Needham & Company LLC Reaffirms Hold Rating for DigitalOcean (NYSE:DOCN)

DigitalOcean (NYSE:DOCN)‘s stock had its “hold” rating reaffirmed by equities research analysts at Needham & Company LLC in a research note issued to investors on Monday,Benzinga reports.

Other equities research analysts have also recently issued reports about the stock. JPMorgan Chase & Co. increased their price objective on shares of DigitalOcean from $40.00 to $45.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 26th. JMP Securities increased their price target on DigitalOcean from $47.00 to $55.00 and gave the stock a “market outperform” rating in a report on Monday, January 27th. Cantor Fitzgerald boosted their price objective on DigitalOcean from $39.00 to $43.00 and gave the company a “neutral” rating in a research note on Wednesday, February 26th. UBS Group upped their target price on DigitalOcean from $39.00 to $44.00 and gave the company a “neutral” rating in a research report on Wednesday, February 26th. Finally, Morgan Stanley upgraded DigitalOcean from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $40.00 to $41.00 in a report on Thursday, January 16th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, DigitalOcean presently has an average rating of “Hold” and an average price target of $42.18.

DigitalOcean Price Performance

Shares of DOCN stock opened at $25.72 on Monday. The stock has a market capitalization of $2.37 billion, a PE ratio of 30.26, a PEG ratio of 3.12 and a beta of 1.87. The business’s 50 day simple moving average is $38.74 and its 200 day simple moving average is $38.68. DigitalOcean has a one year low of $25.45 and a one year high of $47.02.

Insider Transactions at DigitalOcean

In other news, insider Bratin Saha sold 3,948 shares of DigitalOcean stock in a transaction dated 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 transaction, the insider now directly owns 358,696 shares in the company, valued at $13,139,034.48. This trade represents a 1.09 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.74% of the stock is owned by insiders.

Hedge Funds Weigh In On DigitalOcean

Several large investors have recently added to or reduced their stakes in the business. Norges Bank purchased a new stake in shares of DigitalOcean in the fourth quarter worth approximately $14,772,000. Jacobs Levy Equity Management Inc. raised its position in DigitalOcean by 16.6% in 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 buying an additional 231,407 shares during the last quarter. CenterBook Partners LP bought a new position in DigitalOcean during the 4th quarter valued at $7,633,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new position in DigitalOcean during the 4th quarter valued at $5,382,000. Finally, Bank of New York Mellon Corp boosted its holdings in DigitalOcean by 19.7% during the 4th quarter. Bank of New York Mellon Corp now owns 791,861 shares of the company’s stock worth $26,979,000 after acquiring an additional 130,263 shares during the last quarter. 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).