DigitalOcean (NYSE:DOCN) Coverage Initiated by Analysts at Cantor Fitzgerald

Cantor Fitzgerald began coverage on shares of DigitalOcean (NYSE:DOCN - Free Report) in a research report sent to investors on Friday, MarketBeat Ratings reports. The firm issued a neutral rating and a $39.00 price objective on the stock.

A number of other analysts also recently issued reports on DOCN. Morgan Stanley raised shares of DigitalOcean from an "equal weight" rating to an "overweight" rating and lifted their price objective for the stock from $40.00 to $41.00 in a report on Thursday. JPMorgan Chase & Co. upped their price objective on DigitalOcean from $32.00 to $40.00 and gave the stock a "neutral" rating in a report on Friday, October 25th. Needham & Company LLC restated a "hold" rating on shares of DigitalOcean in a research report on Tuesday, November 5th. Canaccord Genuity Group increased their price target on shares of DigitalOcean from $42.00 to $48.00 and gave the company a "buy" rating in a research report on Friday, October 4th. Finally, Stifel Nicolaus upped their price objective on shares of DigitalOcean from $35.00 to $40.00 and gave the company a "hold" rating in a research note on Wednesday, December 18th. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $41.70.

DigitalOcean Stock Performance

DigitalOcean stock traded up $0.90 during midday trading on Friday, reaching $36.17. 542,294 shares of the stock were exchanged, compared to its average volume of 776,407. The company's fifty day moving average is $36.90 and its 200-day moving average is $37.17. DigitalOcean has a 52 week low of $26.63 and a 52 week high of $44.80. The firm has a market cap of $3.34 billion, a PE ratio of 42.53, a PEG ratio of 2.47 and a beta of 1.78.

DigitalOcean (NYSE:DOCN - Get Free Report) last posted its quarterly earnings data on Monday, November 4th. The company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.12. The company had revenue of $198.50 million during the quarter, compared to analyst estimates of $196.64 million. DigitalOcean had a negative return on equity of 43.11% and a net margin of 10.86%. The firm's quarterly revenue was up 12.1% on a year-over-year basis. During the same quarter last year, the company earned $0.17 earnings per share. On average, sell-side analysts anticipate that DigitalOcean will post 1.01 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Matt Steinfort sold 12,498 shares of the company'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 sale, the chief financial officer now directly owns 517,498 shares of the company's stock, valued at $20,699,920. This represents a 2.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Bratin Saha sold 16,989 shares of the firm's stock in a transaction on Monday, November 18th. The shares were sold at an average price of $36.85, for a total value 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. Insiders sold 32,955 shares of company stock valued at $1,258,373 over the last quarter. 0.74% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of DOCN. Geode Capital Management LLC increased its stake in shares of DigitalOcean by 7.9% during the third quarter. Geode Capital Management LLC now owns 1,464,333 shares of the company's stock valued at $59,156,000 after purchasing an additional 106,636 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its stake in DigitalOcean by 32.8% during the third quarter. Jacobs Levy Equity Management Inc. now owns 1,397,588 shares of the company's stock valued at $56,449,000 after buying an additional 345,119 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in DigitalOcean by 10.4% in the third quarter. Principal Financial Group Inc. now owns 1,301,499 shares of the company's stock worth $52,568,000 after acquiring an additional 122,651 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of DigitalOcean by 23.4% in the second quarter. Dimensional Fund Advisors LP now owns 1,079,579 shares of the company's stock worth $37,512,000 after acquiring an additional 205,007 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of DigitalOcean by 14.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 565,763 shares of the company's stock valued at $22,851,000 after acquiring an additional 70,700 shares in the last quarter. 49.77% of the stock is currently owned by institutional investors.

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).