DigitalOcean (NYSE:DOCN) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of DigitalOcean (NYSE:DOCN) from a hold rating to a buy rating in a report issued on Sunday.

DOCN has been the topic of a number of other reports. Canaccord Genuity Group reduced their target price on shares of DigitalOcean from $50.00 to $45.00 and set a “buy” rating on the stock in a research report on Monday, April 7th. Citigroup reduced their target price on shares of DigitalOcean from $50.00 to $40.00 and set a “buy” rating on the stock in a research report on Wednesday, May 7th. Barclays reduced their target price on shares of DigitalOcean from $48.00 to $38.00 and set an “overweight” rating on the stock in a research report on Monday, April 21st. Needham & Company LLC reaffirmed a “hold” rating on shares of DigitalOcean in a research report on Tuesday, May 6th. Finally, Morgan Stanley reduced their target price on shares of DigitalOcean from $52.00 to $41.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $39.83.

DigitalOcean Stock Down 2.2%

NYSE:DOCN opened at $27.94 on Friday. The stock has a market cap of $2.54 billion, a P/E ratio of 25.17, a price-to-earnings-growth ratio of 2.09 and a beta of 1.76. The firm’s fifty day simple moving average is $29.23 and its 200 day simple moving average is $34.02. DigitalOcean has a twelve month low of $25.45 and a twelve month high of $47.02.

DigitalOcean (NYSE:DOCN) last released its quarterly earnings results on Tuesday, May 6th. The company reported $0.56 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.11. The business had revenue of $210.70 million for the quarter, compared to analysts’ expectations of $208.63 million. DigitalOcean had a net margin of 13.46% and a negative return on equity of 60.69%. The firm’s revenue for the quarter was up 14.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.43 earnings per share. On average, analysts expect that DigitalOcean will post 1.01 EPS for the current fiscal year.

Insider Transactions at DigitalOcean

In related news, insider Bratin Saha sold 3,461 shares of the company’s stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $27.77, for a total value of $96,111.97. Following the transaction, the insider owned 294,546 shares in the company, valued at $8,179,542.42. The trade was a 1.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.74% of the stock is currently owned by insiders.

Hedge Funds Weigh In On DigitalOcean

A number of hedge funds have recently bought and sold shares of DOCN. Fuller & Thaler Asset Management Inc. lifted its stake in DigitalOcean by 28.6% during the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 1,987,177 shares of the company’s stock valued at $66,352,000 after acquiring an additional 441,535 shares during the period. Norges Bank bought a new position in DigitalOcean during the 4th quarter valued at about $14,772,000. Jacobs Levy Equity Management Inc. lifted its stake in DigitalOcean by 16.6% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 1,628,995 shares of the company’s stock valued at $55,500,000 after acquiring an additional 231,407 shares during the period. CenterBook Partners LP bought a new position in DigitalOcean during the 4th quarter valued at about $7,633,000. Finally, Nuveen LLC bought a new position in DigitalOcean during the 1st quarter valued at about $5,737,000. Institutional investors own 49.77% of the company’s stock.

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).