DigitalOcean (NYSE:DOCN) Price Target Raised to $31.00

DigitalOcean (NYSE:DOCN) had its price objective upped by Bank of America from $28.00 to $31.00 in a research note published on Wednesday morning,Benzinga reports. Bank of America currently has an underperform rating on the stock.

Several other research analysts have also issued reports on DOCN. JMP Securities lifted their price target on shares of DigitalOcean from $47.00 to $55.00 and gave the stock a “market outperform” rating in a research report on Monday, January 27th. Cantor Fitzgerald started coverage on shares of DigitalOcean in a research report on Friday, January 17th. They issued a “neutral” rating and a $39.00 price target on the stock. Needham & Company LLC restated a “hold” rating on shares of DigitalOcean in a research report on Tuesday, November 5th. Citigroup assumed coverage on shares of DigitalOcean in a research report on Friday, January 24th. They issued a “buy” rating and a $45.00 price target on the stock. Finally, Stifel Nicolaus raised their price objective on shares of DigitalOcean from $35.00 to $40.00 and gave the stock a “hold” rating in a research note on Wednesday, December 18th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $43.27.

DigitalOcean Stock Performance

DigitalOcean stock opened at $42.74 on Wednesday. The firm has a market cap of $3.94 billion, a price-to-earnings ratio of 50.29, a price-to-earnings-growth ratio of 3.12 and a beta of 1.81. DigitalOcean has a 1 year low of $26.63 and a 1 year high of $47.02. The firm’s 50 day moving average price is $39.17 and its two-hundred day moving average price is $39.22.

Insider Buying and Selling at DigitalOcean

In other DigitalOcean news, CFO Matt Steinfort sold 12,498 shares of DigitalOcean stock in a transaction on Wednesday, December 4th. The shares were 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 owns 517,498 shares of the company’s stock, valued at $20,699,920. This trade represents a 2.36 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Bratin Saha sold 4,289 shares of DigitalOcean stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $36.80, for a total transaction of $157,835.20. Following the sale, the insider now directly owns 372,762 shares of the company’s stock, valued at $13,717,641.60. This trade represents a 1.14 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 20,255 shares of company stock valued at $790,163 in the last quarter. Company insiders own 0.74% of the company’s stock.

Institutional Investors Weigh In On DigitalOcean

Several institutional investors and hedge funds have recently modified their holdings of DOCN. Harbor Investment Advisory LLC lifted its stake in shares of DigitalOcean by 380.0% in the 4th quarter. Harbor Investment Advisory LLC now owns 720 shares of the company’s stock valued at $25,000 after purchasing an additional 570 shares during the last quarter. Farther Finance Advisors LLC acquired a new stake in shares of DigitalOcean in the 3rd quarter valued at $30,000. Advisors Asset Management Inc. lifted its stake in shares of DigitalOcean by 150.4% in the 3rd quarter. Advisors Asset Management Inc. now owns 974 shares of the company’s stock valued at $39,000 after purchasing an additional 585 shares during the last quarter. JTC Employer Solutions Trustee Ltd acquired a new stake in shares of DigitalOcean in the 4th quarter valued at $45,000. Finally, Blue Trust Inc. lifted its stake in shares of DigitalOcean by 380.6% in the 3rd quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock valued at $49,000 after purchasing an additional 959 shares during the last quarter. Institutional investors and hedge funds 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).