DigitalOcean (NYSE:DOCN) Price Target Raised to $45.00 at JPMorgan Chase & Co.

DigitalOcean (NYSE:DOCN) had its price objective lifted by JPMorgan Chase & Co. from $40.00 to $45.00 in a research note published on Wednesday morning,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

Several other research firms have also issued reports on DOCN. JMP Securities lifted their price target on DigitalOcean from $47.00 to $55.00 and gave the stock a “market outperform” rating in a research report on Monday, January 27th. Morgan Stanley raised DigitalOcean from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $40.00 to $41.00 in a research report on Thursday, January 16th. Cantor Fitzgerald lifted their price target on DigitalOcean from $39.00 to $43.00 and gave the stock a “neutral” rating in a research report on Wednesday. Needham & Company LLC reaffirmed a “hold” rating on shares of DigitalOcean in a research report on Wednesday. Finally, Bank of America lifted their price target on DigitalOcean from $28.00 to $31.00 and gave the stock an “underperform” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, DigitalOcean currently has a consensus rating of “Hold” and an average price target of $43.27.

DigitalOcean Trading Up 7.5 %

Shares of DigitalOcean stock opened at $43.89 on Wednesday. The firm has a market capitalization of $4.05 billion, a P/E ratio of 51.63, a P/E/G ratio of 3.12 and a beta of 1.81. The business has a fifty day simple moving average of $38.88 and a two-hundred day simple moving average of $39.14. DigitalOcean has a 12 month low of $26.63 and a 12 month high of $47.02.

Insider Buying and Selling

In other DigitalOcean 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 transaction of $499,920.00. Following the completion of the sale, the chief financial officer now directly owns 517,498 shares in the company, valued at $20,699,920. The trade was a 2.36 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Bratin Saha sold 4,289 shares of the business’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $36.80, for a total value of $157,835.20. Following the sale, the insider now owns 372,762 shares of the company’s stock, valued at approximately $13,717,641.60. This represents a 1.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 20,255 shares of company stock worth $790,163. 0.74% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On DigitalOcean

A number of large investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of DigitalOcean by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 8,434,555 shares of the company’s stock valued at $287,365,000 after purchasing an additional 117,133 shares during the period. Jacobs Levy Equity Management Inc. grew its stake in shares of DigitalOcean by 16.6% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 1,628,995 shares of the company’s stock valued at $55,500,000 after purchasing an additional 231,407 shares during the period. Fuller & Thaler Asset Management Inc. grew its stake in shares of DigitalOcean by 7.3% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 1,545,642 shares of the company’s stock valued at $52,660,000 after purchasing an additional 105,235 shares during the period. First Trust Advisors LP grew its stake in shares of DigitalOcean by 6.2% during the 4th quarter. First Trust Advisors LP now owns 1,533,699 shares of the company’s stock valued at $52,253,000 after purchasing an additional 89,349 shares during the period. Finally, Geode Capital Management LLC grew its stake in shares of DigitalOcean by 0.6% during the 4th quarter. Geode Capital Management LLC now owns 1,473,421 shares of the company’s stock valued at $50,211,000 after purchasing an additional 9,088 shares during the period. 49.77% of the stock is currently owned by institutional investors.

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).