Stifel Nicolaus Cuts DigitalOcean (NYSE:DOCN) Price Target to $33.00

DigitalOcean (NYSE:DOCN) had its target price lowered by Stifel Nicolaus from $40.00 to $33.00 in a research note published on Monday morning,Benzinga reports. The firm currently has a hold rating on the stock.

Several other equities research analysts have also recently weighed in on DOCN. Cantor Fitzgerald upped 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 upped their price objective on DigitalOcean from $28.00 to $31.00 and gave the stock an “underperform” rating in a research report on Wednesday, February 26th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of DigitalOcean in a research note on Saturday, March 1st. UBS Group boosted their target price on DigitalOcean from $39.00 to $44.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 26th. Finally, Morgan Stanley upgraded shares of DigitalOcean from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $40.00 to $41.00 in a research note on Thursday, January 16th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $42.18.

DigitalOcean Trading Up 19.9 %

Shares of NYSE:DOCN opened at $31.07 on Monday. The firm has a 50 day moving average of $38.32 and a 200-day moving average of $38.56. DigitalOcean has a 12 month low of $25.45 and a 12 month high of $47.02. The stock has a market capitalization of $2.86 billion, a PE ratio of 36.55, a PEG ratio of 3.12 and a beta of 1.87.

Insider Buying and Selling at DigitalOcean

In related news, insider Bratin Saha sold 4,289 shares of DigitalOcean stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $36.80, for a total value of $157,835.20. Following the transaction, the insider now directly owns 372,762 shares of the company’s stock, valued at $13,717,641.60. The trade was a 1.14 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.74% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Hillsdale Investment Management Inc. increased its holdings in DigitalOcean by 0.4% in the fourth quarter. Hillsdale Investment Management Inc. now owns 84,500 shares of the company’s stock worth $2,879,000 after purchasing an additional 300 shares in the last quarter. Focus Partners Wealth grew its position in shares of DigitalOcean by 2.8% during the 4th quarter. Focus Partners Wealth now owns 12,455 shares of the company’s stock worth $424,000 after buying an additional 338 shares during the period. Summit Investment Advisors Inc. increased its stake in shares of DigitalOcean by 6.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 6,866 shares of the company’s stock valued at $234,000 after acquiring an additional 436 shares in the last quarter. Harbor Investment Advisory LLC lifted 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 valued at $25,000 after acquiring an additional 570 shares during the period. Finally, BSW Wealth Partners boosted its stake in DigitalOcean by 4.3% during the fourth quarter. BSW Wealth Partners now owns 14,556 shares of the company’s stock worth $496,000 after acquiring an additional 600 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).