JPMorgan Chase & Co. Issues Positive Forecast for DigitalOcean (NYSE:DOCN) Stock Price

DigitalOcean (NYSE:DOCN) had its target price upped by JPMorgan Chase & Co. from $40.00 to $45.00 in a research note released on Wednesday morning,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

Other analysts have also recently issued research reports about the stock. JMP Securities increased their price target on shares of DigitalOcean from $47.00 to $55.00 and gave the company a “market outperform” rating in a research note on Monday, January 27th. Morgan Stanley raised shares of DigitalOcean from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $40.00 to $41.00 in a report on Thursday, January 16th. Citigroup assumed coverage on DigitalOcean in a report on Friday, January 24th. They set a “buy” rating and a $45.00 price target for the company. Needham & Company LLC restated a “hold” rating on shares of DigitalOcean in a research note on Wednesday. Finally, Cantor Fitzgerald raised their price objective on DigitalOcean from $39.00 to $43.00 and gave the company a “neutral” rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $43.27.

DigitalOcean Trading Up 0.1 %

NYSE DOCN opened at $42.74 on Wednesday. DigitalOcean has a 12 month low of $26.63 and a 12 month high of $47.02. The stock has a 50 day moving average of $39.17 and a 200-day moving average of $39.22. The company has a market cap of $3.94 billion, a PE ratio of 50.29, a PEG ratio of 3.12 and a beta of 1.81.

Insider Buying and Selling at DigitalOcean

In other news, insider Bratin Saha sold 3,468 shares of DigitalOcean stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $38.18, for a total value of $132,408.24. Following the completion of the sale, the insider now directly owns 379,795 shares in the company, valued at approximately $14,500,573.10. The trade was a 0.90 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Matt Steinfort sold 12,498 shares of the 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 directly owns 517,498 shares in the company, valued at $20,699,920. This represents a 2.36 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 20,255 shares of company stock valued at $790,163 in the last ninety days. 0.74% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On DigitalOcean

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Blue Trust Inc. increased its position in shares of DigitalOcean by 380.6% in the third quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock worth $49,000 after purchasing an additional 959 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in DigitalOcean by 36.3% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 74,206 shares of the company’s stock valued at $2,997,000 after buying an additional 19,781 shares during the period. Hennion & Walsh Asset Management Inc. increased its holdings in DigitalOcean by 27.8% in the 3rd quarter. Hennion & Walsh Asset Management Inc. now owns 9,855 shares of the company’s stock valued at $398,000 after buying an additional 2,142 shares during the period. Louisiana State Employees Retirement System raised its position in shares of DigitalOcean by 13.3% in the 3rd quarter. Louisiana State Employees Retirement System now owns 30,600 shares of the company’s stock valued at $1,236,000 after buying an additional 3,600 shares in the last quarter. Finally, State of Alaska Department of Revenue lifted its holdings in shares of DigitalOcean by 14.5% during the 3rd quarter. State of Alaska Department of Revenue now owns 36,114 shares of the company’s stock worth $1,458,000 after acquiring an additional 4,561 shares during the period. 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).