DigitalOcean (NYSE:DOCN) Stock Price Expected to Rise, Cantor Fitzgerald Analyst Says

DigitalOcean (NYSE:DOCN) had its price objective hoisted by equities researchers at Cantor Fitzgerald from $39.00 to $43.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Cantor Fitzgerald’s price objective would suggest a potential upside of 0.68% from the stock’s current price.

Other equities analysts have also recently issued reports about the company. Morgan Stanley upgraded DigitalOcean from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $40.00 to $41.00 in a report on Thursday, January 16th. Citigroup assumed coverage on shares of DigitalOcean in a research report on Friday, January 24th. They set a “buy” rating and a $45.00 price target on the stock. Bank of America lifted their price target on shares of DigitalOcean from $28.00 to $31.00 and gave the stock an “underperform” rating in a research note on Wednesday. Needham & Company LLC reaffirmed a “hold” rating on shares of DigitalOcean in a research note on Wednesday. Finally, Stifel Nicolaus lifted their target price on shares of DigitalOcean from $35.00 to $40.00 and gave the stock a “hold” rating in a research report on Wednesday, December 18th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, DigitalOcean currently has a consensus rating of “Hold” and an average price target of $43.27.

DigitalOcean Stock Performance

Shares of NYSE:DOCN opened at $42.71 on Wednesday. The firm has a market capitalization of $3.94 billion, a PE ratio of 50.24, a price-to-earnings-growth ratio of 3.12 and a beta of 1.81. DigitalOcean has a 52-week low of $26.63 and a 52-week high of $47.02. The firm has a fifty day moving average of $39.03 and a 200 day moving average of $39.16.

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 stock was sold at an average price of $40.00, for a total transaction of $499,920.00. Following the transaction, the chief financial officer now owns 517,498 shares in the company, valued at $20,699,920. The trade was a 2.36 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Bratin Saha sold 3,468 shares of the stock in a transaction that occurred on Wednesday, December 18th. The stock was 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 owns 379,795 shares of the company’s stock, valued at approximately $14,500,573.10. This trade represents a 0.90 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,255 shares of company stock valued at $790,163. Insiders own 0.74% of the company’s stock.

Institutional Trading of DigitalOcean

Several large investors have recently added to or reduced their stakes in the stock. Blue Trust Inc. raised its holdings in DigitalOcean by 380.6% in the 3rd quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock worth $49,000 after purchasing an additional 959 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of DigitalOcean by 36.3% during the third 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 position in shares of DigitalOcean by 27.8% during the third 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 stake in DigitalOcean by 13.3% in the third quarter. Louisiana State Employees Retirement System now owns 30,600 shares of the company’s stock worth $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 DigitalOcean by 14.5% in the third quarter. State of Alaska Department of Revenue now owns 36,114 shares of the company’s stock worth $1,458,000 after buying an additional 4,561 shares during the period. Institutional investors own 49.77% of the company’s stock.

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).