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

DigitalOcean (NYSE:DOCN) had its price target hoisted by Canaccord Genuity Group from $48.00 to $50.00 in a research report released on Wednesday,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

A number of other analysts have also recently weighed in on DOCN. JMP Securities raised their price objective on shares of DigitalOcean from $47.00 to $55.00 and gave the stock a “market outperform” rating in a report on Monday, January 27th. JPMorgan Chase & Co. raised their price objective on shares of DigitalOcean from $40.00 to $45.00 and gave the stock a “neutral” rating in a report on Wednesday. Citigroup began coverage on shares of DigitalOcean in a report on Friday, January 24th. They set a “buy” rating and a $45.00 price objective on the stock. Stifel Nicolaus lifted their target price on shares of DigitalOcean from $35.00 to $40.00 and gave the company a “hold” rating in a report on Wednesday, December 18th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of DigitalOcean in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, DigitalOcean has a consensus rating of “Hold” and an average price target of $43.27.

DigitalOcean Trading Up 7.5 %

DOCN stock opened at $43.89 on Wednesday. DigitalOcean has a twelve month low of $26.63 and a twelve month high of $47.02. The company’s 50 day moving average is $38.88 and its two-hundred day moving average is $39.14. The stock has a market cap of $4.05 billion, a P/E ratio of 51.63, a PEG ratio of 3.12 and a beta of 1.81.

Insider Buying and Selling at DigitalOcean

In other DigitalOcean news, CFO Matt Steinfort sold 12,498 shares of the business’s 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 sale, the chief financial officer now directly owns 517,498 shares in the company, valued at approximately $20,699,920. The trade was a 2.36 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Bratin Saha sold 3,468 shares of the business’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $38.18, for a total transaction of $132,408.24. Following the completion of the sale, the insider now owns 379,795 shares in the company, valued at $14,500,573.10. This represents a 0.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 20,255 shares of company stock valued at $790,163. 0.74% of the stock is owned by company insiders.

Institutional Investors Weigh In On DigitalOcean

Several institutional investors and hedge funds have recently made changes to their positions in the business. Hillsdale Investment Management Inc. boosted its position in shares of DigitalOcean by 0.4% in the 4th quarter. Hillsdale Investment Management Inc. now owns 84,500 shares of the company’s stock worth $2,879,000 after buying an additional 300 shares in the last quarter. Focus Partners Wealth boosted its position in shares of DigitalOcean by 2.8% in the 4th quarter. Focus Partners Wealth now owns 12,455 shares of the company’s stock worth $424,000 after buying an additional 338 shares in the last quarter. Summit Investment Advisors Inc. boosted its position in shares of DigitalOcean by 6.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 6,866 shares of the company’s stock worth $234,000 after buying an additional 436 shares in the last quarter. Nisa Investment Advisors LLC raised its stake in DigitalOcean by 56.4% in the 3rd quarter. Nisa Investment Advisors LLC now owns 1,340 shares of the company’s stock valued at $54,000 after purchasing an additional 483 shares during the last quarter. Finally, Creative Financial Designs Inc. ADV raised its stake in DigitalOcean by 17.8% in the 3rd quarter. Creative Financial Designs Inc. ADV now owns 3,744 shares of the company’s stock valued at $151,000 after purchasing an additional 566 shares during the last quarter. 49.77% of the stock is currently owned by hedge funds and other institutional investors.

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).