DigitalOcean Holdings, Inc. (NYSE:DOCN) Given Consensus Recommendation of “Hold” by Analysts

DigitalOcean Holdings, Inc. (NYSE:DOCN) has been given a consensus recommendation of “Hold” by the nine brokerages that are presently covering the firm, MarketBeat reports. Five analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $42.13.

A number of equities analysts have weighed in on the stock. Barclays lifted their price target on shares of DigitalOcean from $38.00 to $48.00 and gave the company an “overweight” rating in a report on Friday, October 11th. Needham & Company LLC reiterated a “hold” rating on shares of DigitalOcean in a report on Tuesday, November 5th. Canaccord Genuity Group upped their price target on DigitalOcean from $42.00 to $48.00 and gave the stock a “buy” rating in a research note on Friday, October 4th. JPMorgan Chase & Co. boosted their target price on DigitalOcean from $32.00 to $40.00 and gave the stock a “neutral” rating in a report on Friday, October 25th. Finally, Stifel Nicolaus raised their price target on shares of DigitalOcean from $35.00 to $40.00 and gave the company a “hold” rating in a report on Wednesday, December 18th.

DigitalOcean Stock Up 4.3 %

Shares of NYSE:DOCN opened at $35.72 on Friday. The business has a fifty day simple moving average of $37.74 and a 200-day simple moving average of $37.15. DigitalOcean has a 52 week low of $26.63 and a 52 week high of $44.80. The company has a market cap of $3.30 billion, a P/E ratio of 42.02, a P/E/G ratio of 2.47 and a beta of 1.76.

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. DigitalOcean had a net margin of 10.86% and a negative return on equity of 43.11%. The company had revenue of $198.50 million during the quarter, compared to the consensus estimate of $196.64 million. During the same quarter in the prior year, the company posted $0.17 EPS. The company’s quarterly revenue was up 12.1% compared to the same quarter last year. Sell-side analysts expect that DigitalOcean will post 1.01 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Bratin Saha sold 16,989 shares of the stock in a transaction dated 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 owns 390,296 shares of the company’s stock, valued at approximately $14,382,407.60. This represents a 4.17 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Matt Steinfort sold 12,498 shares of DigitalOcean stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $40.00, for a total value of $499,920.00. Following the sale, the chief financial officer now owns 517,498 shares in the company, valued at $20,699,920. This represents a 2.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 32,955 shares of company stock worth $1,258,373. 0.74% of the stock is currently owned by company insiders.

Institutional Trading of DigitalOcean

Institutional investors have recently added to or reduced their stakes in the stock. Farther Finance Advisors LLC bought a new stake in shares of DigitalOcean in the 3rd quarter worth about $30,000. Advisors Asset Management Inc. grew its stake in DigitalOcean by 150.4% in the third quarter. Advisors Asset Management Inc. now owns 974 shares of the company’s stock worth $39,000 after purchasing an additional 585 shares in the last quarter. Blue Trust Inc. increased its holdings in DigitalOcean by 380.6% in the third quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock valued at $49,000 after buying an additional 959 shares during the last quarter. Nisa Investment Advisors LLC raised its stake in DigitalOcean by 56.4% during the third quarter. Nisa Investment Advisors LLC now owns 1,340 shares of the company’s stock valued at $54,000 after buying an additional 483 shares in the last quarter. Finally, KBC Group NV lifted its holdings in DigitalOcean by 47.6% during the 3rd quarter. KBC Group NV now owns 2,096 shares of the company’s stock worth $85,000 after buying an additional 676 shares during the last quarter. 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).