DigitalOcean Holdings, Inc. (NYSE:DOCN) Given Consensus Recommendation of “Hold” by Brokerages

Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) have been given a consensus rating of “Hold” by the nine analysts that are currently covering the firm, MarketBeat Ratings reports. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $42.13.

Several brokerages recently issued reports on DOCN. Needham & Company LLC restated a “hold” rating on shares of DigitalOcean in a research note on Tuesday, November 5th. Canaccord Genuity Group boosted their price objective on DigitalOcean from $42.00 to $48.00 and gave the company a “buy” rating in a research report on Friday, October 4th. Stifel Nicolaus raised 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. 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 note on Friday, October 25th. Finally, Barclays raised their price objective on shares of DigitalOcean from $38.00 to $48.00 and gave the stock an “overweight” rating in a report on Friday, October 11th.

Insider Transactions at DigitalOcean

In related news, insider Bratin Saha sold 16,989 shares of the company’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $36.85, for a total transaction of $626,044.65. Following the transaction, the insider now owns 390,296 shares in the company, valued at $14,382,407.60. This represents a 4.17 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Matt Steinfort sold 12,498 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $40.00, for a total transaction of $499,920.00. Following the completion of the sale, the chief financial officer now owns 517,498 shares of the company’s stock, valued at $20,699,920. The trade was a 2.36 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 32,955 shares of company stock valued at $1,258,373. Corporate insiders own 0.74% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of DOCN. Geode Capital Management LLC increased its stake in shares of DigitalOcean by 7.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,464,333 shares of the company’s stock valued at $59,156,000 after buying an additional 106,636 shares during the period. Jacobs Levy Equity Management Inc. increased its position in DigitalOcean by 32.8% in the third quarter. Jacobs Levy Equity Management Inc. now owns 1,397,588 shares of the company’s stock worth $56,449,000 after purchasing an additional 345,119 shares during the period. Principal Financial Group Inc. raised its holdings in DigitalOcean by 10.4% during the 3rd quarter. Principal Financial Group Inc. now owns 1,301,499 shares of the company’s stock worth $52,568,000 after purchasing an additional 122,651 shares during the last quarter. Van Berkom & Associates Inc. lifted its position in DigitalOcean by 1.6% during the 2nd quarter. Van Berkom & Associates Inc. now owns 1,273,103 shares of the company’s stock valued at $44,240,000 after purchasing an additional 19,731 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in shares of DigitalOcean by 23.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,079,579 shares of the company’s stock valued at $37,512,000 after purchasing an additional 205,007 shares during the last quarter. Institutional investors and hedge funds own 49.77% of the company’s stock.

DigitalOcean Stock Down 1.3 %

Shares of DOCN 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 company has a market cap 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 business’s 50 day moving average is $37.28 and its two-hundred day moving average is $37.15.

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

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).