DigitalOcean Holdings, Inc. (NYSE:DOCN) Receives $41.50 Consensus PT from Brokerages

Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) have been given an average recommendation of “Hold” by the nine research firms that are currently covering the company, MarketBeat reports. Five equities research analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $41.50.

DOCN has been the subject of a number of recent analyst reports. Barclays lifted their price objective on DigitalOcean from $38.00 to $48.00 and gave the company an “overweight” rating in a research report on Friday, October 11th. Canaccord Genuity Group upped their price target on shares of DigitalOcean from $42.00 to $48.00 and gave the stock a “buy” rating in a research report on Friday, October 4th. Needham & Company LLC reiterated a “hold” rating on shares of DigitalOcean in a research note on Tuesday, November 5th. Finally, JPMorgan Chase & Co. boosted their price target on DigitalOcean from $32.00 to $40.00 and gave the stock a “neutral” rating in a research note on Friday, October 25th.

Insider Activity

In other news, CFO Matt Steinfort sold 12,498 shares of the business’s stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 517,498 shares in the company, valued at approximately $20,699,920. The trade was a 2.36 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Bratin Saha sold 16,989 shares of the stock in a transaction on Monday, November 18th. The stock was sold at an average price of $36.85, for a total value of $626,044.65. Following the completion of the transaction, the insider now directly owns 390,296 shares of the company’s stock, valued at approximately $14,382,407.60. The trade was a 4.17 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.74% of the company’s stock.

Hedge Funds Weigh In On DigitalOcean

Several institutional investors and hedge funds have recently added to or reduced their stakes in DOCN. 180 Wealth Advisors LLC increased 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 buying an additional 297 shares during the last quarter. Sei Investments Co. lifted its position in DigitalOcean by 1.5% in the second quarter. Sei Investments Co. now owns 30,834 shares of the company’s stock worth $1,071,000 after purchasing an additional 468 shares during the period. Nisa Investment Advisors LLC lifted its holdings in shares of DigitalOcean by 56.4% during the 3rd quarter. Nisa Investment Advisors LLC now owns 1,340 shares of the company’s stock worth $54,000 after acquiring an additional 483 shares during the period. Creative Financial Designs Inc. ADV boosted its holdings in DigitalOcean by 17.8% during the third quarter. Creative Financial Designs Inc. ADV now owns 3,744 shares of the company’s stock valued at $151,000 after purchasing an additional 566 shares in the last quarter. Finally, Advisors Asset Management Inc. boosted its stake 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 buying an additional 585 shares in the last quarter. 49.77% of the stock is currently owned by hedge funds and other institutional investors.

DigitalOcean Stock Down 3.1 %

NYSE:DOCN opened at $38.15 on Wednesday. DigitalOcean has a 52-week low of $26.63 and a 52-week high of $44.80. The company has a market capitalization of $3.52 billion, a PE ratio of 44.88, a price-to-earnings-growth ratio of 2.47 and a beta of 1.76. The stock has a fifty day simple moving average of $39.91 and a 200-day simple moving average of $37.29.

DigitalOcean (NYSE:DOCN) last posted its quarterly earnings data on Monday, November 4th. The company reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.40 by $0.12. The business had revenue of $198.50 million for 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%. The business’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.17 earnings per share. As a group, equities analysts anticipate that DigitalOcean will post 1.01 earnings per share for the current year.

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).