DigitalOcean (NYSE:DOCN) Price Target Lowered to $45.00 at Canaccord Genuity Group

DigitalOcean (NYSE:DOCN) had its price objective decreased by Canaccord Genuity Group from $50.00 to $45.00 in a research note published on Monday,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

DOCN has been the topic of a number of other research reports. Cantor Fitzgerald increased their target price on DigitalOcean from $39.00 to $43.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 26th. Bank of America raised 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, February 26th. UBS Group boosted their price objective on shares of DigitalOcean from $39.00 to $44.00 and gave the company a “neutral” rating in a research report on Wednesday, February 26th. JMP Securities lifted their price target on shares of DigitalOcean from $47.00 to $55.00 and gave the company a “market outperform” rating in a research note on Monday, January 27th. Finally, JPMorgan Chase & Co. boosted their price target on DigitalOcean from $40.00 to $45.00 and gave the company a “neutral” rating in a report on Wednesday, February 26th. One analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $42.18.

DigitalOcean Stock Performance

DOCN opened at $31.07 on Monday. DigitalOcean has a one year low of $25.45 and a one year high of $47.02. The stock has a market cap of $2.86 billion, a price-to-earnings ratio of 36.55, a P/E/G ratio of 3.12 and a beta of 1.87. The stock’s 50 day moving average price is $38.32 and its 200-day moving average price is $38.56.

Insider Buying and Selling at DigitalOcean

In other DigitalOcean news, insider Bratin Saha sold 4,289 shares of the stock in a transaction dated 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 sale, the insider now directly owns 372,762 shares of the company’s stock, valued at approximately $13,717,641.60. This represents a 1.14 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.74% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Oppenheimer & Co. Inc. purchased a new position in DigitalOcean in the fourth quarter worth $333,000. Illinois Municipal Retirement Fund acquired a new stake in shares of DigitalOcean in the 4th quarter worth $1,139,000. Bank of New York Mellon Corp boosted its position in shares of DigitalOcean by 19.7% in the 4th quarter. Bank of New York Mellon Corp now owns 791,861 shares of the company’s stock worth $26,979,000 after purchasing an additional 130,263 shares in the last quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new position in DigitalOcean during the 4th quarter worth $5,382,000. Finally, Allspring Global Investments Holdings LLC increased its position in DigitalOcean by 29.8% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 96,306 shares of the company’s stock valued at $3,284,000 after buying an additional 22,100 shares in the last quarter. Institutional investors own 49.77% of the company’s stock.

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).