DigitalOcean (NYSE:DOCN) Now Covered by Analysts at Cantor Fitzgerald

Cantor Fitzgerald started coverage on shares of DigitalOcean (NYSE:DOCN) in a research note released on Friday morning, MarketBeat reports. The firm issued a neutral rating and a $39.00 target price on the stock.

Several other research analysts have also issued reports on DOCN. Morgan Stanley raised shares of DigitalOcean from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $40.00 to $41.00 in a research note on Thursday. JPMorgan Chase & Co. increased their target price on shares of DigitalOcean from $32.00 to $40.00 and gave the stock a “neutral” rating in a research note on Friday, October 25th. Canaccord Genuity Group raised their price objective 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 objective on shares of DigitalOcean from $38.00 to $48.00 and gave the company 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 research note on Tuesday, November 5th. Six analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $41.70.

DigitalOcean Stock Performance

Shares of NYSE DOCN opened at $36.10 on Friday. The company has a market capitalization of $3.33 billion, a P/E ratio of 42.47, a price-to-earnings-growth ratio of 2.47 and a beta of 1.78. DigitalOcean has a 52-week low of $26.63 and a 52-week high of $44.80. The company’s 50 day moving average price is $36.85 and its 200-day moving average price is $37.21.

DigitalOcean (NYSE:DOCN) last issued its quarterly earnings results on Monday, November 4th. The company reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.12. The firm had revenue of $198.50 million for the quarter, compared to the consensus estimate of $196.64 million. DigitalOcean had a net margin of 10.86% and a negative return on equity of 43.11%. The company’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.17 EPS. Analysts forecast that DigitalOcean will post 1.01 earnings per share for the current year.

Insider Activity

In related news, insider Bratin Saha sold 16,989 shares of the firm’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $36.85, for a total transaction of $626,044.65. Following the completion of the sale, the insider now owns 390,296 shares in the company, valued at approximately $14,382,407.60. This trade represents a 4.17 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Matt Steinfort sold 12,498 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $40.00, for a total transaction of $499,920.00. Following the sale, the chief financial officer now owns 517,498 shares of the company’s stock, valued at $20,699,920. This trade represents a 2.36 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 32,955 shares of company stock worth $1,258,373 over the last quarter. Insiders own 0.74% of the company’s stock.

Institutional Trading of DigitalOcean

Large investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC increased its stake in shares of DigitalOcean by 7.9% in the third quarter. Geode Capital Management LLC now owns 1,464,333 shares of the company’s stock worth $59,156,000 after purchasing an additional 106,636 shares in the last quarter. Jacobs Levy Equity Management Inc. boosted its position in shares of DigitalOcean by 32.8% in the third quarter. Jacobs Levy Equity Management Inc. now owns 1,397,588 shares of the company’s stock valued at $56,449,000 after acquiring an additional 345,119 shares during the period. Principal Financial Group Inc. boosted its position in shares of DigitalOcean by 10.4% in the third quarter. Principal Financial Group Inc. now owns 1,301,499 shares of the company’s stock valued at $52,568,000 after acquiring an additional 122,651 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of DigitalOcean by 23.4% in the second quarter. Dimensional Fund Advisors LP now owns 1,079,579 shares of the company’s stock valued at $37,512,000 after acquiring an additional 205,007 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of DigitalOcean by 14.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 565,763 shares of the company’s stock valued at $22,851,000 after acquiring an additional 70,700 shares during the period. Hedge funds and other institutional investors own 49.77% of the company’s stock.

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).