Canaccord Genuity Group Lowers DigitalOcean (NYSE:DOCN) Price Target to $45.00

DigitalOcean (NYSE:DOCN) had its price target dropped by analysts at Canaccord Genuity Group from $50.00 to $45.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s target price indicates a potential upside of 74.96% from the stock’s previous close.

Several other research firms also recently weighed in on DOCN. UBS Group lifted their target price on DigitalOcean from $39.00 to $44.00 and gave the company a “neutral” rating in a research report on Wednesday, February 26th. Bank of America boosted their price objective on DigitalOcean from $28.00 to $31.00 and gave the company an “underperform” rating in a research note on Wednesday, February 26th. Morgan Stanley upgraded shares of DigitalOcean from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $40.00 to $41.00 in a research note on Thursday, January 16th. Stifel Nicolaus upped their price target on shares of DigitalOcean from $35.00 to $40.00 and gave the stock a “hold” rating in a research report on Wednesday, December 18th. Finally, The Goldman Sachs Group restated a “buy” rating on shares of DigitalOcean in a research report on Saturday, March 1st. One analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $42.18.

DigitalOcean Trading Down 8.6 %

DOCN opened at $25.72 on Monday. The firm’s 50 day simple moving average is $38.74 and its two-hundred day simple moving average is $38.68. The company has a market capitalization of $2.37 billion, a PE ratio of 30.26, 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.

Insider Buying and Selling at DigitalOcean

In other DigitalOcean news, insider Bratin Saha sold 3,948 shares of the firm’s stock in a transaction that occurred 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 $13,139,034.48. This trade represents a 1.09 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.74% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Norges Bank purchased a new stake in DigitalOcean during the fourth quarter valued at $14,772,000. Jacobs Levy Equity Management Inc. increased its holdings in shares of DigitalOcean by 16.6% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 1,628,995 shares of the company’s stock worth $55,500,000 after buying an additional 231,407 shares during the last quarter. CenterBook Partners LP purchased a new stake in shares of DigitalOcean during the 4th quarter valued at about $7,633,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new position in shares of DigitalOcean in the 4th quarter valued at about $5,382,000. Finally, Bank of New York Mellon Corp grew its position 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 worth $26,979,000 after acquiring an additional 130,263 shares in the last quarter. 49.77% of the stock is currently owned by institutional investors.

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).