DigitalOcean (NYSE:DOCN) Sets New 52-Week Low After Analyst Downgrade

DigitalOcean Holdings, Inc. (NYSE:DOCN) hit a new 52-week low during trading on Monday after Canaccord Genuity Group lowered their price target on the stock from $50.00 to $45.00. Canaccord Genuity Group currently has a buy rating on the stock. DigitalOcean traded as low as $25.54 and last traded at $26.05, with a volume of 242872 shares. The stock had previously closed at $28.65.

A number of other brokerages have also weighed in on DOCN. Bank of America raised their price target on shares of DigitalOcean from $28.00 to $31.00 and gave the company an “underperform” rating in a research note on Wednesday, February 26th. Morgan Stanley upgraded shares of DigitalOcean from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $40.00 to $41.00 in a report on Thursday, January 16th. Citigroup began coverage on DigitalOcean in a report on Friday, January 24th. They set a “buy” rating and a $45.00 target price on the stock. Needham & Company LLC reissued a “hold” rating on shares of DigitalOcean in a research report on Wednesday, February 26th. Finally, Stifel Nicolaus boosted their target price on shares of DigitalOcean from $35.00 to $40.00 and gave the company a “hold” rating in a report on Wednesday, December 18th. One analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $42.82.

Insider Buying and Selling at DigitalOcean

In other DigitalOcean news, insider Bratin Saha sold 4,289 shares of the business’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $36.80, for a total value of $157,835.20. Following the transaction, the insider now directly owns 372,762 shares of the company’s stock, valued at approximately $13,717,641.60. The trade was a 1.14 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.74% of the stock is owned by company insiders.

Institutional Trading of DigitalOcean

Several hedge funds have recently made changes to their positions in the company. Hillsdale Investment Management Inc. raised its holdings in DigitalOcean by 0.4% during the fourth quarter. Hillsdale Investment Management Inc. now owns 84,500 shares of the company’s stock worth $2,879,000 after purchasing an additional 300 shares in the last quarter. Focus Partners Wealth increased its position in DigitalOcean by 2.8% during the 4th quarter. Focus Partners Wealth now owns 12,455 shares of the company’s stock worth $424,000 after purchasing an additional 338 shares during the period. Summit Investment Advisors Inc. lifted its holdings in shares of DigitalOcean by 6.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 6,866 shares of the company’s stock valued at $234,000 after buying an additional 436 shares during the period. Harbor Investment Advisory LLC boosted its stake in shares of DigitalOcean by 380.0% in the fourth quarter. Harbor Investment Advisory LLC now owns 720 shares of the company’s stock valued at $25,000 after buying an additional 570 shares in the last quarter. Finally, BSW Wealth Partners grew its holdings in DigitalOcean by 4.3% during the fourth quarter. BSW Wealth Partners now owns 14,556 shares of the company’s stock worth $496,000 after acquiring an additional 600 shares during the period. Institutional investors and hedge funds own 49.77% of the company’s stock.

DigitalOcean Price Performance

The stock has a market cap of $2.59 billion, a PE ratio of 33.05, a PEG ratio of 3.12 and a beta of 1.87. The company has a 50-day simple moving average of $39.63 and a 200-day simple moving average of $39.00.

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).