DigitalOcean (NYSE:DOCN) Price Target Cut to $32.00 by Analysts at UBS Group

DigitalOcean (NYSE:DOCN) had its price objective cut by UBS Group from $44.00 to $32.00 in a research report released on Thursday,Benzinga reports. They currently have a neutral rating on the stock.

A number of other research firms have also recently commented on DOCN. Cantor Fitzgerald increased their target price on DigitalOcean from $39.00 to $43.00 and gave the company a “neutral” rating in a research note on Wednesday, February 26th. Bank of America increased their price objective on DigitalOcean from $28.00 to $31.00 and gave the company an “underperform” rating in a research report on Wednesday, February 26th. Needham & Company LLC restated a “hold” rating on shares of DigitalOcean in a research report on Tuesday. JPMorgan Chase & Co. increased their price target on shares of DigitalOcean from $40.00 to $45.00 and gave the company a “neutral” rating in a research report on Wednesday, February 26th. Finally, Stifel Nicolaus lowered their price objective on shares of DigitalOcean from $40.00 to $33.00 and set a “hold” rating for the company in a report on Monday, April 7th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $39.83.

DigitalOcean Price Performance

NYSE:DOCN opened at $29.89 on Thursday. DigitalOcean has a 1 year low of $25.45 and a 1 year high of $47.02. The company has a market cap of $2.72 billion, a P/E ratio of 35.16, a P/E/G ratio of 3.12 and a beta of 1.88. The stock’s fifty day moving average price is $32.47 and its two-hundred day moving average price is $36.72.

DigitalOcean (NYSE:DOCN) last announced its earnings results on Tuesday, May 6th. The company reported $0.56 earnings per share for the quarter, beating analysts’ consensus estimates of $0.45 by $0.11. The business had revenue of $210.70 million for the quarter, compared to the consensus estimate of $208.63 million. DigitalOcean had a net margin of 10.86% and a negative return on equity of 43.11%. DigitalOcean’s quarterly revenue was up 14.1% on a year-over-year basis. During the same period last year, the firm posted $0.43 earnings per share. On average, analysts expect that DigitalOcean will post 1.01 earnings per share for the current fiscal year.

Insider Buying and Selling at DigitalOcean

In other DigitalOcean news, insider Bratin Saha sold 3,461 shares of the company’s stock in a transaction that occurred on Monday, April 21st. The stock was sold at an average price of $26.86, for a total transaction of $92,962.46. Following the completion of the transaction, the insider now owns 394,367 shares of the company’s stock, valued at $10,592,697.62. This represents a 0.87 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.74% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On DigitalOcean

Several hedge funds have recently made changes to their positions in DOCN. US Bancorp DE lifted its stake in DigitalOcean by 7.3% in the first quarter. US Bancorp DE now owns 16,095 shares of the company’s stock worth $537,000 after acquiring an additional 1,100 shares during the period. Natixis Advisors LLC purchased a new stake in shares of DigitalOcean in the 1st quarter worth about $367,000. Pacer Advisors Inc. boosted its stake in shares of DigitalOcean by 64.0% during the 1st quarter. Pacer Advisors Inc. now owns 9,369 shares of the company’s stock valued at $313,000 after purchasing an additional 3,657 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of DigitalOcean during the first quarter valued at about $1,634,000. Finally, Allianz Asset Management GmbH bought a new position in DigitalOcean in the first quarter worth about $878,000. 49.77% of the stock is 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).