DigitalOcean (NYSE:DOCN) Price Target Lowered to $41.00 at Morgan Stanley

DigitalOcean (NYSE:DOCN) had its price objective dropped by analysts at Morgan Stanley from $52.00 to $41.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Morgan Stanley’s price objective indicates a potential upside of 46.85% from the company’s current price.

Several other research analysts have also weighed in on the company. The Goldman Sachs Group reissued a “buy” rating on shares of DigitalOcean in a research report on Saturday, March 1st. Bank of America increased 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. Canaccord Genuity Group dropped their target price on DigitalOcean from $50.00 to $45.00 and set a “buy” rating on the stock in a research report on Monday, April 7th. Needham & Company LLC restated a “hold” rating on shares of DigitalOcean in a report on Monday, April 7th. Finally, JMP Securities raised their price target on shares of DigitalOcean from $47.00 to $55.00 and gave the company a “market outperform” rating in a report on Monday, January 27th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $42.18.

DigitalOcean Trading Down 0.6 %

Shares of DOCN traded down $0.17 during midday trading on Wednesday, hitting $27.92. The stock had a trading volume of 169,915 shares, compared to its average volume of 1,290,983. The business has a 50-day simple moving average of $37.19 and a two-hundred day simple moving average of $38.19. DigitalOcean has a fifty-two week low of $25.45 and a fifty-two week high of $47.02. The firm has a market cap of $2.57 billion, a P/E ratio of 32.85, a price-to-earnings-growth ratio of 3.12 and a beta of 1.87.

Insider Activity at DigitalOcean

In other DigitalOcean news, insider Bratin Saha sold 3,948 shares of the firm’s stock in a transaction that occurred on Tuesday, March 18th. The stock was sold at an average price of $36.63, for a total value of $144,615.24. Following the completion of the sale, the insider now owns 358,696 shares in the company, valued at approximately $13,139,034.48. This trade represents a 1.09 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.74% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On DigitalOcean

Several institutional investors and hedge funds have recently bought and sold shares of DOCN. Harbor Investment Advisory LLC boosted its holdings in DigitalOcean by 380.0% during the fourth quarter. Harbor Investment Advisory LLC now owns 720 shares of the company’s stock valued at $25,000 after purchasing an additional 570 shares in the last quarter. GAMMA Investing LLC lifted its holdings in DigitalOcean by 336.1% during the 1st quarter. GAMMA Investing LLC now owns 1,064 shares of the company’s stock valued at $36,000 after purchasing an additional 820 shares during the last quarter. JTC Employer Solutions Trustee Ltd bought a new stake in DigitalOcean during the fourth quarter worth about $45,000. Farther Finance Advisors LLC raised its stake in shares of DigitalOcean by 135,100.0% in the first quarter. Farther Finance Advisors LLC now owns 1,352 shares of the company’s stock valued at $46,000 after acquiring an additional 1,351 shares during the last quarter. Finally, SBI Securities Co. Ltd. bought a new stake in DigitalOcean during the 4th quarter worth approximately $66,000. Institutional investors own 49.77% of the company’s stock.

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).