DigitalOcean (NYSE:DOCN) Earns “Hold” Rating from Needham & Company LLC

DigitalOcean (NYSE:DOCN)‘s stock had its “hold” rating reiterated by Needham & Company LLC in a research report issued on Monday,Benzinga reports.

Other analysts have also issued research reports about the stock. JPMorgan Chase & Co. lifted their price objective on shares of DigitalOcean from $40.00 to $45.00 and gave the company a “neutral” rating in a research note on Wednesday, February 26th. Stifel Nicolaus boosted their price objective on shares of DigitalOcean from $35.00 to $40.00 and gave the stock a “hold” rating in a report on Wednesday, December 18th. The Goldman Sachs Group restated a “buy” rating on shares of DigitalOcean in a research note on Saturday, March 1st. Citigroup initiated coverage on DigitalOcean in a research note on Friday, January 24th. They issued a “buy” rating and a $45.00 price target on the stock. Finally, UBS Group raised their price objective on DigitalOcean from $39.00 to $44.00 and gave the company a “neutral” rating in a research note on Wednesday, February 26th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $42.82.

DigitalOcean Stock Performance

DOCN stock opened at $28.64 on Monday. The firm has a market cap of $2.64 billion, a P/E ratio of 33.69, a price-to-earnings-growth ratio of 3.12 and a beta of 1.87. DigitalOcean has a 1 year low of $26.63 and a 1 year high of $47.02. The stock has a 50-day simple moving average of $39.63 and a 200-day simple moving average of $39.00.

Insider Activity at DigitalOcean

In other DigitalOcean news, insider Bratin Saha sold 3,948 shares of the company’s stock in a transaction dated Tuesday, March 18th. The shares were sold at an average price of $36.63, for a total value 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 represents a 1.09 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.74% of the company’s stock.

Hedge Funds Weigh In On DigitalOcean

Several hedge funds and other institutional investors have recently made changes to their positions in DOCN. Verition Fund Management LLC raised its stake in DigitalOcean by 120.1% during the 3rd quarter. Verition Fund Management LLC now owns 19,911 shares of the company’s stock valued at $804,000 after acquiring an additional 10,865 shares in the last quarter. Janus Henderson Group PLC raised its stake in shares of DigitalOcean by 2.1% during the third quarter. Janus Henderson Group PLC now owns 185,823 shares of the company’s stock valued at $7,505,000 after purchasing an additional 3,801 shares in the last quarter. Stifel Financial Corp lifted its holdings in DigitalOcean by 3.6% in the third quarter. Stifel Financial Corp now owns 22,218 shares of the company’s stock worth $897,000 after purchasing an additional 777 shares during the period. Geode Capital Management LLC increased its stake in DigitalOcean by 7.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,464,333 shares of the company’s stock valued at $59,156,000 after buying an additional 106,636 shares during the period. Finally, Tidal Investments LLC bought a new stake in shares of DigitalOcean during the 3rd quarter worth about $423,000. 49.77% of the stock is currently owned by institutional investors and hedge funds.

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).