DigitalOcean (NYSE:DOCN – Get Free Report) had its price objective hoisted by stock analysts at JMP Securities from $47.00 to $55.00 in a report issued on Monday,Benzinga reports. The brokerage presently has a “market outperform” rating on the stock. JMP Securities’ price target would suggest a potential upside of 32.34% from the stock’s current price.
DOCN has been the subject of a number of other reports. Citigroup initiated coverage on DigitalOcean in a research report on Friday. They set a “buy” rating and a $45.00 target price for the company. Barclays boosted their price target on DigitalOcean from $38.00 to $48.00 and gave the stock an “overweight” rating in a research report on Friday, October 11th. Stifel Nicolaus upped their target price on DigitalOcean from $35.00 to $40.00 and gave the company a “hold” rating in a research report on Wednesday, December 18th. Needham & Company LLC reaffirmed a “hold” rating on shares of DigitalOcean in a research report on Tuesday, November 5th. Finally, JPMorgan Chase & Co. increased their price objective on DigitalOcean from $32.00 to $40.00 and gave the company a “neutral” rating in a report on Friday, October 25th. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $42.73.
Check Out Our Latest Stock Report on DigitalOcean
DigitalOcean Trading Up 3.4 %
DigitalOcean (NYSE:DOCN – Get Free Report) last issued its earnings results on Monday, November 4th. The company reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates of $0.40 by $0.12. The business had revenue of $198.50 million during the quarter, compared to analyst estimates of $196.64 million. DigitalOcean had a negative return on equity of 43.11% and a net margin of 10.86%. DigitalOcean’s revenue was up 12.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.17 EPS. As a group, sell-side analysts predict that DigitalOcean will post 1.01 earnings per share for the current fiscal year.
Insider Buying and Selling
In other DigitalOcean news, CFO Matt Steinfort sold 12,498 shares of the firm’s stock in a transaction on Wednesday, December 4th. The stock was 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 owns 517,498 shares of the company’s stock, valued at $20,699,920. This trade represents a 2.36 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Bratin Saha sold 3,468 shares of the firm’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $38.18, for a total value of $132,408.24. Following the sale, the insider now directly owns 379,795 shares of the company’s stock, valued at approximately $14,500,573.10. This trade represents a 0.90 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 37,244 shares of company stock worth $1,416,208. 0.74% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On DigitalOcean
Institutional investors have recently modified their holdings of the company. Versor Investments LP acquired a new stake in shares of DigitalOcean in the third quarter valued at $751,000. University of Texas Texas AM Investment Management Co. acquired a new stake in shares of DigitalOcean in the second quarter valued at $11,712,000. FORA Capital LLC purchased a new position in DigitalOcean in the third quarter valued at $1,149,000. Victory Capital Management Inc. boosted its holdings in DigitalOcean by 79.8% in the third quarter. Victory Capital Management Inc. now owns 31,169 shares of the company’s stock valued at $1,259,000 after purchasing an additional 13,837 shares during the period. Finally, Public Sector Pension Investment Board boosted its holdings in DigitalOcean by 13.5% in the third quarter. Public Sector Pension Investment Board now owns 134,214 shares of the company’s stock valued at $5,421,000 after purchasing an additional 16,000 shares during the period. 49.77% of the stock is owned by institutional investors and hedge funds.
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).
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