DigitalOcean (NYSE:DOCN) Price Target Raised to $43.00

DigitalOcean (NYSE:DOCN) had its price objective upped by Cantor Fitzgerald from $39.00 to $43.00 in a report released on Wednesday morning,Benzinga reports. Cantor Fitzgerald currently has a neutral rating on the stock.

Several other equities analysts have also weighed in on DOCN. Bank of America lifted their target price on shares of DigitalOcean from $28.00 to $31.00 and gave the company an “underperform” rating in a report on Wednesday. Morgan Stanley upgraded DigitalOcean from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $40.00 to $41.00 in a research note on Thursday, January 16th. Citigroup started coverage on DigitalOcean in a research note on Friday, January 24th. They issued a “buy” rating and a $45.00 target price for the company. Stifel Nicolaus boosted their price target on DigitalOcean from $35.00 to $40.00 and gave the stock a “hold” rating in a research report on Wednesday, December 18th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of DigitalOcean in a research report on Wednesday. One research analyst has rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, DigitalOcean currently has an average 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 fifty-two week low of $26.63 and a fifty-two week high of $47.02. The stock has a fifty day moving average of $39.17 and a two-hundred day moving average of $39.22. The company has a market capitalization of $3.94 billion, a PE ratio of 50.29, a price-to-earnings-growth ratio of 3.12 and a beta of 1.81.

Insider Buying and Selling

In other news, insider Bratin Saha sold 3,468 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $38.18, for a total transaction of $132,408.24. Following the completion of the transaction, the insider now directly owns 379,795 shares of the company’s stock, valued at approximately $14,500,573.10. This represents a 0.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Matt Steinfort sold 12,498 shares of the firm’s stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $40.00, for a total value of $499,920.00. Following the completion of the sale, the chief financial officer now directly owns 517,498 shares in the company, valued at approximately $20,699,920. This trade represents a 2.36 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,255 shares of company stock worth $790,163 over the last ninety days. 0.74% of the stock is owned by insiders.

Institutional Investors Weigh In On DigitalOcean

Several large investors have recently added to or reduced their stakes in DOCN. Hillsdale Investment Management Inc. grew its position in shares of DigitalOcean by 0.4% during the fourth quarter. Hillsdale Investment Management Inc. now owns 84,500 shares of the company’s stock worth $2,879,000 after acquiring an additional 300 shares during the last quarter. Focus Partners Wealth grew its position in DigitalOcean by 2.8% in the 4th quarter. Focus Partners Wealth now owns 12,455 shares of the company’s stock worth $424,000 after purchasing an additional 338 shares during the last quarter. Summit Investment Advisors Inc. increased its stake in shares of DigitalOcean by 6.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 6,866 shares of the company’s stock valued at $234,000 after purchasing an additional 436 shares during the period. Nisa Investment Advisors LLC raised its holdings in shares of DigitalOcean by 56.4% during the third quarter. Nisa Investment Advisors LLC now owns 1,340 shares of the company’s stock valued at $54,000 after buying an additional 483 shares during the last quarter. Finally, Creative Financial Designs Inc. ADV boosted its position in shares of DigitalOcean by 17.8% during the third quarter. Creative Financial Designs Inc. ADV now owns 3,744 shares of the company’s stock worth $151,000 after buying an additional 566 shares during the period. 49.77% of the stock is owned by institutional investors and hedge funds.

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).