DigitalOcean (NYSE:DOCN) Upgraded at Cantor Fitzgerald

Cantor Fitzgerald upgraded shares of DigitalOcean (NYSE:DOCN) to a hold rating in a report released on Thursday, Marketbeat.com reports. Cantor Fitzgerald currently has $39.00 price target on the stock.

DOCN has been the subject of a number of other research reports. Morgan Stanley upgraded DigitalOcean from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $40.00 to $41.00 in a research report on Thursday. Canaccord Genuity Group boosted their price target on shares of DigitalOcean from $42.00 to $48.00 and gave the stock a “buy” rating in a research note on Friday, October 4th. JPMorgan Chase & Co. increased their price target on shares of DigitalOcean from $32.00 to $40.00 and gave the stock a “neutral” rating in a report on Friday, October 25th. Needham & Company LLC reaffirmed a “hold” rating on shares of DigitalOcean in a report on Tuesday, November 5th. Finally, Barclays increased their target price on DigitalOcean from $38.00 to $48.00 and gave the company an “overweight” rating in a research note on Friday, October 11th. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $41.70.

DigitalOcean Price Performance

NYSE:DOCN opened at $36.10 on Thursday. DigitalOcean has a 1 year low of $26.63 and a 1 year high of $44.80. The stock’s fifty day moving average price is $36.85 and its two-hundred day moving average price is $37.20. The company has a market cap of $3.33 billion, a P/E ratio of 42.47, a P/E/G ratio of 2.47 and a beta of 1.78.

DigitalOcean (NYSE:DOCN) last issued its quarterly earnings data on Monday, November 4th. The company reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.12. DigitalOcean had a negative return on equity of 43.11% and a net margin of 10.86%. The business had revenue of $198.50 million for the quarter, compared to analysts’ expectations of $196.64 million. During the same quarter in the prior year, the firm posted $0.17 EPS. The firm’s quarterly revenue was up 12.1% on a year-over-year basis. On average, analysts expect that DigitalOcean will post 1.01 earnings per share for the current fiscal year.

Insider Buying and Selling at DigitalOcean

In related news, insider Bratin Saha sold 16,989 shares of DigitalOcean stock in a transaction on Monday, November 18th. The shares were sold at an average price of $36.85, for a total value of $626,044.65. Following the transaction, the insider now directly owns 390,296 shares of the company’s stock, valued at $14,382,407.60. The trade was a 4.17 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Matt Steinfort sold 12,498 shares of the 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 sale, the chief financial officer now directly owns 517,498 shares of the company’s stock, valued at $20,699,920. The trade was a 2.36 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 32,955 shares of company stock worth $1,258,373 over the last three months. Company insiders own 0.74% of the company’s stock.

Hedge Funds Weigh In On DigitalOcean

A number of hedge funds have recently modified their holdings of DOCN. Victory Capital Management Inc. increased its holdings in DigitalOcean by 95.8% during the 2nd quarter. Victory Capital Management Inc. now owns 17,332 shares of the company’s stock valued at $602,000 after purchasing an additional 8,481 shares during the period. Dimensional Fund Advisors LP grew its position in shares of DigitalOcean by 23.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,079,579 shares of the company’s stock worth $37,512,000 after buying an additional 205,007 shares during the last quarter. Renaissance Technologies LLC increased its stake in shares of DigitalOcean by 152.6% during the second quarter. Renaissance Technologies LLC now owns 375,600 shares of the company’s stock valued at $13,052,000 after buying an additional 226,900 shares during the period. Amalgamated Bank raised its holdings in shares of DigitalOcean by 670.7% during the second quarter. Amalgamated Bank now owns 16,347 shares of the company’s stock valued at $568,000 after acquiring an additional 14,226 shares in the last quarter. Finally, Hsbc Holdings PLC lifted its stake in DigitalOcean by 47.3% in the second quarter. Hsbc Holdings PLC now owns 10,022 shares of the company’s stock worth $343,000 after acquiring an additional 3,219 shares during the period. Hedge funds and other institutional investors own 49.77% of the company’s stock.

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).