DigitalOcean (NYSE:DOCN) Stock Price Up 9% – What’s Next?

DigitalOcean Holdings, Inc. (NYSE:DOCN) was up 9% on Friday . The company traded as high as $69.72 and last traded at $69.5450. Approximately 2,227,040 shares traded hands during trading, a decline of 26% from the average daily volume of 3,010,147 shares. The stock had previously closed at $63.78.

Analysts Set New Price Targets

DOCN has been the topic of several research analyst reports. Oppenheimer assumed coverage on DigitalOcean in a research note on Monday, November 10th. They set an “outperform” rating and a $60.00 price objective on the stock. Bank of America increased their price target on DigitalOcean from $60.00 to $72.00 and gave the stock a “buy” rating in a report on Tuesday, January 27th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of DigitalOcean in a research report on Monday, December 29th. Piper Sandler lifted their price objective on DigitalOcean from $47.00 to $50.00 and gave the company a “neutral” rating in a report on Monday, January 5th. Finally, UBS Group boosted their price objective on DigitalOcean from $40.00 to $48.00 and gave the company a “neutral” rating in a research report on Thursday, November 6th. Eight investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $52.25.

DigitalOcean Stock Up 6.7%

The company has a market capitalization of $6.23 billion, a P/E ratio of 27.45, a price-to-earnings-growth ratio of 9.57 and a beta of 1.77. The business has a fifty day moving average price of $53.36 and a 200 day moving average price of $43.34.

Institutional Trading of DigitalOcean

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Kestra Advisory Services LLC acquired a new position in DigitalOcean during the fourth quarter worth $141,000. Transamerica Financial Advisors LLC increased its stake in DigitalOcean by 417.9% in the 4th quarter. Transamerica Financial Advisors LLC now owns 782 shares of the company’s stock valued at $38,000 after buying an additional 631 shares during the last quarter. UMB Bank n.a. lifted its position in DigitalOcean by 242.1% during the 4th quarter. UMB Bank n.a. now owns 821 shares of the company’s stock worth $40,000 after buying an additional 581 shares in the last quarter. Stifel Financial Corp boosted its stake in shares of DigitalOcean by 41.5% during the 4th quarter. Stifel Financial Corp now owns 35,134 shares of the company’s stock worth $1,691,000 after buying an additional 10,296 shares during the last quarter. Finally, First Trust Advisors LP boosted its stake in shares of DigitalOcean by 19.8% during the 4th quarter. First Trust Advisors LP now owns 1,318,476 shares of the company’s stock worth $63,445,000 after buying an additional 217,457 shares during the last quarter. 49.77% of the stock is currently owned by institutional investors and hedge funds.

About DigitalOcean

DigitalOcean Holdings, Inc is a cloud infrastructure provider that focuses on simplicity, performance and developer experience. The company offers a range of cloud services designed to help software developers, startups and small- to medium-sized businesses deploy, manage and scale applications. Its flagship offering, Droplets, provides virtual private servers that can be configured with various CPU, memory and storage options. In addition to compute instances, DigitalOcean’s platform includes managed Kubernetes, scalable object and block storage, managed databases, load balancers and networking capabilities such as Virtual Private Cloud (VPC) and Floating IPs.

Founded in 2011 and headquartered in New York City, DigitalOcean was created with the goal of making cloud computing more accessible to individual developers and smaller teams.