DigitalOcean Holdings, Inc. (NYSE:DOCN) Receives $42.40 Average Price Target from Analysts

Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) have been given a consensus rating of “Hold” by the twelve analysts that are currently covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating on the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $43.27.

A number of equities research analysts recently commented on the company. UBS Group increased their price target on DigitalOcean from $39.00 to $44.00 and gave the stock a “neutral” rating in a research report on Wednesday. JMP Securities increased their target price on DigitalOcean from $47.00 to $55.00 and gave the stock a “market outperform” rating in a report on Monday, January 27th. JPMorgan Chase & Co. lifted their price target on DigitalOcean from $40.00 to $45.00 and gave the company a “neutral” rating in a report on Wednesday. Cantor Fitzgerald increased their price objective on shares of DigitalOcean from $39.00 to $43.00 and gave the stock a “neutral” rating in a report on Wednesday. Finally, Needham & Company LLC restated a “hold” rating on shares of DigitalOcean in a research report on Wednesday.

DigitalOcean Trading Up 7.5 %

Shares of DigitalOcean stock opened at $43.89 on Monday. DigitalOcean has a 1-year low of $26.63 and a 1-year high of $47.02. The firm’s 50-day moving average price is $38.88 and its two-hundred day moving average price is $39.14. The stock has a market capitalization of $4.05 billion, a price-to-earnings ratio of 51.63, a P/E/G ratio of 3.12 and a beta of 1.81.

Insider Buying and Selling at DigitalOcean

In other DigitalOcean news, insider Bratin Saha sold 4,289 shares of the company’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $36.80, for a total transaction of $157,835.20. Following the completion of the transaction, the insider now owns 372,762 shares of the company’s stock, valued at $13,717,641.60. This represents a 1.14 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Matt Steinfort sold 12,498 shares of DigitalOcean stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $40.00, for a total transaction of $499,920.00. Following the completion of the sale, the chief financial officer now owns 517,498 shares in the company, valued at $20,699,920. The trade was a 2.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 20,255 shares of company stock valued at $790,163. Corporate insiders own 0.74% of the company’s stock.

Hedge Funds Weigh In On DigitalOcean

A number of institutional investors have recently added to or reduced their stakes in DOCN. Hillsdale Investment Management Inc. grew its position in shares of DigitalOcean by 0.4% in the 4th quarter. Hillsdale Investment Management Inc. now owns 84,500 shares of the company’s stock valued at $2,879,000 after acquiring an additional 300 shares during the period. Focus Partners Wealth raised its holdings in shares of DigitalOcean by 2.8% in the 4th quarter. Focus Partners Wealth now owns 12,455 shares of the company’s stock valued at $424,000 after purchasing an additional 338 shares during the period. Summit Investment Advisors Inc. lifted its stake in DigitalOcean by 6.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 6,866 shares of the company’s stock valued at $234,000 after purchasing an additional 436 shares during the last quarter. Nisa Investment Advisors LLC grew its holdings in DigitalOcean by 56.4% during the third quarter. Nisa Investment Advisors LLC now owns 1,340 shares of the company’s stock worth $54,000 after purchasing an additional 483 shares during the period. Finally, Creative Financial Designs Inc. ADV increased its position in DigitalOcean by 17.8% during the third quarter. Creative Financial Designs Inc. ADV now owns 3,744 shares of the company’s stock worth $151,000 after buying an additional 566 shares during the last quarter. 49.77% of the stock is currently owned by institutional investors and hedge funds.

DigitalOcean Company Profile

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).