DigitalOcean (NYSE:DOCN – Get Free Report) had its target price hoisted by investment analysts at UBS Group from $39.00 to $44.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. UBS Group’s price target would suggest a potential upside of 3.03% from the stock’s previous close.
Several other equities research analysts also recently commented on DOCN. Citigroup assumed coverage on DigitalOcean in a report on Friday, January 24th. They issued a “buy” rating and a $45.00 target price on the stock. Cantor Fitzgerald upped their price target on shares of DigitalOcean from $39.00 to $43.00 and gave the stock a “neutral” rating in a research note on Wednesday. Canaccord Genuity Group upped their target price on shares of DigitalOcean from $48.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday. Stifel Nicolaus raised their price target on shares of DigitalOcean from $35.00 to $40.00 and gave the company a “hold” rating in a research report on Wednesday, December 18th. Finally, Morgan Stanley raised DigitalOcean from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $40.00 to $41.00 in a research report on Thursday, January 16th. 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’s stock. According to MarketBeat, DigitalOcean currently has a consensus rating of “Hold” and a consensus target price of $43.27.
Check Out Our Latest Report on DOCN
DigitalOcean Stock Performance
Insider Activity at DigitalOcean
In other DigitalOcean news, CFO Matt Steinfort sold 12,498 shares of the stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $40.00, for a total value of $499,920.00. Following the transaction, the chief financial officer now directly owns 517,498 shares in the company, valued at approximately $20,699,920. This trade represents a 2.36 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Bratin Saha sold 3,468 shares of DigitalOcean stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $38.18, for a total transaction of $132,408.24. Following the transaction, the insider now owns 379,795 shares in the company, valued at $14,500,573.10. This represents a 0.90 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 20,255 shares of company stock worth $790,163. 0.74% of the stock is owned by insiders.
Institutional Inflows and Outflows
Institutional investors have recently made changes to their positions in the stock. Norges Bank purchased a new stake in DigitalOcean in the 4th quarter worth approximately $14,772,000. Jacobs Levy Equity Management Inc. boosted its position in shares of DigitalOcean by 32.8% in the third quarter. Jacobs Levy Equity Management Inc. now owns 1,397,588 shares of the company’s stock worth $56,449,000 after purchasing an additional 345,119 shares during the period. CenterBook Partners LP purchased a new stake in shares of DigitalOcean in the fourth quarter worth $7,633,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new stake in shares of DigitalOcean during the 4th quarter valued at $5,382,000. Finally, Bank of New York Mellon Corp lifted its stake in shares of DigitalOcean by 19.7% during the 4th quarter. Bank of New York Mellon Corp now owns 791,861 shares of the company’s stock valued at $26,979,000 after buying an additional 130,263 shares in the last quarter. 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).
Recommended Stories
- Five stocks we like better than DigitalOcean
- Natural Gas Prices Continue To Rally, These Stocks Should Benefit
- Volatility Is Back: 3 Stocks To Cushion the S&P 500’s Swings
- How to Short a Stock in 5 Easy StepsĀ
- 2 Catalysts That Could Push NVIDIA Stock Up 30% This Year
- Insider Buying Explained: What Investors Need to Know
- Do GM Stock Buybacks Make the Stock Buyable For Investors?
Receive News & Ratings for DigitalOcean Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for DigitalOcean and related companies with MarketBeat.com's FREE daily email newsletter.