Oppenheimer Raises DigitalOcean (NYSE:DOCN) Price Target to $100.00

DigitalOcean (NYSE:DOCN) had its price target lifted by research analysts at Oppenheimer from $85.00 to $100.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Oppenheimer’s price target suggests a potential upside of 17.26% from the stock’s current price.

Other equities analysts have also issued research reports about the company. Barclays raised their price objective on DigitalOcean from $63.00 to $69.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 25th. Bank of America increased their target price on DigitalOcean from $72.00 to $86.00 and gave the stock a “buy” rating in a report on Wednesday, February 25th. The Goldman Sachs Group raised their price target on DigitalOcean from $50.00 to $78.00 and gave the stock a “buy” rating in a research report on Wednesday, February 25th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of DigitalOcean in a research note on Monday, December 29th. Finally, Cantor Fitzgerald upped their price objective on shares of DigitalOcean from $68.00 to $83.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 25th. Nine analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $70.38.

DigitalOcean Trading Up 3.4%

Shares of DOCN opened at $85.28 on Wednesday. DigitalOcean has a 12 month low of $25.45 and a 12 month high of $86.50. The firm’s 50 day moving average is $60.71 and its 200-day moving average is $48.80. The stock has a market capitalization of $7.85 billion, a PE ratio of 33.71, a P/E/G ratio of 80.16 and a beta of 1.76.

Insider Activity

In other news, CAO Cherie Barrett sold 22,000 shares of the business’s stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $54.77, for a total transaction of $1,204,940.00. Following the sale, the chief accounting officer directly owned 62,469 shares in the company, valued at approximately $3,421,427.13. The trade was a 26.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Matt Steinfort sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $55.40, for a total value of $1,108,000.00. Following the completion of the transaction, the chief financial officer directly owned 545,916 shares of the company’s stock, valued at $30,243,746.40. This represents a 3.53% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.96% of the company’s stock.

Hedge Funds Weigh In On DigitalOcean

Several large investors have recently modified their holdings of DOCN. Maryland State Retirement & Pension System grew its stake in DigitalOcean by 1.9% in the fourth quarter. Maryland State Retirement & Pension System now owns 10,001 shares of the company’s stock valued at $481,000 after acquiring an additional 185 shares during the period. Allworth Financial LP raised its position in shares of DigitalOcean by 54.4% during the third quarter. Allworth Financial LP now owns 724 shares of the company’s stock worth $25,000 after purchasing an additional 255 shares during the period. CWM LLC raised its position in shares of DigitalOcean by 1.3% during the fourth quarter. CWM LLC now owns 20,971 shares of the company’s stock worth $1,009,000 after purchasing an additional 270 shares during the period. Oregon Public Employees Retirement Fund lifted its holdings in shares of DigitalOcean by 2.6% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 15,729 shares of the company’s stock worth $757,000 after purchasing an additional 398 shares in the last quarter. Finally, GAMMA Investing LLC grew its position in DigitalOcean by 33.8% in the 4th quarter. GAMMA Investing LLC now owns 1,581 shares of the company’s stock valued at $76,000 after purchasing an additional 399 shares during the period. Institutional investors 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.