Bank of America Boosts DigitalOcean (NYSE:DOCN) Price Target to $31.00

DigitalOcean (NYSE:DOCN) had its price target lifted by Bank of America from $28.00 to $31.00 in a report published on Wednesday,Benzinga reports. Bank of America currently has an underperform rating on the stock.

A number of other analysts have also weighed in on DOCN. Morgan Stanley raised shares of DigitalOcean from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $40.00 to $41.00 in a research report on Thursday, January 16th. Citigroup assumed coverage on DigitalOcean in a report on Friday, January 24th. They issued a “buy” rating and a $45.00 price target on the stock. Stifel Nicolaus boosted their price objective on DigitalOcean from $35.00 to $40.00 and gave the company a “hold” rating in a report on Wednesday, December 18th. JMP Securities increased their target price on DigitalOcean from $47.00 to $55.00 and gave the stock a “market outperform” rating in a research note on Monday, January 27th. Finally, Cantor Fitzgerald started coverage on shares of DigitalOcean in a research note on Friday, January 17th. They set a “neutral” rating and a $39.00 target price for the company. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $43.27.

DigitalOcean Trading Up 7.5 %

Shares of DOCN opened at $43.89 on Wednesday. The company’s fifty day simple moving average is $38.88 and its 200-day simple moving average is $39.14. The company has a market cap of $4.05 billion, a P/E ratio of 51.63, a P/E/G ratio of 3.12 and a beta of 1.81. DigitalOcean has a twelve month low of $26.63 and a twelve month high of $47.02.

Insider Activity

In other DigitalOcean news, insider Bratin Saha sold 3,468 shares of the company’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $38.18, for a total transaction of $132,408.24. Following the completion of the sale, the insider now owns 379,795 shares in the company, valued at $14,500,573.10. This represents a 0.90 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Matt Steinfort sold 12,498 shares of DigitalOcean stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $40.00, for a total value of $499,920.00. Following the completion of the transaction, the chief financial officer now owns 517,498 shares in the company, valued at $20,699,920. This represents a 2.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 20,255 shares of company stock worth $790,163. Company insiders own 0.74% of the company’s stock.

Institutional Investors Weigh In On DigitalOcean

Institutional investors have recently added to or reduced their stakes in the stock. Harbor Investment Advisory LLC raised its holdings in DigitalOcean by 380.0% in the fourth quarter. Harbor Investment Advisory LLC now owns 720 shares of the company’s stock worth $25,000 after purchasing an additional 570 shares in the last quarter. Farther Finance Advisors LLC purchased a new position in shares of DigitalOcean in the 3rd quarter worth approximately $30,000. Advisors Asset Management Inc. raised its stake in shares of DigitalOcean by 150.4% during the 3rd quarter. Advisors Asset Management Inc. now owns 974 shares of the company’s stock worth $39,000 after acquiring an additional 585 shares in the last quarter. JTC Employer Solutions Trustee Ltd purchased a new stake in DigitalOcean during the fourth quarter valued at approximately $45,000. Finally, Blue Trust Inc. boosted its stake in DigitalOcean by 380.6% in the third quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock valued at $49,000 after acquiring an additional 959 shares in 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).