JMP Securities Issues Positive Forecast for DigitalOcean (NYSE:DOCN) Stock Price

DigitalOcean (NYSE:DOCN - Free Report) had its price objective increased by JMP Securities from $47.00 to $55.00 in a research report released on Monday,Benzinga reports. The brokerage currently has a market outperform rating on the stock.

DOCN has been the subject of several other reports. Barclays boosted their price objective on DigitalOcean from $38.00 to $48.00 and gave the company an "overweight" rating in a research note on Friday, October 11th. Citigroup initiated coverage on DigitalOcean in a research note on Friday. They issued a "buy" rating and a $45.00 price target on the stock. Stifel Nicolaus raised their price objective on shares of DigitalOcean from $35.00 to $40.00 and gave the stock a "hold" rating in a research report on Wednesday, December 18th. 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 report on Thursday, January 16th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of DigitalOcean in a research note on Tuesday, November 5th. Six equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $42.73.

DigitalOcean Price Performance

DOCN stock traded down $0.00 during midday trading on Monday, reaching $40.18. 1,883,591 shares of the stock were exchanged, compared to its average volume of 992,993. DigitalOcean has a 52 week low of $26.63 and a 52 week high of $44.80. The company has a fifty day moving average price of $36.84 and a 200 day moving average price of $37.37. The stock has a market capitalization of $3.71 billion, a PE ratio of 47.27, a P/E/G ratio of 2.77 and a beta of 1.78.

DigitalOcean (NYSE:DOCN - Get Free Report) last posted its earnings results on Monday, November 4th. The company reported $0.52 earnings per share for the quarter, topping analysts' consensus estimates of $0.40 by $0.12. The firm had revenue of $198.50 million for the quarter, compared to analyst estimates of $196.64 million. DigitalOcean had a net margin of 10.86% and a negative return on equity of 43.11%. The company's revenue for the quarter was up 12.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.17 EPS. As a group, analysts anticipate that DigitalOcean will post 1.01 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Bratin Saha sold 16,989 shares of the business's stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $36.85, for a total transaction of $626,044.65. Following the completion of the transaction, the insider now directly owns 390,296 shares in the company, valued at $14,382,407.60. The trade was a 4.17 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Matt Steinfort sold 12,498 shares of DigitalOcean stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $40.00, for a total value of $499,920.00. Following the sale, the chief financial officer now owns 517,498 shares of the company's stock, 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 have sold a total of 37,244 shares of company stock worth $1,416,208 over the last ninety days. Company insiders own 0.74% of the company's stock.

Institutional Investors Weigh In On DigitalOcean

Institutional investors have recently made changes to their positions in the business. Sei Investments Co. boosted its stake in shares of DigitalOcean by 1.5% during the second quarter. Sei Investments Co. now owns 30,834 shares of the company's stock valued at $1,071,000 after purchasing an additional 468 shares during the period. Nisa Investment Advisors LLC raised its holdings in shares of DigitalOcean by 56.4% during the third quarter. Nisa Investment Advisors LLC now owns 1,340 shares of the company's stock valued at $54,000 after acquiring an additional 483 shares in the last quarter. Creative Financial Designs Inc. ADV lifted its stake in DigitalOcean by 17.8% in the third quarter. Creative Financial Designs Inc. ADV now owns 3,744 shares of the company's stock worth $151,000 after acquiring an additional 566 shares during the period. Harbor Investment Advisory LLC boosted its holdings in 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 acquiring an additional 570 shares in the last quarter. Finally, Advisors Asset Management Inc. increased its position in DigitalOcean by 150.4% during the 3rd quarter. Advisors Asset Management Inc. now owns 974 shares of the company's stock valued at $39,000 after purchasing an additional 585 shares during the period. Hedge funds and other institutional investors own 49.77% of the company's stock.

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).