DigitalOcean (NYSE:DOCN) Given New $33.00 Price Target at Stifel Nicolaus

DigitalOcean (NYSE:DOCN) had its price target lowered by Stifel Nicolaus from $40.00 to $33.00 in a research report sent to investors on Monday,Benzinga reports. Stifel Nicolaus currently has a hold rating on the stock.

Other analysts have also issued reports about the company. Cantor Fitzgerald boosted their price objective on DigitalOcean from $39.00 to $43.00 and gave the stock a “neutral” rating in a report on Wednesday, February 26th. Morgan Stanley upgraded DigitalOcean from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $40.00 to $41.00 in a report on Thursday, January 16th. JMP Securities raised their price objective on DigitalOcean from $47.00 to $55.00 and gave the company a “market outperform” rating in a research note on Monday, January 27th. Canaccord Genuity Group reduced their target price on shares of DigitalOcean from $50.00 to $45.00 and set a “buy” rating for the company in a research note on Monday. Finally, Bank of America increased their target price on shares of DigitalOcean from $28.00 to $31.00 and gave the company an “underperform” rating in a report on Wednesday, February 26th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, DigitalOcean currently has a consensus rating of “Hold” and an average price target of $42.18.

DigitalOcean Trading Down 1.8 %

DOCN opened at $28.14 on Monday. The company has a market cap of $2.59 billion, a price-to-earnings ratio of 33.10, a PEG ratio of 3.12 and a beta of 1.87. The company’s fifty day moving average price is $39.39 and its two-hundred day moving average price is $38.90. DigitalOcean has a 1-year low of $25.54 and a 1-year high of $47.02.

Insider Buying and Selling

In other news, insider Bratin Saha sold 3,948 shares of the stock in a transaction on 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 transaction, the insider now owns 358,696 shares in the company, valued at approximately $13,139,034.48. This represents a 1.09 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.74% 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 business. Norges Bank bought a new stake in shares of DigitalOcean in the fourth quarter valued at approximately $14,772,000. Jacobs Levy Equity Management Inc. grew its stake in DigitalOcean by 16.6% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 1,628,995 shares of the company’s stock valued at $55,500,000 after buying an additional 231,407 shares in the last quarter. CenterBook Partners LP bought a new stake in DigitalOcean during the 4th quarter valued at $7,633,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new stake in shares of DigitalOcean during the fourth quarter worth $5,382,000. Finally, Bank of New York Mellon Corp boosted its holdings in shares of DigitalOcean by 19.7% in the fourth quarter. Bank of New York Mellon Corp now owns 791,861 shares of the company’s stock worth $26,979,000 after acquiring an additional 130,263 shares during the period. 49.77% of the stock is owned by hedge funds and other institutional investors.

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).