Bank of America Issues Positive Forecast for DigitalOcean (NYSE:DOCN) Stock Price

DigitalOcean (NYSE:DOCN) had its target price raised by investment analysts at Bank of America from $28.00 to $31.00 in a report released on Wednesday,Benzinga reports. The firm currently has an “underperform” rating on the stock. Bank of America‘s price target points to a potential downside of 23.75% from the company’s current price.

Other equities analysts have also recently issued reports about the company. Citigroup started coverage on DigitalOcean in a research note on Friday, January 24th. They set a “buy” rating and a $45.00 target price on the stock. Stifel Nicolaus boosted their price objective on shares of DigitalOcean from $35.00 to $40.00 and gave the company a “hold” rating in a research report on Wednesday, December 18th. Needham & Company LLC restated a “hold” rating on shares of DigitalOcean in a report on Tuesday, November 5th. Cantor Fitzgerald initiated coverage on shares of DigitalOcean in a research note on Friday, January 17th. They set a “neutral” rating and a $39.00 target price on the stock. Finally, Morgan Stanley upgraded shares of DigitalOcean from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $40.00 to $41.00 in a research 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 issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $41.36.

DigitalOcean Price Performance

NYSE DOCN opened at $40.66 on Wednesday. The business’s 50-day moving average is $38.70 and its 200 day moving average is $39.10. The stock has a market capitalization of $3.75 billion, a PE ratio of 47.83, 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.

Insiders Place Their Bets

In other news, CFO Matt Steinfort sold 12,498 shares of DigitalOcean stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $40.00, for a total value of $499,920.00. Following the completion of the transaction, the chief financial officer now owns 517,498 shares of the company’s stock, valued at $20,699,920. The trade was a 2.36 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Bratin Saha sold 3,468 shares of the company’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 transaction, the insider now owns 379,795 shares in the company, valued at approximately $14,500,573.10. The trade was a 0.90 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 20,255 shares of company stock worth $790,163. 0.74% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Blue Trust Inc. increased its position in shares of DigitalOcean by 380.6% during the third quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock valued at $49,000 after acquiring an additional 959 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in DigitalOcean by 36.3% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 74,206 shares of the company’s stock valued at $2,997,000 after purchasing an additional 19,781 shares during the last quarter. Hennion & Walsh Asset Management Inc. increased its holdings in shares of DigitalOcean by 27.8% in the 3rd 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 in the last quarter. Louisiana State Employees Retirement System raised its stake in shares of DigitalOcean by 13.3% in 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 last quarter. Finally, State of Alaska Department of Revenue lifted its holdings in shares of DigitalOcean by 14.5% during the third quarter. State of Alaska Department of Revenue now owns 36,114 shares of the company’s stock valued at $1,458,000 after purchasing an additional 4,561 shares in the last quarter. 49.77% of the stock is owned by hedge funds and other 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).