DigitalOcean Holdings, Inc. (NYSE:DOCN) Receives $43.27 Consensus PT from Analysts

Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) have been assigned a consensus rating of “Hold” from the thirteen research firms that are covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $43.27.

Several research analysts have recently commented on the stock. Cantor Fitzgerald raised their target price on shares of DigitalOcean from $39.00 to $43.00 and gave the stock a “neutral” rating in a report on Wednesday, February 26th. Canaccord Genuity Group raised their price objective on DigitalOcean from $48.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, February 26th. JPMorgan Chase & Co. upped their target price on DigitalOcean from $40.00 to $45.00 and gave the company a “neutral” rating in a research report on Wednesday, February 26th. Citigroup began coverage on DigitalOcean in a research note on Friday, January 24th. They issued a “buy” rating and a $45.00 price target for the company. 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.

Insider Transactions at DigitalOcean

In related news, insider Bratin Saha sold 4,289 shares of the business’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $36.80, for a total value of $157,835.20. Following the sale, the insider now owns 372,762 shares of the company’s stock, valued at $13,717,641.60. The trade was a 1.14 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.74% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. California State Teachers Retirement System raised its position in shares of DigitalOcean by 6.9% during the fourth quarter. California State Teachers Retirement System now owns 60,357 shares of the company’s stock worth $2,056,000 after acquiring an additional 3,880 shares during the last quarter. Twinbeech Capital LP bought a new position in DigitalOcean during the 4th quarter worth approximately $398,000. ProShare Advisors LLC raised its holdings in DigitalOcean by 42.4% during the 4th quarter. ProShare Advisors LLC now owns 20,384 shares of the company’s stock worth $694,000 after purchasing an additional 6,073 shares during the last quarter. Interval Partners LP bought a new stake in shares of DigitalOcean in the 4th quarter valued at $3,690,000. Finally, Jacobs Levy Equity Management Inc. increased its position in shares of DigitalOcean by 16.6% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 1,628,995 shares of the company’s stock worth $55,500,000 after buying an additional 231,407 shares during the period. 49.77% of the stock is owned by institutional investors and hedge funds.

DigitalOcean Stock Performance

DOCN stock opened at $37.94 on Friday. DigitalOcean has a 52 week low of $26.63 and a 52 week high of $47.02. The company has a market capitalization of $3.49 billion, a PE ratio of 44.64, a price-to-earnings-growth ratio of 3.12 and a beta of 1.80. The company’s 50-day simple moving average is $40.17 and its 200 day simple moving average is $39.35.

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).