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

DigitalOcean (NYSE:DOCN) had its target price raised by stock analysts at Cantor Fitzgerald from $39.00 to $43.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Cantor Fitzgerald’s target price would suggest a potential upside of 7.21% from the company’s previous close.

Several other brokerages have also recently commented on DOCN. JMP Securities boosted their price target on shares of DigitalOcean from $47.00 to $55.00 and gave the stock a “market outperform” rating in a research report on Monday, January 27th. Morgan Stanley upgraded DigitalOcean from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $40.00 to $41.00 in a report on Thursday, January 16th. Needham & Company LLC restated a “hold” rating on shares of DigitalOcean in a research note on Wednesday. Citigroup started coverage on shares of DigitalOcean in a report on Friday, January 24th. They set a “buy” rating and a $45.00 target price on the stock. Finally, Stifel Nicolaus upped their target price on shares of DigitalOcean from $35.00 to $40.00 and gave the company a “hold” rating in a report on Wednesday, December 18th. 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, the stock has an average rating of “Hold” and a consensus price target of $41.73.

DigitalOcean Price Performance

DOCN stock opened at $40.11 on Wednesday. The business has a 50-day moving average of $38.70 and a 200-day moving average of $39.10. The stock has a market capitalization of $3.70 billion, a P/E ratio of 48.49, a P/E/G ratio of 3.12 and a beta of 1.81. DigitalOcean has a fifty-two week low of $26.63 and a fifty-two week high of $47.02.

Insider Activity

In other news, 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 owns 372,762 shares of the company’s stock, valued at $13,717,641.60. This trade represents a 1.14 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Matt Steinfort sold 12,498 shares of the stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $40.00, for a total transaction of $499,920.00. Following the transaction, the chief financial officer now directly owns 517,498 shares in the company, valued at approximately $20,699,920. This represents a 2.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 20,255 shares of company stock worth $790,163. Corporate insiders own 0.74% of the company’s stock.

Institutional Investors Weigh In On DigitalOcean

Several hedge funds and other institutional investors have recently bought and sold shares of DOCN. Norges Bank bought a new stake in DigitalOcean in the 4th quarter valued at about $14,772,000. Jacobs Levy Equity Management Inc. increased its position in shares of DigitalOcean by 32.8% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,397,588 shares of the company’s stock valued at $56,449,000 after purchasing an additional 345,119 shares during the last quarter. CenterBook Partners LP bought a new position in DigitalOcean during the fourth quarter valued at about $7,633,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new stake in DigitalOcean during the fourth quarter worth about $5,382,000. Finally, Bank of New York Mellon Corp grew its stake in DigitalOcean by 19.7% in the 4th quarter. Bank of New York Mellon Corp now owns 791,861 shares of the company’s stock valued at $26,979,000 after buying an additional 130,263 shares in the last quarter. 49.77% of the stock is owned by institutional investors.

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).