DigitalOcean (NYSE:DOCN - Get Free Report) had its price target increased by investment analysts at Cantor Fitzgerald from $39.00 to $43.00 in a report released on Wednesday,Benzinga reports. The firm currently has a "neutral" rating on the stock. Cantor Fitzgerald's target price suggests a potential upside of 0.60% from the company's current price.
A number of other research analysts have also recently weighed in on the stock. Stifel Nicolaus lifted their target price 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. Morgan Stanley raised shares of DigitalOcean from an "equal weight" rating to an "overweight" rating and increased their price objective for the stock from $40.00 to $41.00 in a research report on Thursday, January 16th. JMP Securities raised their price target on shares of DigitalOcean from $47.00 to $55.00 and gave the stock a "market outperform" rating in a research note on Monday, January 27th. Citigroup started coverage on DigitalOcean in a report on Friday, January 24th. They issued a "buy" rating and a $45.00 price target for the company. Finally, Bank of America boosted their price objective on shares of DigitalOcean from $28.00 to $31.00 and gave the stock an "underperform" rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $43.27.
Check Out Our Latest Analysis on DigitalOcean
DigitalOcean Price Performance
Shares of DigitalOcean stock traded up $0.03 during trading on Wednesday, hitting $42.74. 1,198,218 shares of the company's stock traded hands, compared to its average volume of 1,348,071. The stock has a market capitalization of $3.94 billion, a P/E ratio of 50.29, a PEG ratio of 3.12 and a beta of 1.81. DigitalOcean has a 1 year low of $26.63 and a 1 year high of $47.02. The business has a 50-day simple moving average of $39.17 and a 200-day simple moving average of $39.22.
Insider Buying and Selling at DigitalOcean
In related news, CFO Matt Steinfort sold 12,498 shares of the firm's stock in a transaction that occurred on Wednesday, December 4th. The shares were 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 in the company, valued at approximately $20,699,920. This trade represents a 2.36 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Bratin Saha sold 4,289 shares of the business's stock in a transaction that occurred 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 owns 372,762 shares of the company's stock, valued at approximately $13,717,641.60. This represents a 1.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,255 shares of company stock worth $790,163 in the last quarter. 0.74% of the stock is owned by insiders.
Institutional Trading of DigitalOcean
A number of institutional investors have recently made changes to their positions in the stock. Twinbeech Capital LP purchased a new position in DigitalOcean in the 4th quarter worth about $398,000. ProShare Advisors LLC boosted its position in shares of DigitalOcean by 42.4% in the fourth quarter. ProShare Advisors LLC now owns 20,384 shares of the company's stock worth $694,000 after buying an additional 6,073 shares during the period. Interval Partners LP purchased a new position in shares of DigitalOcean during the fourth quarter valued at $3,690,000. Jacobs Levy Equity Management Inc. raised its position in DigitalOcean by 16.6% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 1,628,995 shares of the company's stock valued at $55,500,000 after buying an additional 231,407 shares during the period. Finally, Janus Henderson Group PLC lifted its stake in DigitalOcean by 30.6% in the 4th quarter. Janus Henderson Group PLC now owns 242,776 shares of the company's stock worth $8,271,000 after acquiring an additional 56,953 shares in the last quarter. 49.77% of the stock is owned by institutional investors and hedge funds.
DigitalOcean Company Profile
(
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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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