Brokerages Set DigitalOcean Holdings, Inc. (NYSE:DOCN) PT at $43.27

Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) have been assigned a consensus rating of “Hold” from the thirteen analysts that are presently covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating on the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $43.27.

DOCN has been the topic of several analyst reports. Bank of America lifted their price target on shares of DigitalOcean from $28.00 to $31.00 and gave the stock an “underperform” rating in a report on Wednesday, February 26th. JMP Securities increased their price target on DigitalOcean from $47.00 to $55.00 and gave the company a “market outperform” rating in a research note on Monday, January 27th. Citigroup began coverage on shares of DigitalOcean in a report on Friday, January 24th. They set a “buy” rating and a $45.00 price objective on the stock. Canaccord Genuity Group boosted their target price on shares of DigitalOcean from $48.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, February 26th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of DigitalOcean in a report on Wednesday, February 26th.

Insider Activity at DigitalOcean

In related news, insider Bratin Saha sold 4,289 shares of the firm’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $36.80, for a total transaction of $157,835.20. Following the sale, the insider now directly owns 372,762 shares of the company’s stock, valued at $13,717,641.60. This trade represents a 1.14 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.74% of the stock is currently owned by insiders.

Institutional Investors Weigh In On DigitalOcean

Several hedge funds have recently bought and sold shares of the stock. Harbor Investment Advisory LLC lifted its stake 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 purchasing an additional 570 shares during the period. Advisors Asset Management Inc. increased its holdings in DigitalOcean by 150.4% in the third quarter. Advisors Asset Management Inc. now owns 974 shares of the company’s stock valued at $39,000 after buying an additional 585 shares in the last quarter. JTC Employer Solutions Trustee Ltd acquired a new position in shares of DigitalOcean in the fourth quarter worth about $45,000. SBI Securities Co. Ltd. purchased a new stake in shares of DigitalOcean during the 4th quarter worth about $66,000. Finally, FSA Wealth Management LLC purchased a new stake in shares of DigitalOcean during the 3rd quarter worth about $85,000. Hedge funds and other institutional investors own 49.77% of the company’s stock.

DigitalOcean Stock Down 3.1 %

Shares of DigitalOcean stock opened at $35.57 on Friday. The company has a market cap of $3.27 billion, a P/E ratio of 41.84, a PEG ratio of 3.12 and a beta of 1.80. The firm’s 50 day moving average price is $40.23 and its 200-day moving average price is $39.31. DigitalOcean has a 52-week low of $26.63 and a 52-week high of $47.02.

About DigitalOcean

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).