DigitalOcean (NYSE:DOCN) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

DigitalOcean (NYSE:DOCN) had its price target boosted by research analysts at Canaccord Genuity Group from $48.00 to $50.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s target price indicates a potential upside of 17.07% from the stock’s current price.

A number of other brokerages have also issued reports on DOCN. Bank of America raised their price objective on shares of DigitalOcean from $28.00 to $31.00 and gave the company an “underperform” rating in a report on Wednesday. Cantor Fitzgerald raised their price target on shares of DigitalOcean from $39.00 to $43.00 and gave the company a “neutral” rating in a research note on Wednesday. Morgan Stanley raised shares of 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 research note on Thursday, January 16th. Needham & Company LLC reaffirmed a “hold” rating on shares of DigitalOcean in a research report on Wednesday. Finally, Citigroup started coverage on DigitalOcean in a report on Friday, January 24th. They set a “buy” rating and a $45.00 target price on the stock. One research analyst has rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $43.27.

DigitalOcean Trading Down 2.8 %

DigitalOcean stock opened at $42.71 on Wednesday. The stock has a 50-day moving average price of $39.03 and a two-hundred day moving average price of $39.16. DigitalOcean has a 12 month low of $26.63 and a 12 month high of $47.02. The company has a market capitalization of $3.94 billion, a PE ratio of 50.24, a P/E/G ratio of 3.12 and a beta of 1.81.

Insider Buying and Selling

In related news, CFO Matt Steinfort sold 12,498 shares of the 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 directly owns 517,498 shares of the company’s stock, valued at $20,699,920. This represents a 2.36 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Bratin Saha sold 4,289 shares of DigitalOcean stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $36.80, for a total transaction of $157,835.20. Following the completion of the sale, the insider now directly owns 372,762 shares of the company’s stock, valued at approximately $13,717,641.60. This trade represents a 1.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,255 shares of company stock valued at $790,163 over the last 90 days. Company insiders own 0.74% of the company’s stock.

Hedge Funds Weigh In On DigitalOcean

Institutional investors and hedge funds have recently made changes to their positions in the stock. Blue Trust Inc. increased its position in DigitalOcean by 380.6% in the 3rd quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock valued at $49,000 after buying an additional 959 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of DigitalOcean by 36.3% during the third quarter. Allspring Global Investments Holdings LLC now owns 74,206 shares of the company’s stock valued at $2,997,000 after acquiring an additional 19,781 shares in the last quarter. Hennion & Walsh Asset Management Inc. raised its position in shares of DigitalOcean by 27.8% during the third quarter. Hennion & Walsh Asset Management Inc. now owns 9,855 shares of the company’s stock worth $398,000 after purchasing an additional 2,142 shares during the period. Louisiana State Employees Retirement System raised its position in shares of DigitalOcean by 13.3% during the third quarter. Louisiana State Employees Retirement System now owns 30,600 shares of the company’s stock worth $1,236,000 after purchasing an additional 3,600 shares during the period. Finally, State of Alaska Department of Revenue lifted its holdings in shares of DigitalOcean by 14.5% in the 3rd quarter. State of Alaska Department of Revenue now owns 36,114 shares of the company’s stock worth $1,458,000 after purchasing an additional 4,561 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).