DigitalOcean Holdings, Inc. (NYSE:DOCN) Given Average Recommendation of “Hold” by Analysts

Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) have been given a consensus rating of “Hold” by the eleven analysts that are currently covering the company, MarketBeat.com reports. Six investment analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $42.40.

A number of analysts have recently commented on DOCN shares. JMP Securities boosted their price target on 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 DigitalOcean in a research report on Friday, January 17th. They issued a “neutral” rating and a $39.00 price target on the stock. Stifel Nicolaus boosted their price target on DigitalOcean from $35.00 to $40.00 and gave the stock a “hold” rating in a research report on Wednesday, December 18th. Citigroup initiated coverage on DigitalOcean in a research report on Friday, January 24th. They issued a “buy” rating and a $45.00 price objective on the stock. Finally, Morgan Stanley raised DigitalOcean from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $40.00 to $41.00 in a research report on Thursday, January 16th.

DigitalOcean Stock Down 8.6 %

Shares of DOCN opened at $39.35 on Monday. The business’s 50 day moving average price is $38.66 and its 200-day moving average price is $38.99. DigitalOcean has a 52 week low of $26.63 and a 52 week high of $47.02. The stock has a market cap of $3.63 billion, a P/E ratio of 46.29, a P/E/G ratio of 3.12 and a beta of 1.81.

Insider Buying and Selling at DigitalOcean

In other DigitalOcean news, CFO Matt Steinfort sold 12,498 shares of the business’s 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 directly owns 517,498 shares in the company, valued at approximately $20,699,920. The trade was a 2.36 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Bratin Saha sold 4,289 shares of the business’s 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 owns 372,762 shares of the company’s stock, valued at approximately $13,717,641.60. This represents a 1.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 20,255 shares of company stock worth $790,163. Insiders own 0.74% of the company’s stock.

Institutional Investors Weigh In On DigitalOcean

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Twinbeech Capital LP purchased a new stake in shares of DigitalOcean in the 4th quarter worth $398,000. ProShare Advisors LLC increased its stake in shares of DigitalOcean by 42.4% in the 4th quarter. ProShare Advisors LLC now owns 20,384 shares of the company’s stock worth $694,000 after purchasing an additional 6,073 shares in the last quarter. Interval Partners LP bought a new position in DigitalOcean in the 4th quarter worth $3,690,000. Jacobs Levy Equity Management Inc. boosted its holdings in DigitalOcean by 16.6% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 1,628,995 shares of the company’s stock worth $55,500,000 after buying an additional 231,407 shares during the period. Finally, Janus Henderson Group PLC boosted its holdings in DigitalOcean by 30.6% in the 4th quarter. Janus Henderson Group PLC now owns 242,776 shares of the company’s stock worth $8,271,000 after buying an additional 56,953 shares during the period. 49.77% of the stock is currently owned by hedge funds and other 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).