DigitalOcean Holdings, Inc. (NYSE:DOCN) Receives Average Recommendation of “Hold” from Analysts

Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) have been given a consensus rating of “Hold” by the thirteen analysts that are presently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, six have given a hold recommendation and six have assigned a buy recommendation to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $39.83.

Several research firms have recently weighed in on DOCN. Morgan Stanley reduced their price objective on DigitalOcean from $52.00 to $41.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. Stifel Nicolaus reduced their price objective on DigitalOcean from $40.00 to $33.00 and set a “hold” rating for the company in a research note on Monday, April 7th. Cantor Fitzgerald raised their price objective on DigitalOcean from $39.00 to $43.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 26th. Needham & Company LLC reissued a “hold” rating on shares of DigitalOcean in a research note on Tuesday, May 6th. Finally, Citigroup reduced their price objective on DigitalOcean from $50.00 to $40.00 and set a “buy” rating for the company in a research note on Wednesday, May 7th.

Insider Buying and Selling at DigitalOcean

In other DigitalOcean news, insider Bratin Saha sold 3,948 shares of the company’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 value of $144,615.24. Following the completion of the transaction, the insider now owns 358,696 shares of the company’s stock, valued at $13,139,034.48. This represents a 1.09% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.96% of the company’s stock.

Hedge Funds Weigh In On DigitalOcean

Large investors have recently added to or reduced their stakes in the company. Harbor Investment Advisory LLC raised its holdings in DigitalOcean by 380.0% in the 4th quarter. Harbor Investment Advisory LLC now owns 720 shares of the company’s stock valued at $25,000 after acquiring an additional 570 shares in the last quarter. GAMMA Investing LLC raised its holdings in DigitalOcean by 336.1% in the 1st quarter. GAMMA Investing LLC now owns 1,064 shares of the company’s stock valued at $36,000 after acquiring an additional 820 shares in the last quarter. JTC Employer Solutions Trustee Ltd acquired a new position in DigitalOcean in the 4th quarter valued at approximately $45,000. Farther Finance Advisors LLC grew its stake in shares of 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 during the period. Finally, SVB Wealth LLC bought a new stake in shares of DigitalOcean in the 1st quarter valued at approximately $48,000. Institutional investors and hedge funds own 49.77% of the company’s stock.

DigitalOcean Stock Performance

Shares of DOCN stock opened at $31.05 on Friday. DigitalOcean has a 1 year low of $25.45 and a 1 year high of $47.02. The stock has a market cap of $2.83 billion, a PE ratio of 36.53, a price-to-earnings-growth ratio of 3.12 and a beta of 1.88. The business’s fifty day moving average is $31.47 and its 200-day moving average is $36.29.

DigitalOcean (NYSE:DOCN) last issued its quarterly earnings results on Tuesday, May 6th. The company reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.11. DigitalOcean had a negative return on equity of 43.11% and a net margin of 10.86%. The company had revenue of $210.70 million for the quarter, compared to analysts’ expectations of $208.63 million. During the same period last year, the firm earned $0.43 EPS. The firm’s revenue for the quarter was up 14.1% on a year-over-year basis. Equities research analysts predict that DigitalOcean will post 1.01 earnings per share for the current year.

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).