DigitalOcean (NYSE:DOCN - Get Free Report)'s stock had its "hold" rating restated by research analysts at Needham & Company LLC in a research report issued on Wednesday,Benzinga reports.
DOCN has been the subject of several other research reports. JMP Securities lifted their price objective on DigitalOcean from $47.00 to $55.00 and gave the stock a "market outperform" rating in a report on Monday, January 27th. Morgan Stanley raised DigitalOcean from an "equal weight" rating to an "overweight" rating and boosted their price target for the company from $40.00 to $41.00 in a report on Thursday, January 16th. Cantor Fitzgerald started coverage on DigitalOcean in a report on Friday, January 17th. They set a "neutral" rating and a $39.00 price target for the company. Citigroup started coverage on DigitalOcean in a report on Friday, January 24th. They set a "buy" rating and a $45.00 price target for the company. Finally, Bank of America boosted their price target on DigitalOcean from $28.00 to $31.00 and gave the company an "underperform" rating in a report on Wednesday. One analyst has rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $43.27.
Check Out Our Latest Stock Analysis on DOCN
DigitalOcean Price Performance
Shares of DOCN traded up $0.03 during trading hours on Wednesday, hitting $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 12 month low of $26.63 and a 12 month high of $47.02. The firm has a market capitalization of $3.94 billion, a PE ratio of 50.29, a PEG ratio of 3.12 and a beta of 1.81. The stock has a fifty day moving average price of $39.17 and a 200 day moving average price of $39.22.
Insider Transactions at DigitalOcean
In related news, CFO Matt Steinfort sold 12,498 shares of the business's stock in a transaction dated 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 in the company, valued at approximately $20,699,920. The trade was a 2.36 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Bratin Saha sold 3,468 shares of the business's stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $38.18, for a total value of $132,408.24. Following the completion of the sale, the insider now owns 379,795 shares in the company, valued at $14,500,573.10. This represents a 0.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,255 shares of company stock valued at $790,163 over the last 90 days. Company insiders own 0.74% of the company's stock.
Institutional Investors Weigh In On DigitalOcean
Hedge funds have recently made changes to their positions in the company. Versor Investments LP purchased a new stake in shares of DigitalOcean in the third quarter worth about $751,000. FORA Capital LLC purchased a new stake in shares of DigitalOcean in the third quarter worth about $1,149,000. Victory Capital Management Inc. lifted its position in shares of DigitalOcean by 79.8% in the third quarter. Victory Capital Management Inc. now owns 31,169 shares of the company's stock worth $1,259,000 after buying an additional 13,837 shares in the last quarter. Public Sector Pension Investment Board lifted its position in shares of DigitalOcean by 13.5% in the third quarter. Public Sector Pension Investment Board now owns 134,214 shares of the company's stock worth $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 in the fourth quarter worth about $5,382,000. 49.77% of the stock is currently owned by hedge funds and other institutional investors.
DigitalOcean Company Profile
(
Get Free Report)
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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