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

DigitalOcean Holdings, Inc. (NYSE:DOCN) has been assigned an average recommendation of “Hold” from the twelve analysts that are presently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, six have assigned a hold recommendation and five have assigned a buy recommendation to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $43.27.

Several analysts have recently weighed in on DOCN shares. Cantor Fitzgerald lifted their target price on shares of DigitalOcean from $39.00 to $43.00 and gave the company a “neutral” rating in a research report on Wednesday. Bank of America lifted their price objective on DigitalOcean from $28.00 to $31.00 and gave the company an “underperform” rating in a report on Wednesday. JPMorgan Chase & Co. increased their target price on DigitalOcean from $40.00 to $45.00 and gave the stock a “neutral” rating in a report on Wednesday. Morgan Stanley raised DigitalOcean from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $40.00 to $41.00 in a research note on Thursday, January 16th. Finally, UBS Group upped their price target on DigitalOcean from $39.00 to $44.00 and gave the company a “neutral” rating in a research report on Wednesday.

Insider Activity

In other news, CFO Matt Steinfort sold 12,498 shares of the stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $40.00, for a total transaction of $499,920.00. Following the sale, the chief financial officer now directly owns 517,498 shares of the company’s stock, valued at $20,699,920. This represents a 2.36 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Bratin Saha sold 4,289 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $36.80, for a total transaction of $157,835.20. Following the completion of the sale, the insider now directly owns 372,762 shares of the company’s stock, valued at approximately $13,717,641.60. This represents a 1.14 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,255 shares of company stock worth $790,163. 0.74% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On DigitalOcean

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

DigitalOcean Stock Performance

Shares of DOCN opened at $42.74 on Monday. The firm has a market capitalization of $3.94 billion, a P/E ratio of 50.29, a P/E/G ratio of 3.12 and a beta of 1.81. DigitalOcean has a 52 week low of $26.63 and a 52 week high of $47.02. The company has a 50-day simple moving average of $39.17 and a 200-day simple moving average of $39.22.

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).