Analysts Set DigitalOcean Holdings, Inc. (NYSE:DOCN) Price Target at $42.13

Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) have been given an average rating of “Hold” by the nine research firms that are covering the stock, Marketbeat.com reports. Five analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $42.13.

Several equities analysts have recently issued reports on the stock. Canaccord Genuity Group lifted their price objective on shares of DigitalOcean from $42.00 to $48.00 and gave the stock a “buy” rating in a research note on Friday, October 4th. JPMorgan Chase & Co. lifted their price target on shares of DigitalOcean from $32.00 to $40.00 and gave the stock a “neutral” rating in a research report on Friday, October 25th. Barclays increased their price objective on DigitalOcean from $38.00 to $48.00 and gave the company an “overweight” rating in a research report on Friday, October 11th. Stifel Nicolaus boosted their target price on DigitalOcean from $35.00 to $40.00 and gave the stock a “hold” rating in a research report on Wednesday, December 18th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of DigitalOcean in a research report on Tuesday, November 5th.

DigitalOcean Price Performance

DigitalOcean stock opened at $34.49 on Friday. DigitalOcean has a 12-month low of $26.63 and a 12-month high of $44.80. The stock has a market capitalization of $3.18 billion, a PE ratio of 40.58, a price-to-earnings-growth ratio of 2.47 and a beta of 1.78. The firm has a 50 day simple moving average of $37.28 and a 200-day simple moving average of $37.15.

DigitalOcean (NYSE:DOCN) last issued its quarterly earnings results on Monday, November 4th. The company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.12. DigitalOcean had a negative return on equity of 43.11% and a net margin of 10.86%. The company had revenue of $198.50 million for the quarter, compared to analysts’ expectations of $196.64 million. During the same period last year, the firm earned $0.17 EPS. The firm’s revenue for the quarter was up 12.1% on a year-over-year basis. On average, analysts forecast that DigitalOcean will post 1.01 earnings per share for the current fiscal year.

Insider Activity at DigitalOcean

In other DigitalOcean news, insider Bratin Saha sold 3,468 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $38.18, for a total value of $132,408.24. Following the transaction, the insider now owns 379,795 shares in the company, valued at approximately $14,500,573.10. This represents a 0.90 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Matt Steinfort sold 12,498 shares of DigitalOcean stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $40.00, for a total transaction of $499,920.00. Following the sale, 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. Over the last ninety days, insiders have sold 32,955 shares of company stock valued at $1,258,373. Company 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 made changes to their positions in DOCN. Farther Finance Advisors LLC acquired a new position in DigitalOcean in the third quarter worth approximately $30,000. Advisors Asset Management Inc. increased its stake in shares of 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 purchasing an additional 585 shares during the last quarter. Blue Trust Inc. raised its holdings in shares of DigitalOcean by 380.6% during the 3rd quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock valued at $49,000 after purchasing an additional 959 shares in the last quarter. Nisa Investment Advisors LLC lifted its stake in shares of DigitalOcean by 56.4% in the 3rd quarter. Nisa Investment Advisors LLC now owns 1,340 shares of the company’s stock valued at $54,000 after purchasing an additional 483 shares during the last quarter. Finally, KBC Group NV boosted its holdings in DigitalOcean by 47.6% in the third quarter. KBC Group NV now owns 2,096 shares of the company’s stock worth $85,000 after purchasing an additional 676 shares in the last quarter. 49.77% of the stock is owned by hedge funds and other institutional investors.

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).