DigitalOcean (NYSE:DOCN) Price Target Raised to $45.00 at JPMorgan Chase & Co.

DigitalOcean (NYSE:DOCN - Get Free Report) had its target price upped by investment analysts at JPMorgan Chase & Co. from $40.00 to $45.00 in a report released on Wednesday,Benzinga reports. The firm presently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s price objective indicates a potential upside of 5.28% from the company's current price.

Other research analysts have also issued reports about the company. Stifel Nicolaus upped their target price on DigitalOcean from $35.00 to $40.00 and gave the company a "hold" rating in a research note on Wednesday, December 18th. Bank of America upped their target price on DigitalOcean from $28.00 to $31.00 and gave the company an "underperform" rating in a research note on Wednesday. Morgan Stanley upgraded DigitalOcean from an "equal weight" rating to an "overweight" rating and upped their price target for the company from $40.00 to $41.00 in a research report on Thursday, January 16th. Needham & Company LLC reiterated a "hold" rating on shares of DigitalOcean in a research report on Wednesday. Finally, Cantor Fitzgerald upped their price target on DigitalOcean from $39.00 to $43.00 and gave the company a "neutral" rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, DigitalOcean presently has an average rating of "Hold" and a consensus target price of $43.27.

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DigitalOcean Price Performance

Shares of NYSE DOCN traded up $0.03 during trading hours 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. The business's fifty day moving average is $39.17 and its two-hundred day moving average is $39.25. The company has a market cap of $3.94 billion, a price-to-earnings ratio of 50.29, a PEG ratio of 3.12 and a beta of 1.81. DigitalOcean has a twelve month low of $26.63 and a twelve month high of $47.02.

Insider Transactions at DigitalOcean

In other news, CFO Matt Steinfort sold 12,498 shares of the company's stock in a transaction on Wednesday, December 4th. The stock was 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 of the company's stock, valued at $20,699,920. This represents a 2.36 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Bratin Saha sold 3,468 shares of the company's stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $38.18, for a total value of $132,408.24. Following the transaction, the insider now directly owns 379,795 shares in the company, valued at $14,500,573.10. This trade represents a 0.90 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 20,255 shares of company stock worth $790,163. Insiders own 0.74% of the company's stock.

Hedge Funds Weigh In On DigitalOcean

Several large investors have recently made changes to their positions in DOCN. Blue Trust Inc. lifted its stake in shares of DigitalOcean by 380.6% during the third quarter. Blue Trust Inc. now owns 1,211 shares of the company's stock valued at $49,000 after acquiring an additional 959 shares during the period. Allspring Global Investments Holdings LLC lifted its stake in DigitalOcean by 36.3% in the third quarter. Allspring Global Investments Holdings LLC now owns 74,206 shares of the company's stock valued at $2,997,000 after buying an additional 19,781 shares during the period. Hennion & Walsh Asset Management Inc. lifted its stake in DigitalOcean by 27.8% in the third quarter. Hennion & Walsh Asset Management Inc. now owns 9,855 shares of the company's stock valued at $398,000 after buying an additional 2,142 shares during the period. Louisiana State Employees Retirement System lifted its stake in DigitalOcean by 13.3% in the third quarter. Louisiana State Employees Retirement System now owns 30,600 shares of the company's stock valued at $1,236,000 after buying an additional 3,600 shares during the period. Finally, State of Alaska Department of Revenue lifted its stake in DigitalOcean by 14.5% in the third quarter. State of Alaska Department of Revenue now owns 36,114 shares of the company's stock valued at $1,458,000 after buying an additional 4,561 shares during the period. Institutional investors and hedge funds 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).