DigitalOcean (NASDAQ:DOCN) Price Target Cut to $34.00

DigitalOcean (NASDAQ:DOCN) had its price objective cut by investment analysts at Piper Sandler from $38.00 to $34.00 in a research note issued on Monday, Benzinga reports. The firm presently has a “neutral” rating on the stock. Piper Sandler’s target price suggests a potential downside of 2.10% from the company’s current price.

Other analysts have also recently issued reports about the company. Canaccord Genuity Group increased their price target on DigitalOcean from $41.00 to $42.00 and gave the stock a “buy” rating in a research report on Monday, May 13th. UBS Group assumed coverage on DigitalOcean in a research report on Wednesday, May 22nd. They set a “neutral” rating and a $40.00 price target on the stock. Needham & Company LLC restated a “hold” rating on shares of DigitalOcean in a research report on Monday, May 13th. Finally, JMP Securities restated a “market outperform” rating and issued a $47.00 target price on shares of DigitalOcean in a research report on Monday, May 13th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $37.60.

DigitalOcean Stock Up 3.3 %

Shares of NASDAQ DOCN opened at $34.73 on Monday. The stock’s 50 day moving average price is $35.61 and its two-hundred day moving average price is $36.17. DigitalOcean has a 52-week low of $19.39 and a 52-week high of $51.69. The stock has a market capitalization of $3.16 billion, a P/E ratio of 65.53, a PEG ratio of 3.25 and a beta of 1.82.

DigitalOcean (NASDAQ:DOCN) last announced its quarterly earnings data on Friday, May 10th. The company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.06. DigitalOcean had a negative return on equity of 26.29% and a net margin of 7.01%. The firm had revenue of $184.73 million for the quarter, compared to analysts’ expectations of $182.70 million. On average, analysts anticipate that DigitalOcean will post 0.78 EPS for the current year.

Insider Buying and Selling at DigitalOcean

In other news, Director Amy Butte sold 5,220 shares of the firm’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $37.46, for a total transaction of $195,541.20. Following the completion of the sale, the director now directly owns 36,417 shares of the company’s stock, valued at approximately $1,364,180.82. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.74% of the stock is currently owned by corporate insiders.

Institutional Trading of DigitalOcean

Several hedge funds and other institutional investors have recently modified their holdings of DOCN. Global Retirement Partners LLC purchased a new stake in shares of DigitalOcean during the first quarter worth $34,000. Tennessee Valley Asset Management Partners purchased a new stake in shares of DigitalOcean during the fourth quarter worth $35,000. FinTrust Capital Advisors LLC purchased a new stake in shares of DigitalOcean during the first quarter worth $36,000. Headlands Technologies LLC purchased a new stake in shares of DigitalOcean during the fourth quarter worth $67,000. Finally, Covestor Ltd raised its holdings in shares of DigitalOcean by 571.4% during the first quarter. Covestor Ltd now owns 1,947 shares of the company’s stock worth $74,000 after acquiring an additional 1,657 shares in the last quarter. Institutional investors and hedge funds own 49.77% of the company’s stock.

DigitalOcean Company Profile

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).