Brokerages Set DigitalOcean Holdings, Inc. (NYSE:DOCN) Price Target at $41.50

Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) have received an average rating of “Hold” from the nine analysts that are currently covering the stock, Marketbeat Ratings reports. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $41.50.

A number of research firms recently commented on DOCN. JPMorgan Chase & Co. raised their price target on shares of DigitalOcean from $32.00 to $40.00 and gave the stock a “neutral” rating in a research report on Friday, October 25th. Barclays lifted their price target on shares of DigitalOcean from $38.00 to $48.00 and gave the company an “overweight” rating in a research report on Friday, October 11th. Canaccord Genuity Group increased their price target on DigitalOcean from $42.00 to $48.00 and gave the stock a “buy” rating in a research report on Friday, October 4th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of DigitalOcean in a report on Tuesday, November 5th.

Insider Buying and Selling at DigitalOcean

In other news, insider Bratin Saha sold 16,989 shares of the stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $36.85, for a total value of $626,044.65. Following the completion of the transaction, the insider now owns 390,296 shares of the company’s stock, valued at approximately $14,382,407.60. This represents a 4.17 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Matt Steinfort sold 12,498 shares of the firm’s stock in a transaction that occurred on Wednesday, December 4th. The shares were 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 owns 517,498 shares in the company, valued at approximately $20,699,920. The trade was a 2.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.74% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. 180 Wealth Advisors LLC raised its position in DigitalOcean by 4.4% in the second quarter. 180 Wealth Advisors LLC now owns 7,120 shares of the company’s stock valued at $237,000 after purchasing an additional 297 shares during the last quarter. Hennion & Walsh Asset Management Inc. bought a new position in DigitalOcean in the 2nd quarter valued at approximately $268,000. Louisiana State Employees Retirement System bought a new stake in DigitalOcean during the 2nd quarter worth approximately $938,000. Bank of New York Mellon Corp increased its position in DigitalOcean by 66.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 766,043 shares of the company’s stock valued at $26,620,000 after acquiring an additional 307,162 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its holdings in shares of DigitalOcean by 1.6% during the second quarter. Allspring Global Investments Holdings LLC now owns 54,425 shares of the company’s stock worth $1,891,000 after purchasing an additional 865 shares during the period. 49.77% of the stock is currently owned by institutional investors.

DigitalOcean Price Performance

DigitalOcean stock opened at $37.77 on Wednesday. The company’s 50-day moving average price is $39.75 and its two-hundred day moving average price is $37.30. The stock has a market cap of $3.49 billion, a P/E ratio of 44.44, a P/E/G ratio of 2.47 and a beta of 1.76. DigitalOcean has a twelve month low of $26.63 and a twelve month high of $44.80.

DigitalOcean (NYSE:DOCN) last released its quarterly earnings results on Monday, November 4th. The company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.12. DigitalOcean had a negative return on equity of 43.11% and a net margin of 10.86%. The business had revenue of $198.50 million during the quarter, compared to analysts’ expectations of $196.64 million. During the same period last year, the firm posted $0.17 EPS. The firm’s revenue for the quarter was up 12.1% compared to the same quarter last year. Equities analysts anticipate that DigitalOcean will post 1.01 earnings per share for the current fiscal year.

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).