DigitalOcean (NYSE:DOCN) Price Target Raised to $50.00

DigitalOcean (NYSE:DOCN) had its price target hoisted by Canaccord Genuity Group from $48.00 to $50.00 in a research report report published on Wednesday,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

A number of other research firms also recently issued reports on DOCN. Needham & Company LLC reiterated a “hold” rating on shares of DigitalOcean in a research report on Wednesday. Bank of America boosted their target price on DigitalOcean from $28.00 to $31.00 and gave the stock an “underperform” rating in a research report on Wednesday. Morgan Stanley raised DigitalOcean from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $40.00 to $41.00 in a report on Thursday, January 16th. Citigroup started coverage on DigitalOcean in a research note on Friday, January 24th. They set a “buy” rating and a $45.00 price target for the company. Finally, JPMorgan Chase & Co. raised their target price on shares of DigitalOcean from $40.00 to $45.00 and gave the company a “neutral” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $43.27.

DigitalOcean Stock Up 0.1 %

Shares of DOCN opened at $42.74 on Wednesday. The company has a market capitalization of $3.94 billion, a PE ratio of 50.29, a P/E/G ratio of 3.12 and a beta of 1.81. DigitalOcean has a 52-week low of $26.63 and a 52-week high of $47.02. The company has a 50-day simple moving average of $39.17 and a 200-day simple moving average of $39.22.

Insider Transactions at DigitalOcean

In other DigitalOcean news, CFO Matt Steinfort sold 12,498 shares of the firm’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 sale, the chief financial officer now directly owns 517,498 shares of the company’s stock, valued at approximately $20,699,920. This trade represents a 2.36 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Bratin Saha sold 3,468 shares of the company’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $38.18, for a total transaction of $132,408.24. Following the transaction, the insider now directly owns 379,795 shares of the company’s stock, valued at approximately $14,500,573.10. This represents a 0.90 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 20,255 shares of company stock worth $790,163 over the last ninety days. 0.74% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On DigitalOcean

Institutional investors have recently bought and sold shares of the stock. Norges Bank purchased a new position in DigitalOcean during the fourth quarter worth approximately $14,772,000. Jacobs Levy Equity Management Inc. raised its position in shares of DigitalOcean by 32.8% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,397,588 shares of the company’s stock worth $56,449,000 after buying an additional 345,119 shares during the period. CenterBook Partners LP acquired a new position in DigitalOcean in the fourth quarter valued at $7,633,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new stake in DigitalOcean during the fourth quarter valued at about $5,382,000. Finally, Bank of New York Mellon Corp grew its position in DigitalOcean by 19.7% during the fourth quarter. Bank of New York Mellon Corp now owns 791,861 shares of the company’s stock valued at $26,979,000 after acquiring an additional 130,263 shares during the period. 49.77% of the stock is currently 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).