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

DigitalOcean (NYSE:DOCN) had its price objective hoisted by UBS Group from $39.00 to $44.00 in a report issued on Wednesday,Benzinga reports. They currently have a neutral rating on the stock.

DOCN has been the subject of a number of other research reports. Citigroup began coverage on shares of DigitalOcean in a report on Friday, January 24th. They issued a “buy” rating and a $45.00 price target for the company. Bank of America increased their price objective on DigitalOcean from $28.00 to $31.00 and gave the company an “underperform” rating in a research report on Wednesday. Canaccord Genuity Group boosted their target price on DigitalOcean from $48.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday. JMP Securities raised their price target on DigitalOcean from $47.00 to $55.00 and gave the company a “market outperform” rating in a report on Monday, January 27th. Finally, Morgan Stanley raised DigitalOcean from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $40.00 to $41.00 in a report on Thursday, January 16th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $43.27.

DigitalOcean Stock Up 7.5 %

Shares of NYSE:DOCN opened at $43.89 on Wednesday. The firm 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 12 month low of $26.63 and a 12 month high of $47.02. The company’s 50-day moving average price is $38.88 and its two-hundred day moving average price is $39.14.

Insider Activity at DigitalOcean

In other DigitalOcean news, CFO Matt Steinfort sold 12,498 shares of DigitalOcean stock in a transaction that occurred 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 transaction, the chief financial officer now owns 517,498 shares of the company’s stock, valued at approximately $20,699,920. The trade was a 2.36 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Bratin Saha sold 4,289 shares of the stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $36.80, for a total transaction of $157,835.20. Following the sale, the insider now directly owns 372,762 shares of the company’s stock, valued at $13,717,641.60. This represents a 1.14 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 20,255 shares of company stock worth $790,163. 0.74% of the stock is owned by company insiders.

Institutional Trading of DigitalOcean

A number of institutional investors have recently modified their holdings of DOCN. Harbor Investment Advisory LLC grew its holdings in shares of DigitalOcean by 380.0% during the fourth quarter. Harbor Investment Advisory LLC now owns 720 shares of the company’s stock worth $25,000 after buying an additional 570 shares in the last quarter. Farther Finance Advisors LLC acquired a new position in DigitalOcean during the 3rd quarter worth approximately $30,000. Advisors Asset Management Inc. grew 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 acquired a new stake in shares of DigitalOcean in the fourth quarter valued at approximately $45,000. Finally, Blue Trust Inc. lifted its position in shares of DigitalOcean by 380.6% in the third quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock worth $49,000 after purchasing an additional 959 shares in the last quarter. 49.77% of the stock is currently owned by 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).