DigitalOcean (NYSE:DOCN) Upgraded to Hold at Cantor Fitzgerald

Cantor Fitzgerald upgraded shares of DigitalOcean (NYSE:DOCN) to a hold rating in a research report released on Thursday morning, MarketBeat Ratings reports. Cantor Fitzgerald currently has $39.00 price objective on the stock.

A number of other research analysts have also recently issued reports on the company. Morgan Stanley upgraded DigitalOcean from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $40.00 to $41.00 in a research note on Thursday. Canaccord Genuity Group lifted their price target on DigitalOcean from $42.00 to $48.00 and gave the stock a “buy” rating in a research report on Friday, October 4th. Needham & Company LLC reissued a “hold” rating on shares of DigitalOcean in a research report on Tuesday, November 5th. Barclays lifted their target price on shares of DigitalOcean from $38.00 to $48.00 and gave the stock an “overweight” rating in a report on Friday, October 11th. Finally, Stifel Nicolaus upped their target price on shares of DigitalOcean from $35.00 to $40.00 and gave the stock a “hold” rating in a research note on Wednesday, December 18th. Six investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $41.70.

DigitalOcean Stock Performance

DOCN opened at $36.10 on Thursday. The stock’s 50 day moving average price is $36.85 and its 200-day moving average price is $37.18. DigitalOcean has a 52-week low of $26.63 and a 52-week high of $44.80. The stock has a market capitalization of $3.33 billion, a PE ratio of 42.47, a price-to-earnings-growth ratio of 2.47 and a beta of 1.78.

DigitalOcean (NYSE:DOCN) last announced its earnings results on Monday, November 4th. The company reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.12. The firm had revenue of $198.50 million during the quarter, compared to analyst estimates of $196.64 million. DigitalOcean had a negative return on equity of 43.11% and a net margin of 10.86%. The business’s revenue was up 12.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.17 EPS. Research analysts forecast that DigitalOcean will post 1.01 EPS for the current fiscal year.

Insider Activity

In other news, insider Bratin Saha sold 16,989 shares of DigitalOcean stock in a transaction dated Monday, November 18th. The stock was 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. The trade was a 4.17 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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 value of $499,920.00. Following the transaction, the chief financial officer now directly owns 517,498 shares of the company’s stock, valued at approximately $20,699,920. The trade was a 2.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have 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 bought and sold shares of the business. Sei Investments Co. lifted its holdings in shares of DigitalOcean by 1.5% in the 2nd quarter. Sei Investments Co. now owns 30,834 shares of the company’s stock valued at $1,071,000 after acquiring an additional 468 shares during the last quarter. Nisa Investment Advisors LLC grew its holdings in shares of DigitalOcean by 56.4% in the third quarter. Nisa Investment Advisors LLC now owns 1,340 shares of the company’s stock worth $54,000 after purchasing an additional 483 shares during the last quarter. Creative Financial Designs Inc. ADV grew its holdings in shares of DigitalOcean by 17.8% in the third quarter. Creative Financial Designs Inc. ADV now owns 3,744 shares of the company’s stock worth $151,000 after purchasing an additional 566 shares during the last quarter. Harbor Investment Advisory LLC increased its stake in DigitalOcean by 380.0% in the 4th quarter. Harbor Investment Advisory LLC now owns 720 shares of the company’s stock worth $25,000 after buying an additional 570 shares during the period. Finally, Advisors Asset Management Inc. lifted its holdings in DigitalOcean by 150.4% during the 3rd quarter. Advisors Asset Management Inc. now owns 974 shares of the company’s stock valued at $39,000 after buying an additional 585 shares in the last quarter. 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).