DigitalOcean (NYSE:DOCN) Upgraded by Cantor Fitzgerald to “Hold” Rating

Cantor Fitzgerald upgraded shares of DigitalOcean (NYSE:DOCN) to a hold rating in a research note published on Thursday, MarketBeat reports. Cantor Fitzgerald currently has $39.00 price objective on the stock.

Other analysts have also issued research reports about the company. JPMorgan Chase & Co. lifted 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. Morgan Stanley upgraded shares of DigitalOcean from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $40.00 to $41.00 in a report on Thursday. Canaccord Genuity Group lifted their target price on shares of DigitalOcean from $42.00 to $48.00 and gave the stock a “buy” rating in a research report on Friday, October 4th. Stifel Nicolaus increased their price target on DigitalOcean from $35.00 to $40.00 and gave the company a “hold” rating in a report on Wednesday, December 18th. Finally, Barclays lifted their price objective on DigitalOcean from $38.00 to $48.00 and gave the stock an “overweight” rating in a report on Friday, October 11th. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $41.70.

DigitalOcean Stock Performance

DOCN stock opened at $36.10 on Thursday. DigitalOcean has a fifty-two week low of $26.63 and a fifty-two week high of $44.80. The company has a market capitalization of $3.33 billion, a price-to-earnings ratio of 42.47, a price-to-earnings-growth ratio of 2.47 and a beta of 1.78. The business’s 50 day moving average price is $36.85 and its two-hundred day moving average price is $37.20.

DigitalOcean (NYSE:DOCN) last issued its quarterly earnings results on Monday, November 4th. The company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.12. The company had revenue of $198.50 million for the quarter, compared to analysts’ expectations of $196.64 million. DigitalOcean had a negative return on equity of 43.11% and a net margin of 10.86%. The firm’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.17 earnings per share. Sell-side analysts forecast that DigitalOcean will post 1.01 earnings per share for the current year.

Insider Transactions at DigitalOcean

In other news, insider Bratin Saha sold 16,989 shares of the stock in a transaction on Monday, November 18th. The shares were sold at an average price of $36.85, for a total value of $626,044.65. Following the completion of the sale, the insider now directly owns 390,296 shares of the company’s stock, valued at $14,382,407.60. This represents a 4.17 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 transaction of $499,920.00. Following the transaction, the chief financial officer now owns 517,498 shares in the company, 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 32,955 shares of company stock worth $1,258,373 in the last three months. Corporate insiders own 0.74% of the company’s stock.

Hedge Funds Weigh In On DigitalOcean

A number of hedge funds have recently made changes to their positions in the business. Point72 Hong Kong Ltd purchased a new position in DigitalOcean in the 2nd quarter worth approximately $877,000. Versor Investments LP bought a new stake in shares of DigitalOcean during the third quarter valued at approximately $751,000. Public Sector Pension Investment Board purchased a new position in shares of DigitalOcean in the second quarter worth $4,108,000. University of Texas Texas AM Investment Management Co. purchased a new position in shares of DigitalOcean in the second quarter worth $11,712,000. Finally, FORA Capital LLC bought a new position in shares of DigitalOcean during the third quarter worth $1,149,000. Institutional investors own 49.77% of the company’s stock.

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).