DigitalOcean (NYSE:DOCN) Price Target Cut to $45.00 by Analysts at Canaccord Genuity Group

DigitalOcean (NYSE:DOCN) had its price target decreased by Canaccord Genuity Group from $50.00 to $45.00 in a report issued on Monday,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

Several other research analysts also recently commented on the company. JPMorgan Chase & Co. raised their price objective on DigitalOcean from $40.00 to $45.00 and gave the stock a “neutral” rating in a report on Wednesday, February 26th. Citigroup initiated coverage on DigitalOcean in a research note on Friday, January 24th. They set a “buy” rating and a $45.00 price target on the stock. The Goldman Sachs Group reiterated a “buy” rating on shares of DigitalOcean in a report on Saturday, March 1st. Needham & Company LLC reaffirmed a “hold” rating on shares of DigitalOcean in a research report on Wednesday, February 26th. Finally, Stifel Nicolaus upped 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. One analyst has rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, DigitalOcean currently has a consensus rating of “Hold” and an average price target of $42.18.

DigitalOcean Price Performance

Shares of DOCN stock opened at $28.14 on Monday. The company has a market capitalization of $2.59 billion, a P/E ratio of 33.10, a P/E/G ratio of 3.12 and a beta of 1.87. The company’s 50-day simple moving average is $39.39 and its two-hundred day simple moving average is $38.90. DigitalOcean has a one year low of $25.54 and a one year high of $47.02.

Insider Transactions at DigitalOcean

In other DigitalOcean news, insider Bratin Saha sold 4,289 shares of the firm’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $36.80, for a total value of $157,835.20. Following the completion of the sale, the insider now owns 372,762 shares of the company’s stock, valued at approximately $13,717,641.60. This trade represents a 1.14 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.74% of the company’s stock.

Institutional Trading of DigitalOcean

Large investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in shares of 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 buying an additional 117,133 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its stake in DigitalOcean by 16.6% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 1,628,995 shares of the company’s stock valued at $55,500,000 after purchasing an additional 231,407 shares during the last quarter. Fuller & Thaler Asset Management Inc. increased its holdings in shares of DigitalOcean by 7.3% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 1,545,642 shares of the company’s stock valued at $52,660,000 after purchasing an additional 105,235 shares during the period. First Trust Advisors LP raised its stake in shares of DigitalOcean by 6.2% in the fourth quarter. First Trust Advisors LP now owns 1,533,699 shares of the company’s stock worth $52,253,000 after purchasing an additional 89,349 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of DigitalOcean by 0.6% during the fourth quarter. Geode Capital Management LLC now owns 1,473,421 shares of the company’s stock worth $50,211,000 after purchasing an additional 9,088 shares during the period. 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).