DigitalOcean (NYSE:DOCN) Price Target Raised to $45.00

DigitalOcean (NYSE:DOCN) had its price target upped by JPMorgan Chase & Co. from $40.00 to $45.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 5.37% from the company’s current price.

DOCN has been the subject of a number of other research reports. Citigroup initiated coverage on DigitalOcean in a research report on Friday, January 24th. They set a “buy” rating and a $45.00 price objective for the company. Bank of America lifted their price target on shares of DigitalOcean from $28.00 to $31.00 and gave the stock an “underperform” rating in a report on Wednesday. JMP Securities upped their price objective on shares of DigitalOcean from $47.00 to $55.00 and gave the company a “market outperform” rating in a research note on Monday, January 27th. Cantor Fitzgerald lifted their target price on shares of DigitalOcean from $39.00 to $43.00 and gave the stock a “neutral” rating in a research note on Wednesday. Finally, Needham & Company LLC reiterated a “hold” rating on shares of DigitalOcean in a report on Wednesday. One analyst has rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $43.27.

DigitalOcean Stock Performance

DOCN stock opened at $42.71 on Wednesday. The stock’s 50 day moving average price is $39.03 and its 200 day moving average price is $39.16. The firm has a market cap of $3.94 billion, a P/E ratio of 50.24, a PEG ratio of 3.12 and a beta of 1.81. DigitalOcean has a 1 year low of $26.63 and a 1 year high of $47.02.

Insider Transactions at DigitalOcean

In other news, insider Bratin Saha sold 4,289 shares of DigitalOcean stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $36.80, for a total value of $157,835.20. Following the transaction, the insider now directly owns 372,762 shares of the company’s stock, valued at $13,717,641.60. The trade was a 1.14 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Matt Steinfort sold 12,498 shares of the stock in a transaction that occurred on Wednesday, December 4th. The stock was 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 of the company’s stock, 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 a total of 20,255 shares of company stock worth $790,163 in the last ninety days. Insiders own 0.74% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Harbor Investment Advisory LLC increased its position in shares of DigitalOcean by 380.0% in the fourth quarter. Harbor Investment Advisory LLC now owns 720 shares of the company’s stock worth $25,000 after acquiring an additional 570 shares in the last quarter. Farther Finance Advisors LLC purchased a new stake in DigitalOcean during the 3rd quarter worth $30,000. Advisors Asset Management Inc. increased 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. JTC Employer Solutions Trustee Ltd purchased a new position in DigitalOcean in the fourth quarter valued at about $45,000. Finally, Blue Trust Inc. lifted its stake in shares of DigitalOcean by 380.6% during 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 owned by institutional investors and hedge funds.

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).