DigitalOcean Holdings, Inc. (NYSE:DOCN) Receives $42.13 Consensus Price Target from Brokerages

Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) have been assigned an average rating of “Hold” from the nine analysts that are presently covering the company, MarketBeat Ratings reports. Five equities research analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 12 month price target among brokerages that have covered the stock in the last year is $42.13.

Several brokerages have issued reports on DOCN. Stifel Nicolaus upped their price objective on DigitalOcean from $35.00 to $40.00 and gave the company a “hold” rating in a research note on Wednesday, December 18th. Needham & Company LLC restated a “hold” rating on shares of DigitalOcean in a research note on Tuesday, November 5th. Barclays boosted their target price 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. JPMorgan Chase & Co. raised their price target on shares of DigitalOcean from $32.00 to $40.00 and gave the stock a “neutral” rating in a research report on Friday, October 25th. Finally, Canaccord Genuity Group boosted their price objective on shares of DigitalOcean from $42.00 to $48.00 and gave the company a “buy” rating in a research report on Friday, October 4th.

DigitalOcean Trading Down 1.8 %

DigitalOcean stock opened at $34.95 on Friday. DigitalOcean has a 52 week low of $26.63 and a 52 week high of $44.80. The stock has a market cap of $3.23 billion, a P/E ratio of 41.12, a price-to-earnings-growth ratio of 2.47 and a beta of 1.78. The stock has a 50 day moving average of $37.51 and a 200-day moving average of $37.18.

DigitalOcean (NYSE:DOCN) last posted its quarterly earnings data on Monday, November 4th. The company reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.40 by $0.12. The firm 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 firm’s revenue was up 12.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.17 EPS. As a group, equities analysts predict that DigitalOcean will post 1.01 earnings per share for the current fiscal year.

Insider Activity

In other DigitalOcean news, CFO Matt Steinfort sold 12,498 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $40.00, for a total transaction 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Bratin Saha sold 16,989 shares of the business’s stock in a transaction dated Monday, November 18th. The stock was 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 in the company, valued at $14,382,407.60. This trade represents a 4.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 32,955 shares of company stock valued at $1,258,373. Insiders own 0.74% of the company’s stock.

Hedge Funds Weigh In On DigitalOcean

Hedge funds have recently made changes to their positions in the business. Jacobs Levy Equity Management Inc. boosted its position in shares of DigitalOcean by 32.8% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,397,588 shares of the company’s stock valued at $56,449,000 after purchasing an additional 345,119 shares during the period. University of Texas Texas AM Investment Management Co. acquired a new position in shares of DigitalOcean in the second quarter worth about $11,712,000. Renaissance Technologies LLC increased its position in shares of DigitalOcean by 152.6% in the second quarter. Renaissance Technologies LLC now owns 375,600 shares of the company’s stock worth $13,052,000 after acquiring an additional 226,900 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of DigitalOcean by 23.4% during the second quarter. Dimensional Fund Advisors LP now owns 1,079,579 shares of the company’s stock valued at $37,512,000 after acquiring an additional 205,007 shares during the period. Finally, Principal Financial Group Inc. lifted its holdings in shares of DigitalOcean by 10.4% in the third quarter. Principal Financial Group Inc. now owns 1,301,499 shares of the company’s stock valued at $52,568,000 after purchasing an additional 122,651 shares in 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).