DigitalOcean Holdings, Inc. (NYSE:DOCN) Receives Consensus Recommendation of “Hold” from Brokerages

Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) have been assigned an average recommendation of “Hold” from the nine analysts that are covering the stock, MarketBeat reports. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $42.13.

A number of research analysts have recently issued reports on DOCN shares. Needham & Company LLC reissued a “hold” rating on shares of DigitalOcean in a report on Tuesday, November 5th. Stifel Nicolaus upped their price objective on shares of DigitalOcean from $35.00 to $40.00 and gave the stock a “hold” rating in a research report on Wednesday, December 18th. Barclays raised their target price on shares of DigitalOcean from $38.00 to $48.00 and gave the stock an “overweight” rating in a research note on Friday, October 11th. Canaccord Genuity Group boosted their price target on shares of DigitalOcean from $42.00 to $48.00 and gave the stock a “buy” rating in a research note on Friday, October 4th. Finally, JPMorgan Chase & Co. raised their price objective on shares of DigitalOcean from $32.00 to $40.00 and gave the company a “neutral” rating in a research report on Friday, October 25th.

Insider Buying and Selling at DigitalOcean

In related news, CFO Matt Steinfort sold 12,498 shares of the stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $40.00, for a total value of $499,920.00. Following the sale, the chief financial officer now directly owns 517,498 shares of the company’s stock, valued at approximately $20,699,920. This represents a 2.36 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Bratin Saha sold 16,989 shares of DigitalOcean stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $36.85, for a total transaction of $626,044.65. Following the transaction, the insider now owns 390,296 shares of the company’s stock, valued at approximately $14,382,407.60. The trade was a 4.17 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 32,955 shares of company stock valued at $1,258,373. Corporate insiders own 0.74% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Sei Investments Co. increased its position in DigitalOcean by 1.5% during the second quarter. Sei Investments Co. now owns 30,834 shares of the company’s stock worth $1,071,000 after buying an additional 468 shares in the last quarter. Nisa Investment Advisors LLC increased its position in DigitalOcean by 56.4% during the 3rd quarter. Nisa Investment Advisors LLC now owns 1,340 shares of the company’s stock worth $54,000 after purchasing an additional 483 shares in the last quarter. Creative Financial Designs Inc. ADV increased its position in DigitalOcean by 17.8% during the 3rd quarter. Creative Financial Designs Inc. ADV now owns 3,744 shares of the company’s stock worth $151,000 after purchasing an additional 566 shares in the last quarter. Advisors Asset Management Inc. lifted its holdings in DigitalOcean by 150.4% in the 3rd quarter. Advisors Asset Management Inc. now owns 974 shares of the company’s stock valued at $39,000 after purchasing an additional 585 shares in the last quarter. Finally, KBC Group NV lifted its holdings in DigitalOcean by 47.6% in the 3rd quarter. KBC Group NV now owns 2,096 shares of the company’s stock valued at $85,000 after purchasing an additional 676 shares in the last quarter. 49.77% of the stock is currently owned by institutional investors and hedge funds.

DigitalOcean Price Performance

DOCN stock opened at $35.72 on Friday. The company has a market cap of $3.30 billion, a price-to-earnings ratio of 42.02, a price-to-earnings-growth ratio of 2.47 and a beta of 1.76. The company has a fifty day moving average price of $37.74 and a 200 day moving average price of $37.15. DigitalOcean has a 12 month low of $26.63 and a 12 month high of $44.80.

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