DigitalOcean Holdings, Inc. (NYSE:DOCN) Receives Consensus Rating of “Moderate Buy” from Analysts

Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) have received an average recommendation of “Moderate Buy” from the fourteen analysts that are covering the company, Marketbeat.com reports. Six investment analysts have rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $52.25.

Several equities analysts recently weighed in on the company. Bank of America raised their price objective on DigitalOcean from $60.00 to $72.00 and gave the company a “buy” rating in a research note on Tuesday, January 27th. Canaccord Genuity Group raised their price target on DigitalOcean from $55.00 to $60.00 and gave the company a “buy” rating in a research report on Thursday, November 6th. Wall Street Zen downgraded shares of DigitalOcean from a “buy” rating to a “hold” rating in a report on Sunday, January 4th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of DigitalOcean in a report on Monday, December 29th. Finally, UBS Group increased their price target on shares of DigitalOcean from $40.00 to $48.00 and gave the company a “neutral” rating in a research report on Thursday, November 6th.

DigitalOcean Trading Up 9.1%

Shares of DigitalOcean stock opened at $62.88 on Monday. The company has a 50-day moving average of $51.48 and a two-hundred day moving average of $42.18. DigitalOcean has a 12-month low of $25.45 and a 12-month high of $64.09. The stock has a market cap of $5.75 billion, a PE ratio of 25.35, a price-to-earnings-growth ratio of 8.84 and a beta of 1.77.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Penserra Capital Management LLC purchased a new position in DigitalOcean during the second quarter valued at approximately $6,580,000. Allspring Global Investments Holdings LLC boosted its stake in shares of DigitalOcean by 25.5% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 215,483 shares of the company’s stock valued at $6,038,000 after buying an additional 43,732 shares during the period. Jennison Associates LLC acquired a new stake in shares of DigitalOcean during the 2nd quarter valued at $455,000. Cherry Creek Investment Advisors Inc. grew its holdings in shares of DigitalOcean by 18.7% during the 2nd quarter. Cherry Creek Investment Advisors Inc. now owns 45,831 shares of the company’s stock valued at $1,309,000 after acquiring an additional 7,228 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of DigitalOcean by 248.2% in the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 45,302 shares of the company’s stock worth $1,294,000 after acquiring an additional 32,290 shares during the last quarter. Institutional investors and hedge funds own 49.77% of the company’s stock.

About DigitalOcean

DigitalOcean Holdings, Inc is a cloud infrastructure provider that focuses on simplicity, performance and developer experience. The company offers a range of cloud services designed to help software developers, startups and small- to medium-sized businesses deploy, manage and scale applications. Its flagship offering, Droplets, provides virtual private servers that can be configured with various CPU, memory and storage options. In addition to compute instances, DigitalOcean’s platform includes managed Kubernetes, scalable object and block storage, managed databases, load balancers and networking capabilities such as Virtual Private Cloud (VPC) and Floating IPs.

Founded in 2011 and headquartered in New York City, DigitalOcean was created with the goal of making cloud computing more accessible to individual developers and smaller teams.