DigitalOcean (NYSE:DOCN) Stock Price Expected to Rise, Bank of America Analyst Says

DigitalOcean (NYSE:DOCN) had its target price increased by research analysts at Bank of America from $28.00 to $31.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has an “underperform” rating on the stock. Bank of America‘s price target would indicate a potential downside of 27.41% from the stock’s current price.

DOCN has been the subject of a number of other research reports. Needham & Company LLC reaffirmed a “hold” rating on shares of DigitalOcean in a research report on Tuesday, November 5th. Stifel Nicolaus lifted their target price on DigitalOcean from $35.00 to $40.00 and gave the stock a “hold” rating in a report on Wednesday, December 18th. Cantor Fitzgerald assumed coverage on shares of DigitalOcean in a report on Friday, January 17th. They issued a “neutral” rating and a $39.00 price target on the stock. Morgan Stanley upgraded shares of 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, January 16th. Finally, JMP Securities increased their price objective on shares of DigitalOcean from $47.00 to $55.00 and gave the stock a “market outperform” rating in a research note on Monday, January 27th. One equities 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. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $43.27.

DigitalOcean Trading Down 2.8 %

NYSE:DOCN opened at $42.71 on Wednesday. The company has a market capitalization of $3.94 billion, a P/E ratio of 50.24, a PEG ratio of 3.12 and a beta of 1.81. DigitalOcean has a 12 month low of $26.63 and a 12 month high of $47.02. The firm has a fifty day simple moving average of $39.03 and a 200-day simple moving average of $39.16.

Insiders Place Their Bets

In related news, CFO Matt Steinfort sold 12,498 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at approximately $20,699,920. This represents a 2.36 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Bratin Saha sold 4,289 shares of the stock in a transaction that occurred 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 transaction, 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 quarter, insiders sold 20,255 shares of company stock worth $790,163. Company insiders own 0.74% of the company’s stock.

Institutional Investors Weigh In On DigitalOcean

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in DigitalOcean by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 8,434,555 shares of the company’s stock valued at $287,365,000 after purchasing an additional 117,133 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its position in shares of DigitalOcean by 16.6% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 1,628,995 shares of the company’s stock worth $55,500,000 after purchasing an additional 231,407 shares during the last quarter. Fuller & Thaler Asset Management Inc. raised its position in shares of DigitalOcean by 7.3% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 1,545,642 shares of the company’s stock worth $52,660,000 after purchasing an additional 105,235 shares during the last quarter. First Trust Advisors LP lifted its stake in DigitalOcean by 6.2% in the 4th quarter. First Trust Advisors LP now owns 1,533,699 shares of the company’s stock valued at $52,253,000 after buying an additional 89,349 shares in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in DigitalOcean by 0.6% in the 4th quarter. Geode Capital Management LLC now owns 1,473,421 shares of the company’s stock worth $50,211,000 after buying an additional 9,088 shares during the last quarter. Hedge funds and other institutional investors own 49.77% of the company’s stock.

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).