DigitalOcean (NYSE:DOCN) Price Target Raised to $43.00

DigitalOcean (NYSE:DOCN) had its price target lifted by Cantor Fitzgerald from $39.00 to $43.00 in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have a neutral rating on the stock.

Other equities research analysts have also recently issued reports about the stock. Citigroup assumed coverage on shares of DigitalOcean in a research note on Friday, January 24th. They issued a “buy” rating and a $45.00 price objective on the stock. Stifel Nicolaus increased their price target 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. JMP Securities raised their price objective on shares of DigitalOcean from $47.00 to $55.00 and gave the stock a “market outperform” rating in a research note on Monday, January 27th. Bank of America upped their target price on DigitalOcean from $28.00 to $31.00 and gave the company an “underperform” rating in a research note on Wednesday. Finally, Morgan Stanley upgraded DigitalOcean from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock 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 issued a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $43.27.

DigitalOcean Stock Up 7.5 %

Shares of NYSE DOCN opened at $43.89 on Wednesday. The stock has a market capitalization of $4.05 billion, a price-to-earnings ratio of 51.63, a price-to-earnings-growth ratio of 3.12 and a beta of 1.81. DigitalOcean has a 52 week low of $26.63 and a 52 week high of $47.02. The firm has a 50-day moving average price of $38.88 and a 200 day moving average price of $39.14.

Insiders Place Their Bets

In related news, insider Bratin Saha sold 3,468 shares of DigitalOcean stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $38.18, for a total value of $132,408.24. Following the completion of the transaction, the insider now directly owns 379,795 shares in the company, valued at approximately $14,500,573.10. This trade represents a 0.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Matt Steinfort sold 12,498 shares of the company’s stock in a transaction that occurred 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 sale, the chief financial officer now owns 517,498 shares in the company, valued at $20,699,920. The trade was a 2.36 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,255 shares of company stock worth $790,163 in the last three months. 0.74% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Blue Trust Inc. lifted its stake in 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 during the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of DigitalOcean by 36.3% during the third quarter. Allspring Global Investments Holdings LLC now owns 74,206 shares of the company’s stock worth $2,997,000 after purchasing an additional 19,781 shares during the period. Hennion & Walsh Asset Management Inc. lifted its position 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 buying an additional 2,142 shares during the last quarter. Louisiana State Employees Retirement System boosted its holdings in shares of DigitalOcean by 13.3% in the 3rd quarter. Louisiana State Employees Retirement System now owns 30,600 shares of the company’s stock valued at $1,236,000 after buying an additional 3,600 shares during the period. Finally, State of Alaska Department of Revenue grew its position in shares of DigitalOcean by 14.5% during the 3rd quarter. State of Alaska Department of Revenue now owns 36,114 shares of the company’s stock valued at $1,458,000 after buying an additional 4,561 shares during the last quarter. Institutional investors and hedge funds own 49.77% of the company’s stock.

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).