DigitalOcean (NASDAQ:DOCN) Price Target Cut to $34.00 by Analysts at Piper Sandler

DigitalOcean (NASDAQ:DOCN) had its price objective lowered by Piper Sandler from $38.00 to $34.00 in a research report report published on Monday, Benzinga reports. Piper Sandler currently has a neutral rating on the stock.

Several other equities research analysts have also recently weighed in on DOCN. Canaccord Genuity Group raised their price objective on shares of DigitalOcean from $41.00 to $42.00 and gave the company a buy rating in a research report on Monday, May 13th. Needham & Company LLC reiterated a hold rating on shares of DigitalOcean in a research report on Monday, May 13th. UBS Group began coverage on shares of DigitalOcean in a research report on Wednesday, May 22nd. They set a neutral rating and a $40.00 price target for the company. Finally, JMP Securities restated a market outperform rating and set a $47.00 price objective on shares of DigitalOcean in a report on Monday, May 13th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of Hold and a consensus target price of $37.60.

DigitalOcean Stock Down 1.9 %

Shares of DigitalOcean stock opened at $33.38 on Monday. DigitalOcean has a 12-month low of $19.39 and a 12-month high of $51.69. The company has a 50-day simple moving average of $35.64 and a 200 day simple moving average of $36.14. The stock has a market capitalization of $3.04 billion, a P/E ratio of 62.98, a price-to-earnings-growth ratio of 3.39 and a beta of 1.81.

DigitalOcean (NASDAQ:DOCN) last posted its quarterly earnings data on Friday, May 10th. The company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.18 by $0.06. The firm had revenue of $184.73 million during the quarter, compared to analysts’ expectations of $182.70 million. DigitalOcean had a net margin of 7.01% and a negative return on equity of 26.29%. On average, equities analysts anticipate that DigitalOcean will post 0.78 earnings per share for the current year.

Insider Transactions at DigitalOcean

In other news, Director Amy Butte sold 5,220 shares of the business’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $37.46, for a total value of $195,541.20. Following the sale, the director now owns 36,417 shares of the company’s stock, valued at $1,364,180.82. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.74% of the stock is currently owned by insiders.

Institutional Trading of DigitalOcean

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. 180 Wealth Advisors LLC raised its position in DigitalOcean by 4.4% during the second quarter. 180 Wealth Advisors LLC now owns 7,120 shares of the company’s stock worth $237,000 after acquiring an additional 297 shares in the last quarter. Harbor Capital Advisors Inc. increased its holdings in shares of DigitalOcean by 4.5% in the second quarter. Harbor Capital Advisors Inc. now owns 8,426 shares of the company’s stock valued at $293,000 after purchasing an additional 359 shares during the last quarter. Cetera Advisors LLC increased its holdings in shares of DigitalOcean by 341.3% in the first quarter. Cetera Advisors LLC now owns 36,253 shares of the company’s stock valued at $1,384,000 after purchasing an additional 28,038 shares during the last quarter. Tidal Investments LLC acquired a new position in shares of DigitalOcean in the first quarter valued at $220,000. Finally, Grandeur Peak Global Advisors LLC increased its holdings in shares of DigitalOcean by 1.6% in the first quarter. Grandeur Peak Global Advisors LLC now owns 462,216 shares of the company’s stock valued at $17,647,000 after purchasing an additional 7,189 shares during the last quarter. 49.77% of the stock is 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).