DigitalOcean (NYSE:DOCN) Price Target Raised to $43.00 at Cantor Fitzgerald

DigitalOcean (NYSE:DOCN) had its target price hoisted by Cantor Fitzgerald from $39.00 to $43.00 in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have a neutral rating on the stock.

Other equities research analysts have also recently issued reports about the company. Morgan Stanley upgraded DigitalOcean from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $40.00 to $41.00 in a research report on Thursday, January 16th. Citigroup assumed coverage on DigitalOcean in a report on Friday, January 24th. They issued a “buy” rating and a $45.00 price objective on the stock. JMP Securities upped their target price on DigitalOcean from $47.00 to $55.00 and gave the stock a “market outperform” rating in a research note on Monday, January 27th. Stifel Nicolaus lifted their price target on shares of DigitalOcean from $35.00 to $40.00 and gave the company a “hold” rating in a research note on Wednesday, December 18th. Finally, Bank of America upped 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. One analyst has rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $43.27.

DigitalOcean Stock Performance

Shares of NYSE DOCN opened at $43.89 on Wednesday. DigitalOcean has a 1 year low of $26.63 and a 1 year high of $47.02. The company’s fifty day moving average price is $38.88 and its 200 day moving average price is $39.14. The company has a market capitalization of $4.05 billion, a PE ratio of 51.63, a price-to-earnings-growth ratio of 3.12 and a beta of 1.81.

Insider Activity

In related news, CFO Matt Steinfort sold 12,498 shares of the stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $40.00, for a total transaction of $499,920.00. Following the transaction, the chief financial officer now owns 517,498 shares of the company’s stock, valued at approximately $20,699,920. This represents a 2.36 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Bratin Saha sold 4,289 shares of DigitalOcean stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $36.80, for a total value of $157,835.20. Following the completion of the transaction, the insider now directly 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 three months, insiders have sold 20,255 shares of company stock valued at $790,163. Company insiders own 0.74% of the company’s stock.

Institutional Investors Weigh In On DigitalOcean

A number of hedge funds and other institutional investors have recently modified their holdings of DOCN. Harbor Investment Advisory LLC increased its holdings in shares of DigitalOcean by 380.0% in the 4th quarter. Harbor Investment Advisory LLC now owns 720 shares of the company’s stock valued at $25,000 after acquiring an additional 570 shares during the period. Farther Finance Advisors LLC purchased a new position in shares of DigitalOcean during the third quarter worth about $30,000. Advisors Asset Management Inc. increased its position in DigitalOcean by 150.4% in the 3rd quarter. Advisors Asset Management Inc. now owns 974 shares of the company’s stock valued at $39,000 after acquiring an additional 585 shares during the period. Blue Trust Inc. raised its stake in DigitalOcean by 380.6% during the 3rd quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock valued at $49,000 after acquiring an additional 959 shares during the last quarter. Finally, JTC Employer Solutions Trustee Ltd acquired a new stake in DigitalOcean during the 4th quarter worth approximately $45,000. 49.77% of the stock is currently 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).