DigitalOcean (NYSE:DOCN) Price Target Raised to $40.00 at Stifel Nicolaus

DigitalOcean (NYSE:DOCN) had its target price upped by Stifel Nicolaus from $35.00 to $40.00 in a research report sent to investors on Wednesday morning,Benzinga reports. The firm currently has a hold rating on the stock.

Several other analysts also recently commented on the company. Needham & Company LLC reaffirmed a “hold” rating on shares of DigitalOcean in a research note on Tuesday, November 5th. Canaccord Genuity Group raised their price objective on shares of DigitalOcean from $42.00 to $48.00 and gave the company a “buy” rating in a research note on Friday, October 4th. JPMorgan Chase & Co. raised their price objective on DigitalOcean from $32.00 to $40.00 and gave the company a “neutral” rating in a research note on Friday, October 25th. Finally, Barclays raised their price objective on shares of DigitalOcean from $38.00 to $48.00 and gave the stock an “overweight” rating in a research note on Friday, October 11th. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $42.13.

DigitalOcean Price Performance

Shares of NYSE DOCN opened at $35.40 on Wednesday. DigitalOcean has a 1 year low of $26.63 and a 1 year high of $44.80. The company has a market capitalization of $3.27 billion, a price-to-earnings ratio of 41.65, a price-to-earnings-growth ratio of 2.47 and a beta of 1.76. The business has a 50-day moving average of $39.60 and a two-hundred day moving average of $37.28.

DigitalOcean (NYSE:DOCN) last announced its quarterly earnings results on Monday, November 4th. The company reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates of $0.40 by $0.12. The firm had revenue of $198.50 million during the quarter, compared to analysts’ expectations of $196.64 million. DigitalOcean had a net margin of 10.86% and a negative return on equity of 43.11%. DigitalOcean’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.17 earnings per share. As a group, equities research analysts expect that DigitalOcean will post 1.01 earnings per share for the current year.

Insider Buying and Selling at DigitalOcean

In other news, CFO Matt Steinfort sold 12,498 shares of the company’s stock in a transaction on Wednesday, December 4th. The shares were 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 directly owns 517,498 shares in the company, valued at approximately $20,699,920. This represents a 2.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Bratin Saha sold 16,989 shares of DigitalOcean stock in a transaction on Monday, November 18th. The stock was sold at an average price of $36.85, for a total transaction of $626,044.65. Following the sale, the insider now directly owns 390,296 shares in the company, valued at $14,382,407.60. This trade represents a 4.17 % decrease in their position. The disclosure for this sale can be found here. 0.74% of the stock is currently owned by corporate insiders.

Institutional Trading of DigitalOcean

Hedge funds and other institutional investors have recently modified their holdings of the business. Point72 Hong Kong Ltd acquired a new stake in DigitalOcean in the second quarter valued at $877,000. Versor Investments LP acquired a new stake in shares of DigitalOcean in the 3rd quarter valued at about $751,000. Public Sector Pension Investment Board acquired a new stake in shares of DigitalOcean in the 2nd quarter valued at about $4,108,000. University of Texas Texas AM Investment Management Co. acquired a new position in DigitalOcean in the second quarter worth about $11,712,000. Finally, FORA Capital LLC bought a new stake in DigitalOcean in the third quarter valued at about $1,149,000. 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).