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

DigitalOcean (NYSE:DOCN) had its price target decreased by research analysts at Stifel Nicolaus from $40.00 to $33.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has a “hold” rating on the stock. Stifel Nicolaus’ target price would indicate a potential upside of 19.71% from the stock’s current price.

A number of other equities analysts have also weighed in on the stock. The Goldman Sachs Group reaffirmed a “buy” rating on shares of DigitalOcean in a research note on Saturday, March 1st. Citigroup initiated coverage on DigitalOcean in a research report on Friday, January 24th. They set a “buy” rating and a $45.00 price objective for the company. Cantor Fitzgerald upped their price target on DigitalOcean from $39.00 to $43.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 26th. JPMorgan Chase & Co. boosted their price objective on shares of DigitalOcean from $40.00 to $45.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 26th. Finally, Morgan Stanley upgraded shares of DigitalOcean from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $40.00 to $41.00 in a research note on Thursday, January 16th. 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’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $42.18.

DigitalOcean Stock Performance

DOCN stock traded down $1.08 during mid-day trading on Monday, hitting $27.57. 1,403,820 shares of the company were exchanged, compared to its average volume of 1,259,241. DigitalOcean has a 1-year low of $26.04 and a 1-year high of $47.02. The firm’s 50 day simple moving average is $39.63 and its 200 day simple moving average is $39.00. The firm has a market cap of $2.54 billion, a P/E ratio of 32.53, a P/E/G ratio of 3.12 and a beta of 1.87.

Insider Activity

In other news, insider Bratin Saha sold 4,289 shares of DigitalOcean stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $36.80, for a total value of $157,835.20. Following the completion of the sale, the insider now directly owns 372,762 shares in the company, valued at approximately $13,717,641.60. The trade was a 1.14 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.74% of the stock is owned by company insiders.

Hedge Funds Weigh In On DigitalOcean

A number of hedge funds have recently added to or reduced their stakes in the stock. Harbor Investment Advisory LLC increased its holdings in DigitalOcean by 380.0% in the 4th quarter. Harbor Investment Advisory LLC now owns 720 shares of the company’s stock valued at $25,000 after buying an additional 570 shares during the period. JTC Employer Solutions Trustee Ltd acquired a new position in DigitalOcean during the fourth quarter valued at approximately $45,000. SBI Securities Co. Ltd. bought a new stake in DigitalOcean during the fourth quarter worth $66,000. KBC Group NV boosted its holdings 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 purchasing an additional 788 shares in the last quarter. Finally, New Age Alpha Advisors LLC bought a new stake in shares of DigitalOcean during the 4th quarter worth $115,000. Institutional investors 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).