DigitalOcean (NYSE:DOCN) Research Coverage Started at Citigroup

Citigroup started coverage on shares of DigitalOcean (NYSE:DOCN) in a report issued on Friday morning, Marketbeat.com reports. The brokerage issued a buy rating and a $45.00 target price on the stock.

A number of other equities analysts also recently issued reports on the company. 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 report on Friday, October 4th. Needham & Company LLC reiterated a “hold” rating on shares of DigitalOcean in a research note on Tuesday, November 5th. JPMorgan Chase & Co. lifted their price target on DigitalOcean from $32.00 to $40.00 and gave the stock a “neutral” rating in a research report on Friday, October 25th. Barclays raised their target price on shares of DigitalOcean from $38.00 to $48.00 and gave the stock an “overweight” rating in a report on Friday, October 11th. Finally, Cantor Fitzgerald began coverage on DigitalOcean in a report on Friday, January 17th. They issued a “neutral” rating and a $39.00 price target for the company. Six equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, DigitalOcean has an average rating of “Moderate Buy” and an average target price of $42.00.

DigitalOcean Stock Up 3.6 %

Shares of NYSE:DOCN opened at $40.14 on Friday. The firm has a 50 day moving average of $36.84 and a 200 day moving average of $37.37. The company has a market capitalization of $3.70 billion, a price-to-earnings ratio of 47.22, a price-to-earnings-growth ratio of 2.77 and a beta of 1.78. DigitalOcean has a 52 week low of $26.63 and a 52 week high of $44.80.

DigitalOcean (NYSE:DOCN) last released its quarterly earnings results on Monday, November 4th. The company reported $0.52 EPS for the quarter, topping the consensus estimate of $0.40 by $0.12. DigitalOcean had a negative return on equity of 43.11% and a net margin of 10.86%. The firm had revenue of $198.50 million during the quarter, compared to analyst estimates of $196.64 million. During the same period in the previous year, the company posted $0.17 EPS. The business’s revenue for the quarter was up 12.1% compared to the same quarter last year. On average, sell-side analysts expect that DigitalOcean will post 1.01 EPS for the current year.

Insider Activity

In related news, CFO Matt Steinfort sold 12,498 shares of the business’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $40.00, for a total value of $499,920.00. Following the sale, 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Bratin Saha sold 16,989 shares of DigitalOcean stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $36.85, for a total transaction of $626,044.65. Following the sale, 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 disclosure for this sale can be found here. In the last quarter, insiders have sold 37,244 shares of company stock valued at $1,416,208. 0.74% of the stock is currently owned by insiders.

Hedge Funds Weigh In On DigitalOcean

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Dimensional Fund Advisors LP increased its position in shares of DigitalOcean by 23.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,079,579 shares of the company’s stock valued at $37,512,000 after purchasing an additional 205,007 shares during the last quarter. Amalgamated Bank raised its stake in DigitalOcean by 670.7% in the second quarter. Amalgamated Bank now owns 16,347 shares of the company’s stock valued at $568,000 after buying an additional 14,226 shares in the last quarter. Hsbc Holdings PLC lifted its holdings in DigitalOcean by 47.3% during the 2nd quarter. Hsbc Holdings PLC now owns 10,022 shares of the company’s stock worth $343,000 after buying an additional 3,219 shares during the last quarter. Sei Investments Co. boosted its position in shares of DigitalOcean by 1.5% during the 2nd quarter. Sei Investments Co. now owns 30,834 shares of the company’s stock worth $1,071,000 after acquiring an additional 468 shares in the last quarter. Finally, Thrivent Financial for Lutherans purchased a new position in DigitalOcean in the second quarter valued at approximately $1,550,000. 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).