DigitalOcean (NYSE:DOCN) Price Target Raised to $44.00 at UBS Group

DigitalOcean (NYSE:DOCN) had its price objective raised by equities researchers at UBS Group from $39.00 to $44.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. UBS Group’s price objective indicates a potential upside of 1.03% from the company’s current price.

Other analysts have also recently issued reports about the stock. Stifel Nicolaus upped their target price 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. JPMorgan Chase & Co. lifted their price target on shares of DigitalOcean from $40.00 to $45.00 and gave the stock a “neutral” rating in a report on Wednesday. JMP Securities raised their target price on 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 increased their price target on shares of DigitalOcean from $28.00 to $31.00 and gave the stock an “underperform” rating in a report on Wednesday. Finally, Needham & Company LLC reiterated a “hold” rating on shares of DigitalOcean in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, DigitalOcean has an average rating of “Hold” and an average target price of $43.27.

DigitalOcean Trading Up 6.7 %

NYSE DOCN traded up $2.72 on Wednesday, hitting $43.55. 1,110,385 shares of the company traded hands, compared to its average volume of 1,286,215. DigitalOcean has a 52-week low of $26.63 and a 52-week high of $47.02. The company has a market capitalization of $4.02 billion, a price-to-earnings ratio of 51.52, a P/E/G ratio of 3.12 and a beta of 1.81. The business’s 50 day moving average price is $38.70 and its 200-day moving average price is $39.10.

Insiders Place Their Bets

In other DigitalOcean news, CFO Matt Steinfort sold 12,498 shares of the business’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 transaction, the chief financial officer now directly owns 517,498 shares in the company, valued at $20,699,920. The trade was a 2.36 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Bratin Saha sold 4,289 shares of the company’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 in the company, valued at $13,717,641.60. This trade represents a 1.14 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 20,255 shares of company stock valued at $790,163 over the last 90 days. 0.74% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On DigitalOcean

A number of hedge funds and other institutional investors have recently bought and sold shares of DOCN. Vanguard Group Inc. boosted its stake in DigitalOcean by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 8,434,555 shares of the company’s stock valued at $287,365,000 after purchasing an additional 117,133 shares during the period. Jacobs Levy Equity Management Inc. lifted its holdings in shares of DigitalOcean by 16.6% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 1,628,995 shares of the company’s stock worth $55,500,000 after acquiring an additional 231,407 shares during the period. Fuller & Thaler Asset Management Inc. boosted its position in shares of DigitalOcean by 7.3% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 1,545,642 shares of the company’s stock worth $52,660,000 after acquiring an additional 105,235 shares in the last quarter. First Trust Advisors LP boosted its holdings in shares of DigitalOcean by 6.2% in the 4th quarter. First Trust Advisors LP now owns 1,533,699 shares of the company’s stock valued at $52,253,000 after purchasing an additional 89,349 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of DigitalOcean by 0.6% in the 4th quarter. Geode Capital Management LLC now owns 1,473,421 shares of the company’s stock valued at $50,211,000 after purchasing an additional 9,088 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).