Stifel Nicolaus Lowers DigitalOcean (NYSE:DOCN) Price Target to $33.00

DigitalOcean (NYSE:DOCN - Get Free Report) had its price objective dropped by investment analysts at Stifel Nicolaus from $40.00 to $33.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has a "hold" rating on the stock. Stifel Nicolaus' price target would indicate a potential upside of 19.74% from the stock's previous close.

DOCN has been the topic of several other reports. Canaccord Genuity Group lowered their price objective on shares of DigitalOcean from $50.00 to $45.00 and set a "buy" rating on the stock in a research report on Monday, April 7th. 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. JPMorgan Chase & Co. increased their price objective on DigitalOcean from $40.00 to $45.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 26th. Cantor Fitzgerald upped their price target on DigitalOcean from $39.00 to $43.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 26th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of DigitalOcean in a report on Monday, April 7th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat.com, DigitalOcean has an average rating of "Hold" and an average target price of $42.18.

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DigitalOcean Price Performance

Shares of DOCN stock traded down $0.66 during trading hours on Monday, hitting $27.56. The stock had a trading volume of 1,496,729 shares, compared to its average volume of 1,290,493. The stock's 50 day moving average is $37.81 and its 200 day moving average is $38.38. The firm has a market capitalization of $2.54 billion, a PE ratio of 32.42, a PEG ratio of 3.12 and a beta of 1.87. DigitalOcean has a twelve month low of $25.45 and a twelve month high of $47.02.

Insider Activity

In other DigitalOcean news, insider Bratin Saha sold 4,289 shares of the business's stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $36.80, for a total transaction of $157,835.20. Following the sale, the insider now directly owns 372,762 shares in the company, valued at approximately $13,717,641.60. The trade was a 1.14 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.74% of the company's stock.

Institutional Investors Weigh In On DigitalOcean

Several institutional investors and hedge funds have recently made changes to their positions in the business. Harbor Investment Advisory LLC lifted its holdings in shares of DigitalOcean by 380.0% in the fourth quarter. Harbor Investment Advisory LLC now owns 720 shares of the company's stock valued at $25,000 after purchasing an additional 570 shares in the last quarter. JTC Employer Solutions Trustee Ltd acquired a new position in DigitalOcean in the 4th quarter valued at about $45,000. SBI Securities Co. Ltd. purchased a new position in DigitalOcean in the 4th quarter valued at about $66,000. KBC Group NV boosted its stake in shares of DigitalOcean by 37.6% during the 4th quarter. KBC Group NV now owns 2,884 shares of the company's stock worth $98,000 after purchasing an additional 788 shares during the last quarter. Finally, New Age Alpha Advisors LLC purchased a new position in shares of DigitalOcean during the fourth quarter valued at approximately $115,000. 49.77% of the stock is currently owned by hedge funds and other institutional investors.

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).