DigitalOcean (NYSE:DOCN) Stock Price Expected to Rise, Citizens Jmp Analyst Says

DigitalOcean (NYSE:DOCN) had its price target lifted by stock analysts at Citizens Jmp from $83.00 to $105.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has a “market outperform” rating on the stock. Citizens Jmp’s target price points to a potential upside of 29.16% from the company’s previous close.

DOCN has been the topic of several other research reports. Bank of America upped their price objective on DigitalOcean from $72.00 to $86.00 and gave the company a “buy” rating in a research note on Wednesday, February 25th. Wall Street Zen lowered shares of DigitalOcean from a “buy” rating to a “hold” rating in a research report on Sunday, January 4th. Oppenheimer upped their target price on shares of DigitalOcean from $85.00 to $100.00 and gave the stock an “outperform” rating in a report on Wednesday, March 18th. UBS Group raised their price target on DigitalOcean from $48.00 to $68.00 and gave the company a “neutral” rating in a report on Wednesday, February 25th. Finally, Royal Bank Of Canada set a $60.00 price target on shares of DigitalOcean in a report on Tuesday, February 24th. Nine research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $72.08.

DigitalOcean Stock Performance

DOCN opened at $81.29 on Thursday. DigitalOcean has a fifty-two week low of $25.45 and a fifty-two week high of $88.84. The firm has a 50-day moving average of $64.43 and a 200 day moving average of $50.97. The firm has a market cap of $7.48 billion, a P/E ratio of 32.13, a PEG ratio of 83.21 and a beta of 1.76.

Insider Activity at DigitalOcean

In related news, CFO Matt Steinfort sold 20,000 shares of the firm’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 sale, the chief financial officer owned 545,916 shares in the company, valued at approximately $30,243,746.40. This trade represents a 3.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Cherie Barrett sold 22,000 shares of DigitalOcean stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $54.77, for a total value of $1,204,940.00. Following the completion of the sale, the chief accounting officer directly owned 62,469 shares of the company’s stock, valued at $3,421,427.13. The trade was a 26.05% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 0.96% of the company’s stock.

Institutional Investors Weigh In On DigitalOcean

Several hedge funds and other institutional investors have recently modified their holdings of DOCN. Bullseye Asset Management LLC grew its position in DigitalOcean by 267.8% in the 3rd quarter. Bullseye Asset Management LLC now owns 99,300 shares of the company’s stock valued at $3,392,000 after acquiring an additional 72,300 shares during the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of DigitalOcean by 39.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 300,299 shares of the company’s stock worth $10,772,000 after purchasing an additional 84,816 shares during the last quarter. Penserra Capital Management LLC grew its holdings in shares of DigitalOcean by 27.2% in the third quarter. Penserra Capital Management LLC now owns 293,132 shares of the company’s stock worth $10,013,000 after purchasing an additional 62,725 shares during the last quarter. Segall Bryant & Hamill LLC purchased a new stake in DigitalOcean in the 3rd quarter valued at about $8,951,000. Finally, Van Berkom & Associates Inc. grew its stake in DigitalOcean by 33.1% in the 3rd quarter. Van Berkom & Associates Inc. now owns 1,564,991 shares of the company’s stock worth $53,460,000 after acquiring an additional 389,161 shares in the last quarter. 49.77% of the stock is currently owned by hedge funds and other institutional investors.

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.