DigitalOcean Holdings, Inc. (NYSE:DOCN) Receives $43.27 Average PT from Brokerages

Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) have been given an average recommendation of “Hold” by the thirteen research firms that are covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $43.27.

DOCN has been the topic of a number of research analyst reports. JPMorgan Chase & Co. increased their target price on DigitalOcean from $40.00 to $45.00 and gave the stock a “neutral” rating in a report on Wednesday, February 26th. Citigroup began coverage on shares of DigitalOcean in a report on Friday, January 24th. They issued a “buy” rating and a $45.00 price objective for the company. Bank of America boosted their target price on shares of DigitalOcean from $28.00 to $31.00 and gave the company an “underperform” rating in a research note on Wednesday, February 26th. Stifel Nicolaus raised their price target on shares of DigitalOcean from $35.00 to $40.00 and gave the stock a “hold” rating in a research report on Wednesday, December 18th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating on shares of DigitalOcean in a research report on Saturday, March 1st.

DigitalOcean Stock Performance

NYSE:DOCN opened at $36.76 on Friday. The company has a market capitalization of $3.38 billion, a price-to-earnings ratio of 43.25, a price-to-earnings-growth ratio of 3.12 and a beta of 1.80. DigitalOcean has a one year low of $26.63 and a one year high of $47.02. The stock has a 50-day simple moving average of $40.00 and a 200 day simple moving average of $39.33.

Insider Buying and Selling at DigitalOcean

In other DigitalOcean news, insider Bratin Saha sold 3,948 shares of the business’s stock in a transaction on Tuesday, March 18th. The stock was sold at an average price of $36.63, for a total transaction of $144,615.24. Following the completion of the transaction, the insider now owns 358,696 shares in the company, valued at approximately $13,139,034.48. The trade was a 1.09 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.74% of the stock is owned by company insiders.

Institutional Investors Weigh In On DigitalOcean

A number of hedge funds and other institutional investors have recently modified their holdings of DOCN. Victory Capital Management Inc. increased its stake in DigitalOcean by 79.8% during the 3rd quarter. Victory Capital Management Inc. now owns 31,169 shares of the company’s stock valued at $1,259,000 after buying an additional 13,837 shares during the period. KBC Group NV boosted its holdings in shares of DigitalOcean by 47.6% in the third quarter. KBC Group NV now owns 2,096 shares of the company’s stock valued at $85,000 after acquiring an additional 676 shares in the last quarter. Empowered Funds LLC increased its stake in shares of DigitalOcean by 8.2% during the third quarter. Empowered Funds LLC now owns 9,245 shares of the company’s stock valued at $373,000 after acquiring an additional 697 shares during the period. Mutual of America Capital Management LLC increased its stake in shares of DigitalOcean by 7.7% during the third quarter. Mutual of America Capital Management LLC now owns 9,516 shares of the company’s stock valued at $384,000 after acquiring an additional 683 shares during the period. Finally, Thrivent Financial for Lutherans raised its holdings in DigitalOcean by 11.4% during the third quarter. Thrivent Financial for Lutherans now owns 49,687 shares of the company’s stock worth $2,007,000 after purchasing an additional 5,072 shares in the last quarter. 49.77% of the stock is currently owned by institutional investors.

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).