DigitalOcean (NYSE:DOCN) Rating Increased to Hold at Cantor Fitzgerald

DigitalOcean (NYSE:DOCN) was upgraded by equities research analysts at Cantor Fitzgerald to a “hold” rating in a research note issued to investors on Thursday, MarketBeat reports. The firm presently has a $39.00 price objective on the stock. Cantor Fitzgerald’s price target would suggest a potential upside of 8.04% from the company’s previous close.

Several other analysts have also issued reports on the company. JPMorgan Chase & Co. upped their target price on DigitalOcean from $32.00 to $40.00 and gave the stock a “neutral” rating in a report on Friday, October 25th. Barclays upped their price target on shares of DigitalOcean from $38.00 to $48.00 and gave the company an “overweight” rating in a research note on Friday, October 11th. Morgan Stanley upgraded DigitalOcean from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $40.00 to $41.00 in a research report on Thursday. Needham & Company LLC reiterated a “hold” rating on shares of DigitalOcean in a research report on Tuesday, November 5th. Finally, Stifel Nicolaus upped their price objective on shares of DigitalOcean from $35.00 to $40.00 and gave the stock a “hold” rating in a research report on Wednesday, December 18th. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $41.70.

DigitalOcean Stock Performance

Shares of DOCN opened at $36.10 on Thursday. The business’s fifty day moving average price is $36.85 and its two-hundred day moving average price is $37.18. The firm has a market capitalization of $3.33 billion, a price-to-earnings ratio of 42.47, a PEG ratio of 2.47 and a beta of 1.78. DigitalOcean has a 52 week low of $26.63 and a 52 week high of $44.80.

DigitalOcean (NYSE:DOCN) last released its quarterly earnings data on Monday, November 4th. The company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.12. DigitalOcean had a net margin of 10.86% and a negative return on equity of 43.11%. The business had revenue of $198.50 million for the quarter, compared to analyst estimates of $196.64 million. During the same quarter last year, the firm earned $0.17 EPS. DigitalOcean’s quarterly revenue was up 12.1% compared to the same quarter last year. As a group, research analysts forecast that DigitalOcean will post 1.01 EPS for the current year.

Insider Buying and Selling at DigitalOcean

In other DigitalOcean news, CFO Matt Steinfort sold 12,498 shares of the firm’s stock in a transaction dated 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 sale, the chief financial officer now directly owns 517,498 shares in the company, valued at $20,699,920. This trade represents a 2.36 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Bratin Saha sold 16,989 shares of the business’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $36.85, for a total transaction of $626,044.65. Following the sale, the insider now owns 390,296 shares in the company, valued at approximately $14,382,407.60. This trade represents a 4.17 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 32,955 shares of company stock worth $1,258,373 over the last three months. 0.74% of the stock is owned by insiders.

Institutional Trading of DigitalOcean

Institutional investors and hedge funds have recently bought and sold shares of the company. Victory Capital Management Inc. grew its holdings in shares of DigitalOcean by 95.8% in the second quarter. Victory Capital Management Inc. now owns 17,332 shares of the company’s stock worth $602,000 after acquiring an additional 8,481 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of DigitalOcean by 23.4% in the second quarter. Dimensional Fund Advisors LP now owns 1,079,579 shares of the company’s stock valued at $37,512,000 after acquiring an additional 205,007 shares in the last quarter. Renaissance Technologies LLC boosted its stake in DigitalOcean by 152.6% in the 2nd quarter. Renaissance Technologies LLC now owns 375,600 shares of the company’s stock worth $13,052,000 after purchasing an additional 226,900 shares during the period. Amalgamated Bank increased its holdings in DigitalOcean by 670.7% in the 2nd quarter. Amalgamated Bank now owns 16,347 shares of the company’s stock valued at $568,000 after acquiring an additional 14,226 shares during the last quarter. Finally, Hsbc Holdings PLC increased its holdings in shares of DigitalOcean by 47.3% in the second quarter. Hsbc Holdings PLC now owns 10,022 shares of the company’s stock worth $343,000 after purchasing an additional 3,219 shares during the last quarter. 49.77% of the stock is currently owned by 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).