Stifel Nicolaus Issues Positive Forecast for DigitalOcean (NYSE:DOCN) Stock Price

DigitalOcean (NYSE:DOCN) had its price target upped by Stifel Nicolaus from $35.00 to $40.00 in a research report released on Wednesday,Benzinga reports. They currently have a hold rating on the stock.

DOCN has been the subject of several other research reports. JPMorgan Chase & Co. boosted their price objective on DigitalOcean from $32.00 to $40.00 and gave the company a “neutral” rating in a report on Friday, October 25th. Barclays boosted their price target on shares of DigitalOcean from $38.00 to $48.00 and gave the company an “overweight” rating in a research note on Friday, October 11th. Canaccord Genuity Group raised their price objective on shares of DigitalOcean from $42.00 to $48.00 and gave the company a “buy” rating in a research note on Friday, October 4th. Finally, Needham & Company LLC reissued a “hold” rating on shares of DigitalOcean in a research report on Tuesday, November 5th. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $42.13.

DigitalOcean Stock Up 0.7 %

Shares of NYSE DOCN opened at $35.70 on Wednesday. The firm has a market cap of $3.29 billion, a PE ratio of 42.00, a P/E/G ratio of 2.47 and a beta of 1.76. The company’s fifty day simple moving average is $39.27 and its 200 day simple moving average is $37.27. DigitalOcean has a 12-month low of $26.63 and a 12-month high of $44.80.

DigitalOcean (NYSE:DOCN) last released its quarterly earnings data on Monday, November 4th. The company reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.12. DigitalOcean had a net margin of 10.86% and a negative return on equity of 43.11%. The company had revenue of $198.50 million for the quarter, compared to analysts’ expectations of $196.64 million. During the same quarter in the prior year, the firm earned $0.17 EPS. The business’s revenue was up 12.1% on a year-over-year basis. On average, equities analysts predict that DigitalOcean will post 1.01 earnings per share for the current year.

Insider Activity

In other DigitalOcean news, CFO Matt Steinfort sold 12,498 shares of the company’s stock in a transaction 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 transaction, the chief financial officer now owns 517,498 shares in the company, valued at $20,699,920. This represents a 2.36 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Bratin Saha sold 16,989 shares of the firm’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $36.85, for a total value of $626,044.65. Following the sale, the insider now directly owns 390,296 shares of the company’s stock, valued at approximately $14,382,407.60. This represents a 4.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 32,955 shares of company stock worth $1,258,373 over the last quarter. Insiders own 0.74% of the company’s stock.

Hedge Funds Weigh In On DigitalOcean

Institutional investors have recently added to or reduced their stakes in the stock. Farther Finance Advisors LLC purchased a new position in DigitalOcean in the third quarter valued at approximately $30,000. Advisors Asset Management Inc. increased its position in DigitalOcean by 150.4% in the third quarter. Advisors Asset Management Inc. now owns 974 shares of the company’s stock worth $39,000 after buying an additional 585 shares during the last quarter. Blue Trust Inc. raised its stake in shares of DigitalOcean by 380.6% in the third quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock valued at $49,000 after buying an additional 959 shares during the period. Nisa Investment Advisors LLC lifted its position in shares of DigitalOcean by 56.4% during the 3rd 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, KBC Group NV grew its stake in shares of DigitalOcean by 47.6% during the 3rd quarter. KBC Group NV now owns 2,096 shares of the company’s stock worth $85,000 after acquiring an additional 676 shares during the period. Institutional investors own 49.77% of the company’s stock.

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).