DigitalOcean (NYSE:DOCN) Given New $44.00 Price Target at UBS Group

DigitalOcean (NYSE:DOCN) had its target price lifted by research analysts at UBS Group from $39.00 to $44.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. UBS Group’s target price would suggest a potential upside of 1.03% from the stock’s current price.

Other equities analysts have also issued reports about the stock. JMP Securities boosted their price objective on shares of DigitalOcean from $47.00 to $55.00 and gave the stock a “market outperform” rating in a report on Monday, January 27th. Morgan Stanley raised DigitalOcean from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $40.00 to $41.00 in a report on Thursday, January 16th. JPMorgan Chase & Co. raised their target price on DigitalOcean from $40.00 to $45.00 and gave the stock a “neutral” rating in a research report on Wednesday. Needham & Company LLC restated a “hold” rating on shares of DigitalOcean in a research note on Wednesday. Finally, Stifel Nicolaus raised their price objective on shares of DigitalOcean from $35.00 to $40.00 and gave the stock a “hold” rating in a report on Wednesday, December 18th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $43.27.

DigitalOcean Trading Up 6.7 %

DOCN stock traded up $2.72 during midday trading on Wednesday, hitting $43.55. The company had a trading volume of 1,110,385 shares, 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 stock has a market cap of $4.02 billion, a price-to-earnings ratio of 51.52, a PEG ratio of 3.12 and a beta of 1.81. The stock’s 50 day moving average price is $38.70 and its 200 day moving average price is $39.10.

Insider Activity at DigitalOcean

In related news, CFO Matt Steinfort sold 12,498 shares of the business’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $40.00, for a total value of $499,920.00. Following the transaction, the chief financial officer now owns 517,498 shares in the company, valued at $20,699,920. The trade was a 2.36 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Bratin Saha sold 4,289 shares of the firm’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $36.80, for a total transaction of $157,835.20. Following the completion of the sale, the insider now owns 372,762 shares of the company’s stock, valued at approximately $13,717,641.60. The trade was 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 three months. 0.74% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Norges Bank purchased a new stake in DigitalOcean in the 4th quarter worth approximately $14,772,000. Jacobs Levy Equity Management Inc. increased its holdings in DigitalOcean by 32.8% during the 3rd 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 last quarter. CenterBook Partners LP bought a new position in shares of DigitalOcean during the fourth quarter worth about $7,633,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new stake in DigitalOcean during the fourth quarter worth about $5,382,000. Finally, Bank of New York Mellon Corp boosted its stake in DigitalOcean by 19.7% during the 4th quarter. Bank of New York Mellon Corp now owns 791,861 shares of the company’s stock valued at $26,979,000 after purchasing an additional 130,263 shares during the period. 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).