DigitalOcean Holdings, Inc. (NYSE:DOCN) Receives $42.18 Consensus Target Price from Analysts

Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) have been assigned a consensus recommendation of “Hold” from the thirteen brokerages that are covering the stock, MarketBeat reports. One analyst has rated the stock with a sell recommendation, six have assigned a hold recommendation and six have assigned a buy recommendation to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $41.27.

A number of brokerages have commented on DOCN. Cantor Fitzgerald raised their price objective on DigitalOcean from $39.00 to $43.00 and gave the company a “neutral” rating in a research note on Wednesday, February 26th. Stifel Nicolaus lowered their price objective on shares of DigitalOcean from $40.00 to $33.00 and set a “hold” rating on the stock in a report on Monday, April 7th. Morgan Stanley decreased their target price on shares of DigitalOcean from $52.00 to $41.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Citigroup started coverage on DigitalOcean in a research note on Friday, January 24th. They set a “buy” rating and a $45.00 price target for the company. Finally, JMP Securities raised their target price on DigitalOcean from $47.00 to $55.00 and gave the company a “market outperform” rating in a report on Monday, January 27th.

Insider Transactions at DigitalOcean

In related news, insider Bratin Saha sold 3,461 shares of DigitalOcean stock in a transaction that occurred on Monday, April 21st. The shares were sold at an average price of $26.86, for a total value of $92,962.46. Following the sale, the insider now owns 394,367 shares of the company’s stock, valued at approximately $10,592,697.62. The trade was a 0.87 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.74% of the company’s stock.

Institutional Trading of DigitalOcean

Several hedge funds have recently made changes to their positions in the company. Stifel Financial Corp raised its stake in DigitalOcean by 3.6% in the 3rd quarter. Stifel Financial Corp now owns 22,218 shares of the company’s stock valued at $897,000 after acquiring an additional 777 shares during the period. Geode Capital Management LLC boosted its holdings in DigitalOcean by 7.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,464,333 shares of the company’s stock worth $59,156,000 after buying an additional 106,636 shares during the period. Tidal Investments LLC purchased a new position in DigitalOcean in the 3rd quarter valued at approximately $423,000. Franklin Resources Inc. lifted its position in shares of DigitalOcean by 17.1% during the third quarter. Franklin Resources Inc. now owns 39,078 shares of the company’s stock worth $1,714,000 after acquiring an additional 5,718 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in shares of DigitalOcean by 10.4% in the third quarter. Principal Financial Group Inc. now owns 1,301,499 shares of the company’s stock worth $52,568,000 after acquiring an additional 122,651 shares during the period. 49.77% of the stock is currently owned by institutional investors.

DigitalOcean Trading Down 5.2 %

Shares of NYSE DOCN opened at $25.96 on Tuesday. The firm’s 50-day moving average price is $35.73 and its 200-day moving average price is $37.81. The firm has a market capitalization of $2.38 billion, a P/E ratio of 30.54, a P/E/G 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.

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).