Needham & Company LLC reissued their hold rating on shares of DigitalOcean (NYSE:DOCN - Free Report) in a research note published on Monday morning,Benzinga reports.
Several other research firms have also weighed in on DOCN. JMP Securities upped their price objective on DigitalOcean from $47.00 to $55.00 and gave the company a "market outperform" rating in a research note on Monday, January 27th. Cantor Fitzgerald increased their price objective on DigitalOcean from $39.00 to $43.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 26th. Morgan Stanley upgraded shares of DigitalOcean from an "equal weight" rating to an "overweight" rating and boosted their target price for the company from $40.00 to $41.00 in a research note on Thursday, January 16th. The Goldman Sachs Group reiterated a "buy" rating on shares of DigitalOcean in a research report on Saturday, March 1st. Finally, JPMorgan Chase & Co. boosted their price target on shares of DigitalOcean from $40.00 to $45.00 and gave the company a "neutral" rating in a research report on Wednesday, February 26th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $42.18.
Check Out Our Latest Stock Report on DOCN
DigitalOcean Price Performance
Shares of DigitalOcean stock traded down $0.66 during trading on Monday, hitting $27.56. 1,496,729 shares of the company's stock traded hands, compared to its average volume of 1,290,493. The company has a market cap of $2.54 billion, a PE ratio of 32.42, a PEG ratio of 3.12 and a beta of 1.87. The firm's fifty day moving average price is $37.81 and its 200 day moving average price is $38.38. DigitalOcean has a twelve month low of $25.45 and a twelve month high of $47.02.
Insider Transactions at DigitalOcean
In other news, insider Bratin Saha sold 3,948 shares of the business's stock in a transaction on Tuesday, March 18th. The stock was sold at an average price of $36.63, for a total transaction of $144,615.24. Following the completion of the sale, the insider now owns 358,696 shares in the company, valued at $13,139,034.48. The trade was a 1.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.74% of the stock is owned by company insiders.
Institutional Trading of DigitalOcean
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in DOCN. Harbor Investment Advisory LLC grew its holdings 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 acquiring an additional 570 shares during the period. JTC Employer Solutions Trustee Ltd acquired a new stake in shares of DigitalOcean during the fourth quarter worth $45,000. SBI Securities Co. Ltd. bought a new stake in DigitalOcean in the fourth quarter valued at about $66,000. KBC Group NV lifted its stake in DigitalOcean by 37.6% in the fourth quarter. KBC Group NV now owns 2,884 shares of the company's stock valued at $98,000 after buying an additional 788 shares during the period. Finally, New Age Alpha Advisors LLC bought a new position in DigitalOcean during the fourth quarter worth about $115,000. 49.77% of the stock is currently owned by institutional investors and hedge funds.
About DigitalOcean
(
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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).
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