DigitalOcean (NASDAQ:DOCN) Rating Lowered to Market Perform at Oppenheimer

DigitalOcean (NASDAQ:DOCN – Get Rating) was downgraded by investment analysts at Oppenheimer from an “outperform” rating to a “market perform” rating in a report issued on Friday, Marketbeat Ratings reports. They presently have a $40.00 target price on the stock. Oppenheimer’s price objective would indicate a potential upside of 17.37% from the company’s current price.

DOCN has been the subject of several other reports. Morgan Stanley boosted their price objective on shares of DigitalOcean from $28.00 to $30.00 and gave the company an “underweight” rating in a research report on Friday, February 17th. Needham & Company LLC boosted their price objective on shares of DigitalOcean from $36.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, February 17th. Barclays boosted their price objective on shares of DigitalOcean from $32.00 to $42.00 in a research report on Friday, February 17th. William Blair restated an “outperform” rating on shares of DigitalOcean in a research report on Monday, December 19th. Finally, The Goldman Sachs Group upped their price target on shares of DigitalOcean from $29.00 to $33.00 and gave the stock a “sell” rating in a report on Friday, February 17th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, DigitalOcean has a consensus rating of “Hold” and a consensus price target of $40.54.

DigitalOcean Stock Down 2.8 %

Shares of DOCN stock opened at $34.08 on Friday. The company has a current ratio of 5.76, a quick ratio of 5.76 and a debt-to-equity ratio of 28.78. The stock has a 50 day simple moving average of $31.15 and a 200 day simple moving average of $32.40. DigitalOcean has a 1 year low of $23.38 and a 1 year high of $63.17.

DigitalOcean (NASDAQ:DOCN – Get Rating) last issued its quarterly earnings results on Thursday, February 16th. The company reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.09. The business had revenue of $163.00 million during the quarter, compared to analysts’ expectations of $161.10 million. DigitalOcean had a negative return on equity of 2.36% and a negative net margin of 4.21%. The firm’s revenue for the quarter was up 36.2% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.11) earnings per share. Equities analysts expect that DigitalOcean will post 0.49 earnings per share for the current fiscal year.

Insider Activity at DigitalOcean

In related news, CMO Carly D. Brantz sold 106,419 shares of the stock in a transaction on Tuesday, February 21st. The stock was sold at an average price of $34.42, for a total value of $3,662,941.98. Following the completion of the sale, the chief marketing officer now directly owns 76,358 shares in the company, valued at $2,628,242.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CMO Carly D. Brantz sold 106,419 shares of the stock in a transaction on Tuesday, February 21st. The stock was sold at an average price of $34.42, for a total value of $3,662,941.98. Following the completion of the sale, the chief marketing officer now directly owns 76,358 shares in the company, valued at $2,628,242.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Alan Shapiro sold 39,358 shares of the stock in a transaction on Tuesday, February 21st. The shares were sold at an average price of $34.59, for a total value of $1,361,393.22. Following the completion of the sale, the general counsel now owns 227,349 shares of the company’s stock, valued at $7,864,001.91. The disclosure for this sale can be found here. Insiders sold 177,657 shares of company stock worth $6,141,092 over the last three months. Company insiders own 4.10% of the company’s stock.

Institutional Trading of DigitalOcean

A number of institutional investors have recently bought and sold shares of the company. Baird Financial Group Inc. boosted its position in DigitalOcean by 0.8% during the third quarter. Baird Financial Group Inc. now owns 38,215 shares of the company’s stock valued at $1,382,000 after acquiring an additional 321 shares during the last quarter. Vident Investment Advisory LLC boosted its position in DigitalOcean by 4.3% during the fourth quarter. Vident Investment Advisory LLC now owns 9,047 shares of the company’s stock valued at $230,000 after acquiring an additional 369 shares during the last quarter. National Bank of Canada FI boosted its position in DigitalOcean by 18.9% during the third quarter. National Bank of Canada FI now owns 2,417 shares of the company’s stock valued at $87,000 after acquiring an additional 385 shares during the last quarter. Nisa Investment Advisors LLC boosted its position in DigitalOcean by 28.8% during the third quarter. Nisa Investment Advisors LLC now owns 1,997 shares of the company’s stock valued at $72,000 after acquiring an additional 447 shares during the last quarter. Finally, Signaturefd LLC boosted its position in DigitalOcean by 64.3% during the third quarter. Signaturefd LLC now owns 1,290 shares of the company’s stock valued at $47,000 after acquiring an additional 505 shares during the last quarter. Institutional investors own 52.00% of the company’s stock.

DigitalOcean Company Profile

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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.