DigitalOcean’s (DOCN) Hold Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC restated their hold rating on shares of DigitalOcean (NYSE:DOCN) in a research report sent to investors on Wednesday,Benzinga reports.

Several other brokerages also recently commented on DOCN. Stifel Nicolaus lifted their target price on DigitalOcean from $35.00 to $40.00 and gave the stock a “hold” rating in a research note on Wednesday, December 18th. Cantor Fitzgerald started coverage on DigitalOcean in a research note on Friday, January 17th. They set a “neutral” rating and a $39.00 target price for the company. JMP Securities lifted their price target on DigitalOcean from $47.00 to $55.00 and gave the stock a “market outperform” rating in a report on Monday, January 27th. Citigroup started coverage on DigitalOcean in a report on Friday, January 24th. They set a “buy” rating and a $45.00 price target for the company. Finally, Bank of America lifted their price target on DigitalOcean from $28.00 to $31.00 and gave the stock an “underperform” rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $43.27.

DigitalOcean Trading Up 0.1 %

Shares of NYSE DOCN opened at $42.74 on Wednesday. DigitalOcean has a 12 month low of $26.63 and a 12 month high of $47.02. The stock has a 50 day moving average of $39.17 and a 200-day moving average of $39.22. The company has a market capitalization of $3.94 billion, a P/E ratio of 50.29, a P/E/G ratio of 3.12 and a beta of 1.81.

Insider Transactions at DigitalOcean

In other news, insider Bratin Saha sold 4,289 shares of the business’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $36.80, for a total transaction of $157,835.20. Following the completion of the transaction, the insider now 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Matt Steinfort sold 12,498 shares of the business’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $40.00, for a total value of $499,920.00. Following the transaction, the chief financial officer now directly owns 517,498 shares of the company’s stock, valued at $20,699,920. This trade represents a 2.36 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 20,255 shares of company stock valued at $790,163. Corporate insiders own 0.74% of the company’s stock.

Institutional Investors Weigh In On DigitalOcean

A number of hedge funds and other institutional investors have recently bought and sold shares of DOCN. Harbor Investment Advisory LLC grew its position in DigitalOcean by 380.0% during the 4th quarter. Harbor Investment Advisory LLC now owns 720 shares of the company’s stock worth $25,000 after acquiring an additional 570 shares during the last quarter. Farther Finance Advisors LLC bought a new stake in DigitalOcean during the 3rd quarter worth $30,000. Advisors Asset Management Inc. grew its position in DigitalOcean by 150.4% during the 3rd quarter. Advisors Asset Management Inc. now owns 974 shares of the company’s stock worth $39,000 after acquiring an additional 585 shares during the last quarter. JTC Employer Solutions Trustee Ltd bought a new stake in DigitalOcean during the 4th quarter worth $45,000. Finally, Blue Trust Inc. grew its position in DigitalOcean by 380.6% during the 3rd quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock worth $49,000 after acquiring an additional 959 shares during the last quarter. Institutional investors 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).