DigitalOcean Holdings, Inc. (NYSE:DOCN) Receives $43.27 Average Target Price from Analysts

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

A number of equities research analysts have recently commented on the company. Canaccord Genuity Group raised their price target on DigitalOcean from $48.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, February 26th. JPMorgan Chase & Co. increased their price objective on shares of DigitalOcean from $40.00 to $45.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 26th. Stifel Nicolaus boosted their price objective on shares of DigitalOcean from $35.00 to $40.00 and gave the company a “hold” rating in a research report on Wednesday, December 18th. Cantor Fitzgerald increased their target price on DigitalOcean from $39.00 to $43.00 and gave the stock a “neutral” rating in a report on Wednesday, February 26th. Finally, Citigroup assumed coverage on DigitalOcean in a report on Friday, January 24th. They issued a “buy” rating and a $45.00 price target on the stock.

Insider Buying and Selling at DigitalOcean

In related news, insider Bratin Saha sold 3,948 shares of DigitalOcean stock in a transaction dated Tuesday, March 18th. The stock was sold at an average price of $36.63, for a total transaction of $144,615.24. Following the completion of the transaction, the insider now owns 358,696 shares in the company, valued at approximately $13,139,034.48. This trade represents a 1.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.74% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in DOCN. FORA Capital LLC acquired a new stake in DigitalOcean during the 3rd quarter valued at $1,149,000. Victory Capital Management Inc. increased its holdings in shares of DigitalOcean by 79.8% in the third quarter. Victory Capital Management Inc. now owns 31,169 shares of the company’s stock valued at $1,259,000 after purchasing an additional 13,837 shares during the last quarter. Oppenheimer & Co. Inc. acquired a new position in shares of DigitalOcean in the fourth quarter valued at $333,000. Illinois Municipal Retirement Fund bought a new position in shares of DigitalOcean in the fourth quarter valued at about $1,139,000. Finally, Bank of New York Mellon Corp boosted its holdings in shares of DigitalOcean by 19.7% during the 4th quarter. Bank of New York Mellon Corp now owns 791,861 shares of the company’s stock worth $26,979,000 after buying an additional 130,263 shares during the period. 49.77% of the stock is currently owned by institutional investors.

DigitalOcean Stock Performance

Shares of NYSE:DOCN opened at $37.94 on Friday. The company has a market capitalization of $3.49 billion, a PE ratio of 44.64, a PEG ratio of 3.12 and a beta of 1.80. DigitalOcean has a 52 week low of $26.63 and a 52 week high of $47.02. The company has a 50 day moving average price of $40.17 and a two-hundred day moving average price of $39.35.

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).