DigitalOcean (NYSE:DOCN) Price Target Raised to $45.00

DigitalOcean (NYSE:DOCN) had its target price hoisted by JPMorgan Chase & Co. from $40.00 to $45.00 in a report released on Wednesday morning,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Several other analysts have also recently weighed in on DOCN. Bank of America boosted their price objective on DigitalOcean from $28.00 to $31.00 and gave the stock an “underperform” rating in a report on Wednesday. Stifel Nicolaus boosted their price target 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. Cantor Fitzgerald raised their price objective on shares of DigitalOcean from $39.00 to $43.00 and gave the company a “neutral” rating in a research note on Wednesday. Morgan Stanley raised shares of DigitalOcean from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $40.00 to $41.00 in a report on Thursday, January 16th. Finally, JMP Securities increased their price target on DigitalOcean from $47.00 to $55.00 and gave the company a “market outperform” rating in a research note on Monday, January 27th. 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 a consensus price target of $43.27.

DigitalOcean Stock Up 0.1 %

DOCN stock opened at $42.74 on Wednesday. DigitalOcean has a twelve month low of $26.63 and a twelve month high of $47.02. The company has a market cap of $3.94 billion, a P/E ratio of 50.29, a PEG ratio of 3.12 and a beta of 1.81. The business has a fifty day moving average of $39.17 and a 200-day moving average of $39.22.

Insiders Place Their Bets

In related news, insider Bratin Saha sold 4,289 shares of the company’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $36.80, for a total value of $157,835.20. Following the completion of the transaction, the insider now directly owns 372,762 shares of the company’s stock, valued at approximately $13,717,641.60. This represents a 1.14 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Matt Steinfort sold 12,498 shares of the 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 transaction, the chief financial officer now 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 disclosure for this sale can be found here. Over the last ninety days, insiders have sold 20,255 shares of company stock worth $790,163. Corporate insiders own 0.74% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in DigitalOcean by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 8,434,555 shares of the company’s stock worth $287,365,000 after acquiring an additional 117,133 shares during the last quarter. Jacobs Levy Equity Management Inc. lifted its position in shares of DigitalOcean by 16.6% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 1,628,995 shares of the company’s stock worth $55,500,000 after purchasing an additional 231,407 shares in the last quarter. Fuller & Thaler Asset Management Inc. lifted its position in shares of DigitalOcean by 7.3% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 1,545,642 shares of the company’s stock worth $52,660,000 after purchasing an additional 105,235 shares in the last quarter. First Trust Advisors LP boosted its holdings in DigitalOcean by 6.2% during the fourth quarter. First Trust Advisors LP now owns 1,533,699 shares of the company’s stock worth $52,253,000 after purchasing an additional 89,349 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in DigitalOcean by 0.6% in the fourth 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 in the last quarter. 49.77% of the stock is currently owned by 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).