JPMorgan Chase & Co. Boosts DigitalOcean (NYSE:DOCN) Price Target to $45.00

DigitalOcean (NYSE:DOCN) had its price target lifted by stock analysts at JPMorgan Chase & Co. from $40.00 to $45.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 2.95% from the stock’s current price.

Other equities research analysts also recently issued research reports about the stock. Morgan Stanley raised shares of DigitalOcean from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $40.00 to $41.00 in a research report on Thursday, January 16th. Stifel Nicolaus lifted their price target on DigitalOcean from $35.00 to $40.00 and gave the company a “hold” rating in a research note on Wednesday, December 18th. JMP Securities upped their price objective on DigitalOcean from $47.00 to $55.00 and gave the stock a “market outperform” rating in a research report on Monday, January 27th. Citigroup started coverage on DigitalOcean in a research report on Friday, January 24th. They issued a “buy” rating and a $45.00 target price on the stock. Finally, Bank of America upped their price target on DigitalOcean from $28.00 to $31.00 and gave the stock an “underperform” rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, DigitalOcean currently has a consensus rating of “Hold” and an average price target of $42.18.

DigitalOcean Stock Up 7.1 %

DigitalOcean stock traded up $2.88 during midday trading on Wednesday, hitting $43.71. 499,171 shares of the stock were exchanged, compared to its average volume of 1,269,447. The stock has a market capitalization of $4.03 billion, a PE ratio of 51.42, a P/E/G ratio of 3.12 and a beta of 1.81. The company has a fifty day simple moving average of $38.70 and a two-hundred day simple moving average of $39.10. DigitalOcean has a 52 week low of $26.63 and a 52 week high of $47.02.

Insider Buying and Selling

In other news, 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 value of $499,920.00. Following the completion of 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Bratin Saha sold 4,289 shares of the business’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $36.80, for a total value of $157,835.20. Following the sale, the insider now owns 372,762 shares in the company, valued at $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 90 days, insiders sold 20,255 shares of company stock worth $790,163. Company insiders own 0.74% of the company’s stock.

Institutional Trading of DigitalOcean

Hedge funds have recently made changes to their positions in the company. Blue Trust Inc. raised its stake in shares of DigitalOcean by 380.6% during the third quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock valued at $49,000 after acquiring an additional 959 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of DigitalOcean by 36.3% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 74,206 shares of the company’s stock valued at $2,997,000 after buying an additional 19,781 shares during the last quarter. Hennion & Walsh Asset Management Inc. increased its stake in shares of DigitalOcean by 27.8% in the third quarter. Hennion & Walsh Asset Management Inc. now owns 9,855 shares of the company’s stock valued at $398,000 after buying an additional 2,142 shares during the period. Louisiana State Employees Retirement System raised its position in shares of DigitalOcean by 13.3% during the third quarter. Louisiana State Employees Retirement System now owns 30,600 shares of the company’s stock worth $1,236,000 after acquiring an additional 3,600 shares during the last quarter. Finally, State of Alaska Department of Revenue lifted its stake in shares of DigitalOcean by 14.5% in the third quarter. State of Alaska Department of Revenue now owns 36,114 shares of the company’s stock worth $1,458,000 after acquiring an additional 4,561 shares during the period. 49.77% of the stock is owned by institutional investors and hedge funds.

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).