednesday, December 18th. Barclays increased their target price on DigitalOcean from $38.00 to $48.00 and gave the stock an "overweight" rating in a report on Friday, October 11th. Finally, JPMorgan Chase & Co. boosted their price target on DigitalOcean from $32.00 to $40.00 and gave the company a "neutral" rating in a report on Friday, October 25th.

Insiders Place Their Bets

In related news, insider Bratin Saha sold 16,989 shares of the firm's stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $36.85, for a total value of $626,044.65. Following the sale, the insider now directly owns 390,296 shares in the company, valued at $14,382,407.60. This trade represents a 4.17 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Matt Steinfort sold 12,498 shares of the business's stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $40.00, for a total value of $499,920.00. Following the transaction, the chief financial officer now owns 517,498 shares of the company's stock, valued at $20,699,920. This trade represents a 2.36 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 32,955 shares of company stock valued at $1,258,373 over the last three months. Company insiders own 0.74% of the company's stock.

Institutional Trading of DigitalOcean

A number of hedge funds and other institutional investors have recently made changes to their positions in DOCN. Point72 Hong Kong Ltd acquired a new stake in shares of DigitalOcean in the second quarter valued at $877,000. Versor Investments LP acquired a new stake in DigitalOcean in the 3rd quarter valued at about $751,000. Public Sector Pension Investment Board bought a new position in shares of DigitalOcean during the 2nd quarter valued at about $4,108,000. University of Texas Texas AM Investment Management Co. acquired a new position in shares of DigitalOcean in the 2nd quarter worth approximately $11,712,000. Finally, FORA Capital LLC bought a new stake in shares of DigitalOcean in the 3rd quarter worth approximately $1,149,000. 49.77% of the stock is currently owned by institutional investors.

DigitalOcean Price Performance

DigitalOcean stock traded up $1.46 during midday trading on Friday, hitting $35.72. 668,615 shares of the stock were exchanged, compared to its average volume of 606,557. DigitalOcean has a 1 year low of $26.63 and a 1 year high of $44.80. The firm has a market cap of $3.30 billion, a P/E ratio of 42.02, a P/E/G ratio of 2.47 and a beta of 1.76. The company has a 50 day moving average price of $37.74 and a two-hundred day moving average price of $37.16.

DigitalOcean (NYSE:DOCN - Get Free Report) last announced its earnings results on Monday, November 4th. The company reported $0.52 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.40 by $0.12. DigitalOcean had a negative return on equity of 43.11% and a net margin of 10.86%. The business had revenue of $198.50 million for the quarter, compared to analyst estimates of $196.64 million. During the same period in the previous year, the company earned $0.17 earnings per share. The company's revenue for the quarter was up 12.1% compared to the same quarter last year. As a group, analysts predict that DigitalOcean will post 1.01 EPS for the current year.

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).