DigitalOcean (NYSE:DOCN) Price Target Raised to $50.00 at Canaccord Genuity Group

DigitalOcean (NYSE:DOCN) had its price objective lifted by Canaccord Genuity Group from $48.00 to $50.00 in a research report report published on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

DOCN has been the subject of several other reports. JMP Securities raised their price objective on shares of DigitalOcean from $47.00 to $55.00 and gave the stock a “market outperform” rating in a research report on Monday, January 27th. Citigroup initiated coverage on shares of DigitalOcean in a research report on Friday, January 24th. They set a “buy” rating and a $45.00 price objective for the company. Bank of America raised their price objective on shares of DigitalOcean from $28.00 to $31.00 and gave the stock an “underperform” rating in a research report on Wednesday. JPMorgan Chase & Co. increased their target price on shares of DigitalOcean from $40.00 to $45.00 and gave the stock a “neutral” rating in a research note on Wednesday. Finally, Stifel Nicolaus increased their target price on shares of DigitalOcean from $35.00 to $40.00 and gave the stock a “hold” rating in a research note on Wednesday, December 18th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $43.27.

DigitalOcean Trading Up 7.5 %

DigitalOcean stock opened at $43.89 on Wednesday. DigitalOcean has a 12-month low of $26.63 and a 12-month high of $47.02. The stock has a market cap of $4.05 billion, a P/E ratio of 51.63, a PEG ratio of 3.12 and a beta of 1.81. The company has a 50-day moving average price of $38.88 and a 200 day moving average price of $39.14.

Insider Activity

In other news, CFO Matt Steinfort sold 12,498 shares of the firm’s stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $40.00, for a total value of $499,920.00. Following the completion of 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Bratin Saha sold 3,468 shares of the firm’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $38.18, for a total transaction of $132,408.24. Following the completion of the transaction, the insider now directly owns 379,795 shares of the company’s stock, valued at approximately $14,500,573.10. The trade was a 0.90 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 20,255 shares of company stock valued at $790,163. 0.74% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in DigitalOcean by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 8,434,555 shares of the company’s stock worth $287,365,000 after acquiring an additional 117,133 shares during the last quarter. Jacobs Levy Equity Management Inc. lifted its stake in DigitalOcean by 16.6% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 1,628,995 shares of the company’s stock worth $55,500,000 after acquiring an additional 231,407 shares during the last quarter. Fuller & Thaler Asset Management Inc. lifted its stake in DigitalOcean by 7.3% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 1,545,642 shares of the company’s stock worth $52,660,000 after acquiring an additional 105,235 shares during the last quarter. First Trust Advisors LP lifted its stake in DigitalOcean by 6.2% in the fourth quarter. First Trust Advisors LP now owns 1,533,699 shares of the company’s stock worth $52,253,000 after acquiring an additional 89,349 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in DigitalOcean by 0.6% in the fourth quarter. Geode Capital Management LLC now owns 1,473,421 shares of the company’s stock worth $50,211,000 after acquiring an additional 9,088 shares during the last quarter. 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).