DigitalOcean (NYSE:DOCN) Rating Increased to Hold at Cantor Fitzgerald

Cantor Fitzgerald upgraded shares of DigitalOcean (NYSE:DOCN) to a hold rating in a research note published on Thursday, Marketbeat Ratings reports. Cantor Fitzgerald currently has $39.00 price target on the stock.

Other equities analysts also recently issued reports about the company. JPMorgan Chase & Co. upped their price target on DigitalOcean from $32.00 to $40.00 and gave the stock a “neutral” rating in a research report on Friday, October 25th. Canaccord Genuity Group increased their price target on DigitalOcean from $42.00 to $48.00 and gave the company a “buy” rating in a research note on Friday, October 4th. Barclays boosted their price target on DigitalOcean from $38.00 to $48.00 and gave the stock an “overweight” rating in a research note on Friday, October 11th. Needham & Company LLC reaffirmed a “hold” rating on shares of DigitalOcean in a research report on Tuesday, November 5th. Finally, Stifel Nicolaus boosted their target price on shares of DigitalOcean from $35.00 to $40.00 and gave the stock a “hold” rating in a research report on Wednesday, December 18th. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $41.70.

DigitalOcean Trading Up 2.3 %

Shares of NYSE DOCN opened at $36.10 on Thursday. DigitalOcean has a 12-month low of $26.63 and a 12-month high of $44.80. The stock’s fifty day simple moving average is $36.85 and its two-hundred day simple moving average is $37.18. The stock has a market capitalization of $3.33 billion, a PE ratio of 42.47, a price-to-earnings-growth ratio of 2.47 and a beta of 1.78.

DigitalOcean (NYSE:DOCN) last posted its earnings results on Monday, November 4th. The company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.12. DigitalOcean had a negative return on equity of 43.11% and a net margin of 10.86%. The company had revenue of $198.50 million for the quarter, compared to analyst estimates of $196.64 million. During the same quarter in the previous year, the firm earned $0.17 earnings per share. The firm’s quarterly revenue was up 12.1% compared to the same quarter last year. On average, equities analysts predict that DigitalOcean will post 1.01 earnings per share for the current fiscal year.

Insider Transactions at DigitalOcean

In other DigitalOcean news, CFO Matt Steinfort sold 12,498 shares of the firm’s stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $40.00, for a total value of $499,920.00. Following the sale, the chief financial officer now directly owns 517,498 shares of the company’s stock, valued at approximately $20,699,920. This trade represents a 2.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Bratin Saha sold 16,989 shares of the business’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $36.85, for a total transaction of $626,044.65. Following the completion of the sale, the insider now directly owns 390,296 shares of the company’s stock, valued at approximately $14,382,407.60. The trade was a 4.17 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 32,955 shares of company stock worth $1,258,373 over the last quarter. 0.74% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in DOCN. Harbor Investment Advisory LLC lifted its stake in DigitalOcean by 380.0% in the 4th quarter. Harbor Investment Advisory LLC now owns 720 shares of the company’s stock worth $25,000 after purchasing an additional 570 shares in the last quarter. Hennion & Walsh Asset Management Inc. increased its holdings in shares of DigitalOcean by 20.2% in the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 11,845 shares of the company’s stock valued at $404,000 after purchasing an additional 1,990 shares during the last quarter. JTC Employer Solutions Trustee Ltd purchased a new position in DigitalOcean during the fourth quarter worth approximately $45,000. Nordea Investment Management AB boosted its stake in DigitalOcean by 4.5% during the fourth quarter. Nordea Investment Management AB now owns 267,244 shares of the company’s stock worth $9,196,000 after buying an additional 11,481 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its stake in DigitalOcean by 10.4% during the third quarter. Principal Financial Group Inc. now owns 1,301,499 shares of the company’s stock worth $52,568,000 after buying an additional 122,651 shares during the last quarter. 49.77% of the stock is owned by institutional investors and hedge funds.

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).