Canaccord Genuity Group Lowers DigitalOcean (NYSE:DOCN) Price Target to $45.00

DigitalOcean (NYSE:DOCN) had its price objective reduced by equities researchers at Canaccord Genuity Group from $50.00 to $45.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target indicates a potential upside of 57.12% from the stock’s current price.

Other equities analysts also recently issued research reports about the company. Stifel Nicolaus raised their target price on DigitalOcean from $35.00 to $40.00 and gave the stock a “hold” rating in a research report on Wednesday, December 18th. Needham & Company LLC reissued a “hold” rating on shares of DigitalOcean in a report on Wednesday, February 26th. Bank of America upped their target price on shares of DigitalOcean from $28.00 to $31.00 and gave the stock an “underperform” rating in a report on Wednesday, February 26th. Morgan Stanley raised shares of DigitalOcean from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $40.00 to $41.00 in a report on Thursday, January 16th. Finally, Citigroup initiated coverage on shares of DigitalOcean in a research note on Friday, January 24th. They set a “buy” rating and a $45.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $42.82.

DigitalOcean Stock Down 8.3 %

NYSE:DOCN opened at $28.64 on Monday. The firm has a market capitalization of $2.64 billion, a PE ratio of 33.69, a price-to-earnings-growth ratio of 3.12 and a beta of 1.87. DigitalOcean has a 12-month low of $26.63 and a 12-month high of $47.02. The firm has a 50-day moving average price of $39.63 and a 200 day moving average price of $39.00.

Insiders Place Their Bets

In related news, insider Bratin Saha sold 3,948 shares of the stock in a transaction that occurred on Tuesday, March 18th. The shares were sold at an average price of $36.63, for a total value of $144,615.24. Following the transaction, the insider now directly owns 358,696 shares in the company, valued at $13,139,034.48. This represents a 1.09 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.74% of the company’s stock.

Institutional Trading of DigitalOcean

Several institutional investors and hedge funds have recently made changes to their positions in the business. Oppenheimer & Co. Inc. acquired a new stake in shares of DigitalOcean during the fourth quarter worth $333,000. Illinois Municipal Retirement Fund bought a new position in DigitalOcean during the fourth quarter worth about $1,139,000. Bank of New York Mellon Corp grew its position in shares of DigitalOcean by 19.7% during the 4th quarter. Bank of New York Mellon Corp now owns 791,861 shares of the company’s stock worth $26,979,000 after buying an additional 130,263 shares during the period. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new stake in shares of DigitalOcean in the 4th quarter valued at about $5,382,000. Finally, Allspring Global Investments Holdings LLC raised its position in shares of DigitalOcean by 29.8% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 96,306 shares of the company’s stock valued at $3,284,000 after acquiring an additional 22,100 shares during the period. 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).