Stifel Nicolaus Lowers DigitalOcean (NYSE:DOCN) Price Target to $33.00

DigitalOcean (NYSE:DOCN) had its target price reduced by Stifel Nicolaus from $40.00 to $33.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has a “hold” rating on the stock. Stifel Nicolaus’ price target indicates a potential upside of 28.30% from the stock’s previous close.

Other analysts also recently issued reports about the company. Canaccord Genuity Group dropped their price objective on DigitalOcean from $50.00 to $45.00 and set a “buy” rating for the company in a report on Monday. UBS Group lifted their price objective on DigitalOcean from $39.00 to $44.00 and gave the company a “neutral” rating in a research note on Wednesday, February 26th. Cantor Fitzgerald raised their price target on shares of DigitalOcean from $39.00 to $43.00 and gave the company a “neutral” rating in a report on Wednesday, February 26th. Needham & Company LLC reaffirmed a “hold” rating on shares of DigitalOcean in a research report on Monday. Finally, Citigroup began coverage on DigitalOcean in a research note on Friday, January 24th. They set a “buy” rating and a $45.00 price objective on the stock. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $42.18.

DigitalOcean Stock Performance

DigitalOcean stock opened at $25.72 on Monday. DigitalOcean has a 1 year low of $25.45 and a 1 year high of $47.02. The firm has a 50 day moving average price of $38.74 and a 200 day moving average price of $38.68. The company has a market cap of $2.37 billion, a price-to-earnings ratio of 30.26, a PEG ratio of 3.12 and a beta of 1.87.

Insider Buying and Selling

In other DigitalOcean news, insider Bratin Saha sold 3,948 shares of the business’s stock in a transaction on Tuesday, March 18th. The shares were sold at an average price of $36.63, for a total transaction of $144,615.24. Following the completion of the sale, the insider now owns 358,696 shares in the company, valued at $13,139,034.48. The trade was a 1.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.74% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Hillsdale Investment Management Inc. raised its stake in DigitalOcean by 0.4% during the fourth quarter. Hillsdale Investment Management Inc. now owns 84,500 shares of the company’s stock worth $2,879,000 after acquiring an additional 300 shares during the period. Focus Partners Wealth raised its position in shares of DigitalOcean by 2.8% during the 4th quarter. Focus Partners Wealth now owns 12,455 shares of the company’s stock worth $424,000 after purchasing an additional 338 shares during the period. Summit Investment Advisors Inc. lifted its holdings in shares of DigitalOcean by 6.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 6,866 shares of the company’s stock worth $234,000 after purchasing an additional 436 shares during the last quarter. Harbor Investment Advisory LLC boosted its position in DigitalOcean by 380.0% during the 4th quarter. Harbor Investment Advisory LLC now owns 720 shares of the company’s stock valued at $25,000 after purchasing an additional 570 shares during the period. Finally, BSW Wealth Partners grew its stake in DigitalOcean by 4.3% during the 4th quarter. BSW Wealth Partners now owns 14,556 shares of the company’s stock worth $496,000 after buying an additional 600 shares during 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).