Brokerages Set DigitalOcean Holdings, Inc. (NYSE:DOCN) PT at $41.50

DigitalOcean Holdings, Inc. (NYSE:DOCN) has been assigned a consensus rating of “Hold” from the nine brokerages that are presently covering the firm, Marketbeat reports. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average twelve-month price target among analysts that have covered the stock in the last year is $41.50.

A number of equities analysts have recently issued reports on the company. Canaccord Genuity Group upped their price target on DigitalOcean from $42.00 to $48.00 and gave the stock a “buy” rating in a research report on Friday, October 4th. Barclays lifted their price objective on shares of DigitalOcean from $38.00 to $48.00 and gave the company an “overweight” rating in a research note on Friday, October 11th. Needham & Company LLC reaffirmed a “hold” rating on shares of DigitalOcean in a report on Tuesday, November 5th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of DigitalOcean from $32.00 to $40.00 and gave the company a “neutral” rating in a report on Friday, October 25th.

Insiders Place Their Bets

In related 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 transaction of $499,920.00. Following the completion of 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 document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Bratin Saha sold 16,989 shares of DigitalOcean stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $36.85, for a total transaction of $626,044.65. Following the sale, the insider now owns 390,296 shares of the company’s stock, valued at approximately $14,382,407.60. This represents a 4.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.74% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in DOCN. Jacobs Levy Equity Management Inc. increased its position in shares of DigitalOcean by 32.8% during the third quarter. Jacobs Levy Equity Management Inc. now owns 1,397,588 shares of the company’s stock worth $56,449,000 after acquiring an additional 345,119 shares during the period. University of Texas Texas AM Investment Management Co. acquired a new stake in DigitalOcean during the 2nd quarter worth $11,712,000. Bank of New York Mellon Corp grew its holdings in shares of DigitalOcean by 66.9% during the second quarter. Bank of New York Mellon Corp now owns 766,043 shares of the company’s stock worth $26,620,000 after buying an additional 307,162 shares during the last quarter. Principal Financial Group Inc. grew its stake in shares of DigitalOcean by 27.9% in the 2nd quarter. Principal Financial Group Inc. now owns 1,178,848 shares of the company’s stock valued at $40,965,000 after purchasing an additional 257,229 shares during the last quarter. Finally, Renaissance Technologies LLC grew its position in DigitalOcean by 152.6% in the 2nd quarter. Renaissance Technologies LLC now owns 375,600 shares of the company’s stock valued at $13,052,000 after buying an additional 226,900 shares during the last quarter. 49.77% of the stock is currently owned by institutional investors and hedge funds.

DigitalOcean Price Performance

DigitalOcean stock opened at $38.15 on Wednesday. The firm has a 50-day moving average of $39.91 and a two-hundred day moving average of $37.29. The stock has a market cap of $3.52 billion, a price-to-earnings ratio of 44.88, a price-to-earnings-growth ratio of 2.47 and a beta of 1.76. DigitalOcean has a 1 year low of $26.63 and a 1 year high of $44.80.

DigitalOcean (NYSE:DOCN) last posted its earnings results on Monday, November 4th. The company reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.40 by $0.12. The business had revenue of $198.50 million for the quarter, compared to the consensus estimate of $196.64 million. DigitalOcean had a net margin of 10.86% and a negative return on equity of 43.11%. The company’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.17 EPS. Research analysts expect that DigitalOcean will post 1.01 earnings per share for the current year.

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).