DigitalOcean (NYSE:DOCN) Price Target Raised to $44.00

DigitalOcean (NYSE:DOCN - Free Report) had its target price hoisted by UBS Group from $39.00 to $44.00 in a research report report published on Wednesday morning,Benzinga reports. UBS Group currently has a neutral rating on the stock.

A number of other equities analysts have also weighed in on DOCN. Cantor Fitzgerald boosted their price objective on shares of DigitalOcean from $39.00 to $43.00 and gave the stock a "neutral" rating in a report on Wednesday. JPMorgan Chase & Co. boosted their price objective on shares of DigitalOcean from $40.00 to $45.00 and gave the stock a "neutral" rating in a report on Wednesday. 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 report on Wednesday. Canaccord Genuity Group boosted their price objective on shares of DigitalOcean from $48.00 to $50.00 and gave the stock a "buy" rating in a report on Wednesday. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of DigitalOcean in a research report on Wednesday. One research analyst has rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $43.27.

DigitalOcean Price Performance

NYSE DOCN traded up $0.03 during mid-day trading on Wednesday, reaching $42.74. The stock had a trading volume of 1,198,218 shares, compared to its average volume of 1,348,071. DigitalOcean has a 1 year low of $26.63 and a 1 year high of $47.02. The stock has a market cap of $3.94 billion, a PE ratio of 50.29, a price-to-earnings-growth ratio of 3.12 and a beta of 1.81. The company has a fifty day moving average price of $39.17 and a 200 day moving average price of $39.27.

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Insider Activity

In related news, insider Bratin Saha sold 3,468 shares of DigitalOcean stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $38.18, for a total transaction of $132,408.24. Following the transaction, the insider now owns 379,795 shares in the company, valued at approximately $14,500,573.10. The trade was a 0.90 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Matt Steinfort sold 12,498 shares of DigitalOcean stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $40.00, for a total transaction 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 position. The disclosure for this sale can be found here. Insiders sold a total of 20,255 shares of company stock valued at $790,163 in the last 90 days. Company insiders own 0.74% of the company's stock.

Institutional Trading of DigitalOcean

Hedge funds have recently bought and sold shares of the stock. Versor Investments LP purchased a new stake in DigitalOcean in the 3rd quarter worth $751,000. FORA Capital LLC purchased a new stake in DigitalOcean in the 3rd quarter worth $1,149,000. Victory Capital Management Inc. lifted its stake in DigitalOcean by 79.8% in the 3rd quarter. Victory Capital Management Inc. now owns 31,169 shares of the company's stock worth $1,259,000 after purchasing an additional 13,837 shares in the last quarter. Public Sector Pension Investment Board raised its position in shares of DigitalOcean by 13.5% during the 3rd quarter. Public Sector Pension Investment Board now owns 134,214 shares of the company's stock valued at $5,421,000 after buying an additional 16,000 shares in the last quarter. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new stake in shares of DigitalOcean during the 4th quarter valued at about $5,382,000. Hedge funds and other institutional investors own 49.77% of the company's stock.

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).