DigitalOcean Holdings, Inc. (NASDAQ:DOCN) Receives $72.10 Consensus Target Price from Analysts

Shares of DigitalOcean Holdings, Inc. (NASDAQ:DOCN) have received a consensus recommendation of “Buy” from the eleven ratings firms that are covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, two have given a hold recommendation and eight have issued a buy recommendation on the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $72.10.

Several equities analysts have recently issued reports on DOCN shares. Zacks Investment Research lowered DigitalOcean from a “hold” rating to a “sell” rating in a research note on Wednesday, October 6th. Morgan Stanley lifted their price target on DigitalOcean from $50.00 to $60.00 and gave the company an “equal weight” rating in a research note on Friday, August 6th. Canaccord Genuity lifted their price target on DigitalOcean from $55.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, August 5th. Barclays lifted their price target on DigitalOcean from $66.00 to $95.00 and gave the company an “overweight” rating in a research note on Friday, September 17th. They noted that the move was a valuation call. Finally, KeyCorp lifted their price target on DigitalOcean from $57.00 to $67.00 and gave the company an “overweight” rating in a research note on Friday, August 6th.

In other DigitalOcean news, Director Amy Butte sold 30,000 shares of DigitalOcean stock in a transaction dated Monday, August 9th. The stock was sold at an average price of $52.73, for a total transaction of $1,581,900.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, COO Jeffrey Scott Guy sold 2,888 shares of the business’s stock in a transaction dated Monday, August 9th. The shares were sold at an average price of $53.00, for a total value of $153,064.00. The disclosure for this sale can be found here. Insiders have sold a total of 376,234 shares of company stock worth $22,840,444 over the last ninety days.

Several large investors have recently made changes to their positions in DOCN. Everhart Financial Group Inc. increased its position in DigitalOcean by 69.7% in the 3rd quarter. Everhart Financial Group Inc. now owns 6,501 shares of the company’s stock valued at $504,000 after buying an additional 2,671 shares in the last quarter. Focused Wealth Management Inc increased its position in DigitalOcean by 344.4% in the 3rd quarter. Focused Wealth Management Inc now owns 7,400 shares of the company’s stock valued at $574,000 after buying an additional 5,735 shares in the last quarter. Virtu Financial LLC bought a new stake in DigitalOcean in the 2nd quarter valued at about $1,123,000. Morgan Stanley increased its position in DigitalOcean by 1,592.3% in the 2nd quarter. Morgan Stanley now owns 118,937 shares of the company’s stock valued at $6,612,000 after buying an additional 111,909 shares in the last quarter. Finally, Wells Fargo & Company MN bought a new stake in DigitalOcean in the 2nd quarter valued at about $7,122,000. 30.58% of the stock is currently owned by institutional investors.

Shares of NASDAQ:DOCN traded up $1.71 during mid-day trading on Monday, reaching $92.80. 8,903 shares of the stock were exchanged, compared to its average volume of 2,576,640. DigitalOcean has a one year low of $35.35 and a one year high of $92.48. The stock’s 50 day simple moving average is $69.78 and its 200-day simple moving average is $54.31.

DigitalOcean (NASDAQ:DOCN) last issued its quarterly earnings results on Thursday, August 5th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.06 by ($0.08). The company had revenue of $103.81 million during the quarter, compared to analysts’ expectations of $98.24 million. On average, research analysts predict that DigitalOcean will post -0.09 earnings per share for the current fiscal year.

About DigitalOcean

DigitalOcean Holdings, Inc operates a cloud computing platform that offers infrastructure and platform tools for developers, start-ups, and small and medium-sized businesses in North America, Europe, Asia, and internationally. It offers infrastructure solutions across compute, storage, and networking fields, as well as managed application, container, and database offerings to developers.

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Analyst Recommendations for DigitalOcean (NASDAQ:DOCN)

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