DigitalOcean (NYSE:DOCN) Price Target Lowered to $33.00 at Stifel Nicolaus

DigitalOcean (NYSE:DOCN) had its price objective decreased by equities research analysts at Stifel Nicolaus from $40.00 to $33.00 in a report released on Monday,Benzinga reports. The brokerage currently has a “hold” rating on the stock. Stifel Nicolaus’ price target suggests a potential upside of 19.71% from the company’s previous close.

A number of other brokerages have also recently weighed in on DOCN. UBS Group boosted their price target on DigitalOcean from $39.00 to $44.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 26th. Cantor Fitzgerald upped their target price on DigitalOcean from $39.00 to $43.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 26th. Canaccord Genuity Group reduced their price objective on shares of DigitalOcean from $50.00 to $45.00 and set a “buy” rating for the company in a research note on Monday. Citigroup started coverage on shares of DigitalOcean in a research note on Friday, January 24th. They issued a “buy” rating and a $45.00 target price on the stock. Finally, Bank of America boosted their target price on shares of DigitalOcean from $28.00 to $31.00 and gave the stock an “underperform” rating in a research report on Wednesday, February 26th. One analyst has rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $42.18.

DigitalOcean Stock Performance

Shares of NYSE DOCN traded down $1.08 during mid-day trading on Monday, reaching $27.57. The company had a trading volume of 1,403,820 shares, compared to its average volume of 1,259,241. DigitalOcean has a twelve month low of $26.04 and a twelve month high of $47.02. The stock’s 50 day moving average is $39.63 and its 200-day moving average is $39.00. The stock has a market capitalization of $2.54 billion, a PE ratio of 32.53, a price-to-earnings-growth ratio of 3.12 and a beta of 1.87.

Insider Buying and Selling

In other news, insider Bratin Saha sold 3,948 shares of the firm’s stock in a transaction that occurred on Tuesday, March 18th. The shares were sold at an average price of $36.63, for a total transaction of $144,615.24. Following the completion of the sale, the insider now owns 358,696 shares of the company’s stock, valued at approximately $13,139,034.48. This trade represents a 1.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.74% of the company’s stock.

Hedge Funds Weigh In On DigitalOcean

Institutional investors and hedge funds have recently bought and sold shares of the business. Harbor Investment Advisory LLC raised its stake in shares of DigitalOcean by 380.0% in the fourth 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. JTC Employer Solutions Trustee Ltd bought a new position in DigitalOcean during the fourth quarter worth about $45,000. SBI Securities Co. Ltd. acquired a new position in shares of DigitalOcean during the 4th quarter worth about $66,000. KBC Group NV increased its stake in shares of DigitalOcean by 37.6% in the 4th quarter. KBC Group NV now owns 2,884 shares of the company’s stock valued at $98,000 after acquiring an additional 788 shares during the last quarter. Finally, New Age Alpha Advisors LLC bought a new position in DigitalOcean during the 4th quarter worth approximately $115,000. 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).