Canaccord Genuity Group Forecasts Strong Price Appreciation for DigitalOcean (NYSE:DOCN) Stock

DigitalOcean (NYSE:DOCN) had its price target hoisted by equities research analysts at Canaccord Genuity Group from $48.00 to $50.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target points to a potential upside of 14.21% from the stock’s current price.

A number of other research firms have also weighed in on DOCN. Bank of America boosted their price target on shares of DigitalOcean from $28.00 to $31.00 and gave the stock an “underperform” rating in a research report on Wednesday. Morgan Stanley upgraded shares of DigitalOcean from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $40.00 to $41.00 in a research report on Thursday, January 16th. JPMorgan Chase & Co. raised their price objective on shares of DigitalOcean from $40.00 to $45.00 and gave the stock a “neutral” rating in a research note on Wednesday. Stifel Nicolaus increased their target price on DigitalOcean from $35.00 to $40.00 and gave the stock a “hold” rating in a research report on Wednesday, December 18th. Finally, Cantor Fitzgerald lifted their price target on shares of DigitalOcean from $39.00 to $43.00 and gave the stock a “neutral” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $42.36.

DigitalOcean Price Performance

DigitalOcean stock traded up $2.95 during trading hours on Wednesday, reaching $43.78. The stock had a trading volume of 850,560 shares, compared to its average volume of 1,279,072. DigitalOcean has a 52 week low of $26.63 and a 52 week high of $47.02. The company has a market cap of $4.04 billion, a price-to-earnings ratio of 51.61, a PEG ratio of 3.12 and a beta of 1.81. The business’s 50 day moving average price is $38.70 and its 200-day moving average price is $39.10.

Insiders Place Their Bets

In other DigitalOcean news, CFO Matt Steinfort sold 12,498 shares of the stock in a transaction 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 of the company’s stock, valued at $20,699,920. This represents a 2.36 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Bratin Saha sold 3,468 shares of the stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $38.18, for a total value of $132,408.24. Following the completion of the sale, the insider now owns 379,795 shares of the company’s stock, valued at approximately $14,500,573.10. This trade represents a 0.90 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,255 shares of company stock valued at $790,163 in the last ninety days. Company insiders own 0.74% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of DOCN. Versor Investments LP purchased a new position in DigitalOcean in the third quarter worth approximately $751,000. FORA Capital LLC purchased a new stake in DigitalOcean during the 3rd quarter worth approximately $1,149,000. Victory Capital Management Inc. increased its position in DigitalOcean by 79.8% in the third quarter. Victory Capital Management Inc. now owns 31,169 shares of the company’s stock worth $1,259,000 after buying an additional 13,837 shares during the period. Public Sector Pension Investment Board boosted its position in shares of DigitalOcean by 13.5% during the 3rd quarter. Public Sector Pension Investment Board now owns 134,214 shares of the company’s stock valued at $5,421,000 after purchasing an additional 16,000 shares in the last quarter. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new stake in shares of DigitalOcean during the fourth quarter worth approximately $5,382,000. 49.77% of the stock is currently owned by hedge funds and other institutional investors.

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).