Morgan Stanley Lowers DigitalOcean (NYSE:DOCN) Price Target to $41.00

DigitalOcean (NYSE:DOCN) had its price objective cut by research analysts at Morgan Stanley from $52.00 to $41.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Morgan Stanley’s price objective indicates a potential upside of 46.85% from the stock’s current price.

Several other brokerages also recently weighed in on DOCN. JMP Securities raised their target price on DigitalOcean from $47.00 to $55.00 and gave the company a “market outperform” rating in a research note on Monday, January 27th. Needham & Company LLC restated a “hold” rating on shares of DigitalOcean in a report on Monday, April 7th. Cantor Fitzgerald increased their target price on DigitalOcean from $39.00 to $43.00 and gave the company a “neutral” rating in a research note on Wednesday, February 26th. Canaccord Genuity Group cut their price target on shares of DigitalOcean from $50.00 to $45.00 and set a “buy” rating on the stock in a report on Monday, April 7th. Finally, Citigroup initiated coverage on shares of DigitalOcean in a research report on Friday, January 24th. They issued a “buy” rating and a $45.00 target price for the company. One research analyst has rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, DigitalOcean has an average rating of “Hold” and an average target price of $42.18.

DigitalOcean Trading Down 0.6 %

NYSE:DOCN traded down $0.17 during trading hours on Wednesday, hitting $27.92. The stock had a trading volume of 169,915 shares, compared to its average volume of 1,290,983. The business has a 50 day simple moving average of $37.19 and a two-hundred day simple moving average of $38.19. DigitalOcean has a 1-year low of $25.45 and a 1-year high of $47.02. The company has a market cap of $2.57 billion, a PE ratio of 32.85, a price-to-earnings-growth ratio of 3.12 and a beta of 1.87.

Insider Activity

In related news, insider Bratin Saha sold 4,289 shares of the stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $36.80, for a total value of $157,835.20. Following the completion of the transaction, the insider now directly owns 372,762 shares of the company’s stock, valued at $13,717,641.60. This represents a 1.14 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.74% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Oppenheimer & Co. Inc. bought a new position in DigitalOcean in the 4th quarter valued at about $333,000. Bank of New York Mellon Corp raised its holdings in DigitalOcean by 19.7% during the fourth quarter. Bank of New York Mellon Corp now owns 791,861 shares of the company’s stock worth $26,979,000 after purchasing an additional 130,263 shares in the last quarter. Illinois Municipal Retirement Fund acquired a new stake in DigitalOcean in the fourth quarter worth approximately $1,139,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new position in shares of DigitalOcean during the 4th quarter valued at $5,382,000. Finally, Allspring Global Investments Holdings LLC lifted its holdings in shares of DigitalOcean by 29.8% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 96,306 shares of the company’s stock valued at $3,284,000 after buying an additional 22,100 shares during the period. Institutional investors and hedge funds 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).