DigitalOcean (NYSE:DOCN) Price Target Raised to $44.00 at UBS Group

DigitalOcean (NYSE:DOCN) had its price objective lifted by UBS Group from $39.00 to $44.00 in a research report released on Wednesday morning,Benzinga reports. They currently have a neutral rating on the stock.

Several other research analysts also recently commented on the company. Needham & Company LLC reissued a “hold” rating on shares of DigitalOcean in a research note on Wednesday. Citigroup started coverage on shares of DigitalOcean in a research note on Friday, January 24th. They issued a “buy” rating and a $45.00 price objective for the company. Morgan Stanley raised shares of DigitalOcean from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $40.00 to $41.00 in a research note on Thursday, January 16th. Stifel Nicolaus increased their price target on DigitalOcean from $35.00 to $40.00 and gave the company a “hold” rating in a research note on Wednesday, December 18th. Finally, Bank of America boosted their price objective on DigitalOcean from $28.00 to $31.00 and gave the stock an “underperform” rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $43.27.

DigitalOcean Stock Performance

Shares of DOCN opened at $42.74 on Wednesday. DigitalOcean has a 52-week low of $26.63 and a 52-week high of $47.02. The firm has a market cap of $3.94 billion, a price-to-earnings ratio of 50.29, a PEG ratio of 3.12 and a beta of 1.81. The business’s fifty day moving average is $39.17 and its 200-day moving average is $39.22.

Insider Buying and Selling at DigitalOcean

In other news, CFO Matt Steinfort sold 12,498 shares of the company’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $40.00, for a total value of $499,920.00. Following the sale, the chief financial officer now directly owns 517,498 shares of the company’s stock, valued at approximately $20,699,920. This represents a 2.36 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Bratin Saha sold 4,289 shares of DigitalOcean stock in a transaction 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 transaction, the insider now directly 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 disclosure for this sale can be found here. In the last quarter, insiders have sold 20,255 shares of company stock worth $790,163. Insiders own 0.74% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in DOCN. Blue Trust Inc. increased its holdings in DigitalOcean by 380.6% in the third quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock worth $49,000 after purchasing an additional 959 shares in the last quarter. Allspring Global Investments Holdings LLC increased its stake in shares of DigitalOcean by 36.3% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 74,206 shares of the company’s stock valued at $2,997,000 after acquiring an additional 19,781 shares in the last quarter. Hennion & Walsh Asset Management Inc. boosted its stake in DigitalOcean by 27.8% during the third quarter. Hennion & Walsh Asset Management Inc. now owns 9,855 shares of the company’s stock worth $398,000 after acquiring an additional 2,142 shares in the last quarter. Louisiana State Employees Retirement System grew its holdings in DigitalOcean by 13.3% in the third quarter. Louisiana State Employees Retirement System now owns 30,600 shares of the company’s stock worth $1,236,000 after purchasing an additional 3,600 shares during the period. Finally, State of Alaska Department of Revenue increased its stake in DigitalOcean by 14.5% in the third quarter. State of Alaska Department of Revenue now owns 36,114 shares of the company’s stock valued at $1,458,000 after purchasing an additional 4,561 shares in the last quarter. 49.77% of the stock is 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).