DigitalOcean (NYSE:DOCN) Now Covered by Citigroup

Equities research analysts at Citigroup initiated coverage on shares of DigitalOcean (NYSE:DOCN) in a research report issued on Friday,Briefing.com Automated Import reports. The brokerage set a “buy” rating and a $45.00 price target on the stock. Citigroup’s target price points to a potential upside of 16.33% from the company’s previous close.

Other equities analysts have also issued research reports about the stock. Needham & Company LLC reiterated a “hold” rating on shares of DigitalOcean in a research report on Tuesday, November 5th. JPMorgan Chase & Co. boosted their target price on DigitalOcean from $32.00 to $40.00 and gave the stock a “neutral” rating in a report on Friday, October 25th. Canaccord Genuity Group upped their target price on DigitalOcean from $42.00 to $48.00 and gave the stock a “buy” rating in a research report on Friday, October 4th. Cantor Fitzgerald started coverage on DigitalOcean in a research report on Friday, January 17th. They set a “neutral” rating and a $39.00 price target on the stock. Finally, Morgan Stanley upgraded DigitalOcean from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $40.00 to $41.00 in a report on Thursday, January 16th. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $42.00.

DigitalOcean Trading Up 1.1 %

DOCN opened at $38.68 on Friday. The business’s 50 day moving average is $36.77 and its 200-day moving average is $37.26. The stock has a market cap of $3.57 billion, a PE ratio of 45.51, a price-to-earnings-growth ratio of 2.77 and a beta of 1.78. DigitalOcean has a twelve month low of $26.63 and a twelve month high of $44.80.

DigitalOcean (NYSE:DOCN) last announced its earnings results on Monday, November 4th. The company reported $0.52 earnings per share for the quarter, beating 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 firm had revenue of $198.50 million for the quarter, compared to the consensus estimate of $196.64 million. During the same quarter in the previous year, the business earned $0.17 EPS. The firm’s revenue for the quarter was up 12.1% on a year-over-year basis. As a group, analysts forecast that DigitalOcean will post 1.01 EPS for the current year.

Insider Activity at DigitalOcean

In other DigitalOcean 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 transaction of $157,835.20. Following the sale, the insider now directly owns 372,762 shares of the company’s stock, valued at $13,717,641.60. The trade was a 1.14 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Matt Steinfort sold 12,498 shares of the firm’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $40.00, for a total value of $499,920.00. Following the completion of the sale, the chief financial officer now directly owns 517,498 shares of the company’s stock, valued at approximately $20,699,920. This trade represents a 2.36 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 37,244 shares of company stock worth $1,416,208 in the last quarter. 0.74% of the stock is owned by company insiders.

Institutional Trading of DigitalOcean

A number of hedge funds have recently made changes to their positions in the stock. BSW Wealth Partners grew its position in DigitalOcean by 4.3% during the fourth quarter. BSW Wealth Partners now owns 14,556 shares of the company’s stock valued at $496,000 after purchasing an additional 600 shares in the last quarter. Cherry Creek Investment Advisors Inc. grew its holdings in shares of DigitalOcean by 17.3% during the 4th quarter. Cherry Creek Investment Advisors Inc. now owns 12,745 shares of the company’s stock valued at $434,000 after acquiring an additional 1,880 shares in the last quarter. Pacer Advisors Inc. grew its holdings in shares of DigitalOcean by 33.1% during the 4th quarter. Pacer Advisors Inc. now owns 5,712 shares of the company’s stock valued at $195,000 after acquiring an additional 1,419 shares in the last quarter. KBC Group NV increased its stake in shares of DigitalOcean by 37.6% in the fourth quarter. KBC Group NV now owns 2,884 shares of the company’s stock worth $98,000 after acquiring an additional 788 shares during the last quarter. Finally, Harbor Investment Advisory LLC boosted its position in DigitalOcean by 380.0% during the fourth 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 last quarter. 49.77% of the stock is owned by hedge funds and other 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).