DigitalOcean (NYSE:DOCN) Upgraded to “Hold” at Cantor Fitzgerald

DigitalOcean (NYSE:DOCN) was upgraded by investment analysts at Cantor Fitzgerald to a “hold” rating in a note issued to investors on Thursday, Marketbeat reports. The brokerage presently has a $39.00 price target on the stock. Cantor Fitzgerald’s price objective would indicate a potential upside of 8.04% from the company’s current price.

A number of other equities research analysts have also weighed in on DOCN. Barclays boosted their price objective on shares of DigitalOcean from $38.00 to $48.00 and gave the company an “overweight” rating in a report on Friday, October 11th. Morgan Stanley upgraded DigitalOcean from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $40.00 to $41.00 in a research note on Thursday. Stifel Nicolaus boosted their target price 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. JPMorgan Chase & Co. increased 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. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of DigitalOcean in a research note on Tuesday, November 5th. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, DigitalOcean has a consensus rating of “Hold” and an average price target of $41.70.

DigitalOcean Trading Up 2.3 %

Shares of DOCN stock opened at $36.10 on Thursday. The stock has a market capitalization of $3.33 billion, a price-to-earnings ratio of 42.47, a P/E/G ratio of 2.47 and a beta of 1.78. The stock has a fifty day simple moving average of $36.85 and a two-hundred day simple moving average of $37.18. DigitalOcean has a twelve month low of $26.63 and a twelve month high of $44.80.

DigitalOcean (NYSE:DOCN) last posted its earnings results on Monday, November 4th. The company reported $0.52 earnings per share (EPS) for the quarter, beating 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 company had revenue of $198.50 million for the quarter, compared to analyst estimates of $196.64 million. During the same quarter in the previous year, the firm earned $0.17 earnings per share. The firm’s quarterly revenue was up 12.1% compared to the same quarter last year. Research analysts predict that DigitalOcean will post 1.01 EPS for the current fiscal year.

Insider Activity

In other news, insider Bratin Saha sold 3,468 shares of the company’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $38.18, for a total transaction of $132,408.24. Following the sale, the insider now owns 379,795 shares of the company’s stock, valued at approximately $14,500,573.10. This represents a 0.90 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 value of $499,920.00. Following the completion of 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. In the last three months, insiders have sold 32,955 shares of company stock valued at $1,258,373. Company insiders own 0.74% of the company’s stock.

Institutional Investors Weigh In On DigitalOcean

Institutional investors have recently modified their holdings of the company. Harbor Investment Advisory LLC boosted its position in shares of DigitalOcean by 380.0% during the 4th quarter. Harbor Investment Advisory LLC now owns 720 shares of the company’s stock worth $25,000 after acquiring an additional 570 shares in the last quarter. Farther Finance Advisors LLC purchased a new position in shares of DigitalOcean in the 3rd quarter valued at $30,000. Advisors Asset Management Inc. boosted its stake in DigitalOcean by 150.4% in the third quarter. Advisors Asset Management Inc. now owns 974 shares of the company’s stock valued at $39,000 after acquiring an additional 585 shares in the last quarter. Blue Trust Inc. grew its holdings in shares of DigitalOcean by 380.6% during 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 last quarter. Finally, JTC Employer Solutions Trustee Ltd purchased a new stake in DigitalOcean in the fourth quarter valued at approximately $45,000. 49.77% of the stock is owned by hedge funds and other 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).