DigitalOcean’s (DOCN) Hold Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reissued their hold rating on shares of DigitalOcean (NYSE:DOCN) in a research report released on Wednesday morning,Benzinga reports.

Several other analysts also recently commented on DOCN. Stifel Nicolaus increased their target price on shares of DigitalOcean from $35.00 to $40.00 and gave the company a “hold” rating in a report on Wednesday, December 18th. Bank of America increased their target price on shares of DigitalOcean from $28.00 to $31.00 and gave the company an “underperform” rating in a report on Wednesday. Cantor Fitzgerald assumed coverage on shares of DigitalOcean in a report on Friday, January 17th. They issued a “neutral” rating and a $39.00 target price for the company. Citigroup started coverage on shares of DigitalOcean in a report on Friday, January 24th. They issued a “buy” rating and a $45.00 target price for the company. Finally, Morgan Stanley upgraded shares of DigitalOcean from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $40.00 to $41.00 in a report on Thursday, January 16th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, DigitalOcean presently has a consensus rating of “Hold” and an average target price of $43.27.

DigitalOcean Price Performance

Shares of DOCN stock opened at $43.89 on Wednesday. The firm has a 50-day moving average of $38.88 and a 200-day moving average of $39.14. The company has a market cap of $4.05 billion, a P/E ratio of 51.63, a P/E/G ratio of 3.12 and a beta of 1.81. DigitalOcean has a one year low of $26.63 and a one year high of $47.02.

Insiders Place Their Bets

In other DigitalOcean news, CFO Matt Steinfort sold 12,498 shares of the stock in a transaction dated Wednesday, December 4th. The shares were 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 owns 517,498 shares in the company, valued at $20,699,920. This trade represents a 2.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Bratin Saha sold 4,289 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $36.80, for a total transaction of $157,835.20. Following the completion of the transaction, the insider now owns 372,762 shares of the company’s stock, valued at $13,717,641.60. This trade represents a 1.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,255 shares of company stock worth $790,163 over the last quarter. 0.74% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On DigitalOcean

A number of large investors have recently modified their holdings of DOCN. Norges Bank bought a new position in shares of DigitalOcean in the fourth quarter valued at approximately $14,772,000. Jacobs Levy Equity Management Inc. boosted its position in shares of DigitalOcean by 32.8% in the third quarter. Jacobs Levy Equity Management Inc. now owns 1,397,588 shares of the company’s stock valued at $56,449,000 after acquiring an additional 345,119 shares during the period. CenterBook Partners LP bought a new position in shares of DigitalOcean in the fourth quarter valued at approximately $7,633,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new position in shares of DigitalOcean in the fourth quarter valued at approximately $5,382,000. Finally, Bank of New York Mellon Corp boosted its position in shares of DigitalOcean by 19.7% in the fourth quarter. Bank of New York Mellon Corp now owns 791,861 shares of the company’s stock valued at $26,979,000 after acquiring an additional 130,263 shares during the period. 49.77% of the stock is currently owned by institutional investors.

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).