Stifel Nicolaus Boosts DigitalOcean (NYSE:DOCN) Price Target to $40.00

DigitalOcean (NYSE:DOCN) had its target price upped by research analysts at Stifel Nicolaus from $35.00 to $40.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a “hold” rating on the stock. Stifel Nicolaus’ price objective would indicate a potential upside of 12.83% from the stock’s previous close.

DOCN has been the topic of a number of other research reports. JPMorgan Chase & Co. increased their price objective on shares of DigitalOcean from $32.00 to $40.00 and gave the company a “neutral” rating in a research report on Friday, October 25th. Canaccord Genuity Group boosted their target price on shares of DigitalOcean from $42.00 to $48.00 and gave the company a “buy” rating in a research note on Friday, October 4th. Barclays raised their price target on DigitalOcean from $38.00 to $48.00 and gave the stock an “overweight” rating in a research note on Friday, October 11th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of DigitalOcean in a report on Tuesday, November 5th. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $42.13.

DigitalOcean Trading Up 1.9 %

DigitalOcean stock opened at $35.45 on Wednesday. The firm has a market cap of $3.27 billion, a price-to-earnings ratio of 41.71, a PEG ratio of 2.47 and a beta of 1.76. DigitalOcean has a 12 month low of $26.63 and a 12 month high of $44.80. The stock has a fifty day simple moving average of $39.44 and a two-hundred day simple moving average of $37.27.

DigitalOcean (NYSE:DOCN) last released its quarterly earnings data on Monday, November 4th. The company reported $0.52 EPS for the quarter, topping the consensus estimate of $0.40 by $0.12. The company had revenue of $198.50 million during the quarter, compared to the consensus estimate of $196.64 million. DigitalOcean had a negative return on equity of 43.11% and a net margin of 10.86%. DigitalOcean’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same period last year, the company earned $0.17 EPS. On average, equities research analysts forecast that DigitalOcean will post 1.01 EPS for the current fiscal year.

Insider Activity

In related news, insider Bratin Saha sold 3,468 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $38.18, for a total transaction of $132,408.24. Following the completion of the transaction, the insider now directly owns 379,795 shares in the company, valued at approximately $14,500,573.10. The trade was a 0.90 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Matt Steinfort sold 12,498 shares of the stock in a transaction that occurred 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 completion of the sale, the chief financial officer now directly owns 517,498 shares of the company’s stock, valued at $20,699,920. This represents a 2.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 32,955 shares of company stock valued at $1,258,373 in the last 90 days. Company insiders own 0.74% of the company’s stock.

Institutional Trading of DigitalOcean

Several institutional investors and hedge funds have recently modified their holdings of DOCN. Principal Financial Group Inc. grew its position in shares of DigitalOcean by 10.4% during the third quarter. Principal Financial Group Inc. now owns 1,301,499 shares of the company’s stock worth $52,568,000 after purchasing an additional 122,651 shares in the last quarter. Franklin Resources Inc. boosted its stake in DigitalOcean by 17.1% in the 3rd quarter. Franklin Resources Inc. now owns 39,078 shares of the company’s stock worth $1,714,000 after purchasing an additional 5,718 shares during the period. Tidal Investments LLC purchased a new stake in DigitalOcean during the 3rd quarter valued at approximately $423,000. Geode Capital Management LLC raised its position in shares of DigitalOcean by 7.9% during the third quarter. Geode Capital Management LLC now owns 1,464,333 shares of the company’s stock valued at $59,156,000 after buying an additional 106,636 shares during the last quarter. Finally, Stifel Financial Corp lifted its holdings in shares of DigitalOcean by 3.6% in the third quarter. Stifel Financial Corp now owns 22,218 shares of the company’s stock worth $897,000 after buying an additional 777 shares in the last quarter. 49.77% of the stock is currently 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).