DigitalOcean Holdings, Inc. (NYSE:DOCN) Given Average Rating of “Hold” by Analysts

DigitalOcean Holdings, Inc. (NYSE:DOCN) has received a consensus recommendation of “Hold” from the twelve ratings firms that are covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $40.36.

A number of research analysts have recently weighed in on DOCN shares. Needham & Company LLC reissued a “hold” rating on shares of DigitalOcean in a research note on Tuesday, May 6th. The Goldman Sachs Group dropped their price target on DigitalOcean from $46.00 to $41.00 and set a “buy” rating for the company in a research report on Wednesday, May 7th. Morgan Stanley reduced their price objective on DigitalOcean from $52.00 to $41.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. UBS Group decreased their price objective on DigitalOcean from $44.00 to $32.00 and set a “neutral” rating on the stock in a research note on Thursday, May 8th. Finally, Canaccord Genuity Group cut 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, April 7th.

DigitalOcean Stock Up 1.3%

Shares of DOCN stock opened at $29.16 on Thursday. DigitalOcean has a fifty-two week low of $25.45 and a fifty-two week high of $47.02. The stock has a market cap of $2.65 billion, a P/E ratio of 26.27, a P/E/G ratio of 2.11 and a beta of 1.76. The business has a fifty day simple moving average of $28.61 and a 200-day simple moving average of $33.18.

DigitalOcean (NYSE:DOCN) last issued its quarterly earnings data on Tuesday, May 6th. The company reported $0.56 EPS for the quarter, beating analysts’ consensus estimates of $0.45 by $0.11. DigitalOcean had a net margin of 13.46% and a negative return on equity of 60.69%. The firm had revenue of $210.70 million for the quarter, compared to analysts’ expectations of $208.63 million. During the same period in the prior year, the company earned $0.43 EPS. The firm’s revenue was up 14.1% on a year-over-year basis. On average, sell-side analysts anticipate that DigitalOcean will post 1.01 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Bratin Saha sold 3,461 shares of the company’s stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $27.77, for a total transaction of $96,111.97. Following the completion of the transaction, the insider owned 294,546 shares of the company’s stock, valued at approximately $8,179,542.42. This represents a 1.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.74% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in DOCN. CX Institutional increased its position in shares of DigitalOcean by 780.5% in the second quarter. CX Institutional now owns 1,039 shares of the company’s stock worth $30,000 after acquiring an additional 921 shares in the last quarter. GAMMA Investing LLC boosted its position in DigitalOcean by 336.1% during the 1st quarter. GAMMA Investing LLC now owns 1,064 shares of the company’s stock worth $36,000 after purchasing an additional 820 shares during the period. Farther Finance Advisors LLC increased its holdings in DigitalOcean by 135,100.0% in the 1st quarter. Farther Finance Advisors LLC now owns 1,352 shares of the company’s stock valued at $46,000 after purchasing an additional 1,351 shares in the last quarter. SVB Wealth LLC acquired a new stake in DigitalOcean in the 1st quarter valued at $48,000. Finally, Advisors Asset Management Inc. raised its position in DigitalOcean by 39.6% in the first quarter. Advisors Asset Management Inc. now owns 2,229 shares of the company’s stock valued at $74,000 after purchasing an additional 632 shares during the period. Institutional investors and hedge funds own 49.77% of the company’s stock.

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).