Brokerages Set DigitalOcean Holdings, Inc. (NASDAQ:DOCN) PT at $38.00

Shares of DigitalOcean Holdings, Inc. (NASDAQ:DOCN) have been given a consensus rating of “Hold” by the eleven ratings firms that are currently covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, five have issued a hold recommendation and five have given a buy recommendation to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $38.00.

A number of research firms have recently issued reports on DOCN. Canaccord Genuity Group lifted their price target on shares of DigitalOcean from $41.00 to $42.00 and gave the company a “buy” rating in a research report on Monday, May 13th. UBS Group began coverage on shares of DigitalOcean in a research report on Wednesday, May 22nd. They set a “neutral” rating and a $40.00 price target for the company. Needham & Company LLC reiterated a “hold” rating on shares of DigitalOcean in a research report on Monday, May 13th. Finally, JMP Securities reiterated a “market outperform” rating and set a $47.00 price target on shares of DigitalOcean in a research report on Monday, May 13th.

DigitalOcean Trading Up 0.2 %

Shares of DOCN opened at $33.85 on Wednesday. DigitalOcean has a twelve month low of $19.39 and a twelve month high of $51.69. The stock’s 50 day moving average is $35.60 and its two-hundred day moving average is $36.26. The firm has a market capitalization of $3.08 billion, a PE ratio of 63.87, a P/E/G ratio of 3.40 and a beta of 1.85.

DigitalOcean (NASDAQ:DOCN) last announced its quarterly earnings data on Friday, May 10th. The company reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.18 by $0.06. DigitalOcean had a negative return on equity of 26.29% and a net margin of 7.01%. The company had revenue of $184.73 million for the quarter, compared to analyst estimates of $182.70 million. On average, sell-side analysts predict that DigitalOcean will post 0.78 EPS for the current year.

Insider Buying and Selling

In other DigitalOcean news, Director Amy Butte sold 5,220 shares of DigitalOcean stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $37.46, for a total value of $195,541.20. Following the completion of the sale, the director now directly owns 36,417 shares of the company’s stock, valued at approximately $1,364,180.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.74% of the company’s stock.

Institutional Trading of DigitalOcean

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Assetmark Inc. grew its stake in DigitalOcean by 16.7% in the 4th quarter. Assetmark Inc. now owns 2,809 shares of the company’s stock worth $103,000 after acquiring an additional 403 shares during the period. Householder Group Estate & Retirement Specialist LLC grew its stake in DigitalOcean by 41.0% in the 4th quarter. Householder Group Estate & Retirement Specialist LLC now owns 2,399 shares of the company’s stock worth $88,000 after acquiring an additional 698 shares during the period. Empowered Funds LLC grew its stake in DigitalOcean by 10.0% in the 1st quarter. Empowered Funds LLC now owns 7,852 shares of the company’s stock worth $300,000 after acquiring an additional 711 shares during the period. Global Retirement Partners LLC purchased a new stake in DigitalOcean in the 1st quarter worth approximately $34,000. Finally, Tennessee Valley Asset Management Partners purchased a new stake in DigitalOcean in the 4th quarter worth approximately $35,000. 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).