Morgan Stanley Lowers DigitalOcean (NYSE:DOCN) Price Target to $41.00

DigitalOcean (NYSE:DOCN - Free Report) had its target price decreased by Morgan Stanley from $52.00 to $41.00 in a research note issued to investors on Wednesday morning,Benzinga reports. Morgan Stanley currently has an overweight rating on the stock.

A number of other equities analysts also recently commented on the stock. The Goldman Sachs Group restated a "buy" rating on shares of DigitalOcean in a research note on Saturday, March 1st. Bank of America raised their price target on DigitalOcean from $28.00 to $31.00 and gave the company an "underperform" rating in a research note on Wednesday, February 26th. JPMorgan Chase & Co. increased their target price on shares of DigitalOcean from $40.00 to $45.00 and gave the stock a "neutral" rating in a report on Wednesday, February 26th. UBS Group boosted their price target on shares of DigitalOcean from $39.00 to $44.00 and gave the company a "neutral" rating in a report on Wednesday, February 26th. Finally, Stifel Nicolaus reduced their price objective on shares of DigitalOcean from $40.00 to $33.00 and set a "hold" rating for the company in a research note on Monday, April 7th. One research analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $42.18.

DigitalOcean Stock Performance

DOCN stock traded down $0.50 during midday trading on Wednesday, reaching $27.36. The company's stock had a trading volume of 782,545 shares, compared to its average volume of 1,298,959. The firm has a market capitalization of $2.52 billion, a price-to-earnings ratio of 32.19, a PEG ratio of 3.12 and a beta of 1.87. DigitalOcean has a 1 year low of $25.45 and a 1 year high of $47.02. The stock has a fifty day simple moving average of $36.12 and a two-hundred day simple moving average of $37.94.

Insider Activity

In other DigitalOcean news, insider Bratin Saha sold 3,948 shares of DigitalOcean stock in a transaction dated Tuesday, March 18th. The stock was sold at an average price of $36.63, for a total transaction of $144,615.24. Following the completion of the sale, the insider now owns 358,696 shares of the company's stock, valued at approximately $13,139,034.48. The trade was a 1.09 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.74% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Oppenheimer & Co. Inc. acquired a new position in DigitalOcean in the 4th quarter worth approximately $333,000. Illinois Municipal Retirement Fund acquired a new position in DigitalOcean during the fourth quarter valued at $1,139,000. Bank of New York Mellon Corp boosted its holdings in DigitalOcean by 19.7% in the fourth quarter. Bank of New York Mellon Corp now owns 791,861 shares of the company's stock valued at $26,979,000 after purchasing an additional 130,263 shares during the last quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new stake in DigitalOcean during the 4th quarter worth about $5,382,000. Finally, Allspring Global Investments Holdings LLC raised its stake in shares of DigitalOcean by 29.8% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 96,306 shares of the company's stock valued at $3,284,000 after buying an additional 22,100 shares during the last quarter. 49.77% of the stock is owned by institutional investors and hedge funds.

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).