Brokerages Set DigitalOcean Holdings, Inc. (NASDAQ:DOCN) PT at $62.70

Shares of DigitalOcean Holdings, Inc. (NASDAQ:DOCNGet Rating) have been given a consensus rating of “Hold” by the eleven ratings firms that are covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a sell recommendation and three have assigned a buy recommendation to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $62.70.

Several brokerages recently issued reports on DOCN. KeyCorp increased their price objective on DigitalOcean from $48.00 to $57.00 in a research note on Tuesday, August 9th. Morgan Stanley lowered DigitalOcean from an “equal weight” rating to an “underweight” rating and set a $45.00 target price on the stock. in a research report on Monday, July 11th. Oppenheimer dropped their target price on DigitalOcean from $80.00 to $65.00 in a research report on Tuesday, August 9th. The Goldman Sachs Group lowered DigitalOcean from a “buy” rating to a “sell” rating and dropped their target price for the stock from $54.00 to $40.00 in a research report on Wednesday, July 13th. Finally, Piper Sandler upped their target price on DigitalOcean from $56.00 to $57.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 9th.

Insider Buying and Selling at DigitalOcean

In other DigitalOcean news, CMO Carly D. Brantz sold 1,774 shares of the firm’s stock in a transaction that occurred on Wednesday, August 17th. The stock was sold at an average price of $45.97, for a total value of $81,550.78. Following the sale, the chief marketing officer now owns 100,897 shares of the company’s stock, valued at approximately $4,638,235.09. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other DigitalOcean news, CMO Carly D. Brantz sold 1,774 shares of the firm’s stock in a transaction that occurred on Wednesday, August 17th. The stock was sold at an average price of $45.97, for a total value of $81,550.78. Following the sale, the chief marketing officer now owns 100,897 shares of the company’s stock, valued at approximately $4,638,235.09. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Amy Butte sold 5,000 shares of DigitalOcean stock in a transaction that occurred on Wednesday, August 10th. The stock was sold at an average price of $50.00, for a total value of $250,000.00. Following the sale, the director now directly owns 34,760 shares in the company, valued at approximately $1,738,000. The disclosure for this sale can be found here. Insiders have sold 23,384 shares of company stock valued at $1,002,595 in the last 90 days. 4.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On DigitalOcean

Institutional investors have recently added to or reduced their stakes in the stock. Prospera Financial Services Inc lifted its position in shares of DigitalOcean by 136.6% during the 2nd quarter. Prospera Financial Services Inc now owns 620 shares of the company’s stock worth $26,000 after buying an additional 358 shares during the period. Signaturefd LLC grew its position in DigitalOcean by 706.7% in the first quarter. Signaturefd LLC now owns 484 shares of the company’s stock valued at $28,000 after acquiring an additional 424 shares during the period. Point72 Hong Kong Ltd bought a new stake in DigitalOcean in the fourth quarter valued at $30,000. Truvestments Capital LLC bought a new stake in DigitalOcean in the second quarter valued at $36,000. Finally, Advisors Asset Management Inc. bought a new stake in DigitalOcean in the first quarter valued at $42,000. 52.00% of the stock is owned by institutional investors and hedge funds.

DigitalOcean Trading Up 5.5 %

Shares of NASDAQ DOCN opened at $44.08 on Thursday. The business has a fifty day simple moving average of $42.52 and a 200-day simple moving average of $46.11. The company has a market cap of $4.27 billion, a price-to-earnings ratio of -122.44 and a beta of 1.40. The company has a quick ratio of 16.59, a current ratio of 16.59 and a debt-to-equity ratio of 30.38. DigitalOcean has a 12 month low of $30.05 and a 12 month high of $133.40.

DigitalOcean (NASDAQ:DOCNGet Rating) last announced its quarterly earnings data on Monday, August 8th. The company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.10. The firm had revenue of $133.88 million during the quarter, compared to the consensus estimate of $134.48 million. DigitalOcean had a negative return on equity of 7.59% and a negative net margin of 7.78%. The business’s revenue for the quarter was up 29.0% on a year-over-year basis. During the same period in the prior year, the business earned ($0.02) EPS. Sell-side analysts predict that DigitalOcean will post -0.13 EPS for the current year.

About DigitalOcean

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DigitalOcean Holdings, Inc, through its subsidiaries, operates a cloud computing platform in North America, Europe, Asia, and internationally. Its platform provides on-demand infrastructure and platform tools for developers, start-ups, and small and medium size businesses. The company offers infrastructure solutions across compute, storage, and networking, as well as enables developers to extend the native capabilities of its cloud with fully managed application, container, and database offerings.

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Analyst Recommendations for DigitalOcean (NASDAQ:DOCN)

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