DigitalOcean Holdings, Inc. (NYSE:DOCN) Given Average Recommendation of “Moderate Buy” by Brokerages

DigitalOcean Holdings, Inc. (NYSE:DOCN) has been assigned an average rating of “Moderate Buy” from the twelve ratings firms that are covering the company, Marketbeat.com reports. Six investment analysts have rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $42.73.

Several research firms have recently weighed in on DOCN. Barclays upped their price target on shares of DigitalOcean from $38.00 to $48.00 and gave the stock an “overweight” rating in a report on Friday, October 11th. Stifel Nicolaus upped their price objective 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. Citigroup started coverage on shares of DigitalOcean in a report on Friday, January 24th. They issued a “buy” rating and a $45.00 price target on the stock. Needham & Company LLC reaffirmed a “hold” rating on shares of DigitalOcean in a report on Tuesday, November 5th. Finally, Cantor Fitzgerald assumed coverage on DigitalOcean in a research note on Friday, January 17th. They set a “neutral” rating and a $39.00 price target for the company.

DigitalOcean Stock Up 5.2 %

NYSE DOCN opened at $42.96 on Thursday. The firm’s 50-day simple moving average is $37.33 and its two-hundred day simple moving average is $37.78. The company has a market cap of $3.96 billion, a PE ratio of 50.54, a price-to-earnings-growth ratio of 3.01 and a beta of 1.81. DigitalOcean has a 52 week low of $26.63 and a 52 week high of $44.80.

DigitalOcean (NYSE:DOCN) last released its quarterly earnings data on Monday, November 4th. The company reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.40 by $0.12. DigitalOcean had a net margin of 10.86% and a negative return on equity of 43.11%. The company had revenue of $198.50 million during the quarter, compared to analyst estimates of $196.64 million. During the same period last year, the business earned $0.17 earnings per share. DigitalOcean’s revenue was up 12.1% compared to the same quarter last year. As a group, equities research analysts anticipate that DigitalOcean will post 1.01 EPS for the current year.

Insider Buying and Selling

In other news, CFO Matt Steinfort sold 12,498 shares of the stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $40.00, for a total transaction of $499,920.00. Following the completion of the sale, the chief financial officer now directly owns 517,498 shares in the company, valued at approximately $20,699,920. This represents a 2.36 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Bratin Saha sold 4,289 shares of the business’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $36.80, for a total value of $157,835.20. Following the transaction, the insider now owns 372,762 shares in the company, valued at approximately $13,717,641.60. This represents a 1.14 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 37,244 shares of company stock worth $1,416,208 in the last ninety days. 0.74% of the stock is owned by insiders.

Institutional Investors Weigh In On DigitalOcean

Several institutional investors and hedge funds have recently bought and sold shares of DOCN. Harbor Investment Advisory LLC raised its holdings in shares of DigitalOcean by 380.0% during the fourth quarter. Harbor Investment Advisory LLC now owns 720 shares of the company’s stock valued at $25,000 after acquiring an additional 570 shares in the last quarter. Farther Finance Advisors LLC purchased a new position in DigitalOcean during the 3rd quarter valued at $30,000. Advisors Asset Management Inc. increased its position in DigitalOcean by 150.4% during the 3rd quarter. Advisors Asset Management Inc. now owns 974 shares of the company’s stock valued at $39,000 after purchasing an additional 585 shares during the period. JTC Employer Solutions Trustee Ltd bought a new position in DigitalOcean in the 4th quarter worth $45,000. Finally, Blue Trust Inc. lifted its position in shares of DigitalOcean by 380.6% in the 3rd quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock worth $49,000 after purchasing an additional 959 shares during the period. Hedge funds and other institutional investors 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).