DigitalOcean (NYSE:DOCN) Price Target Raised to $105.00

DigitalOcean (NYSE:DOCN) had its target price increased by Citizens Jmp from $83.00 to $105.00 in a report published on Thursday morning,Benzinga reports. Citizens Jmp currently has a market outperform rating on the stock.

DOCN has been the subject of several other research reports. Oppenheimer upped their price target on shares of DigitalOcean from $85.00 to $100.00 and gave the stock an “outperform” rating in a research report on Wednesday, March 18th. Stifel Nicolaus set a $57.00 price objective on shares of DigitalOcean in a report on Tuesday, February 24th. Weiss Ratings reissued a “hold (c+)” rating on shares of DigitalOcean in a research note on Monday, December 29th. The Goldman Sachs Group upped their target price on DigitalOcean from $50.00 to $78.00 and gave the stock a “buy” rating in a report on Wednesday, February 25th. Finally, Wall Street Zen downgraded DigitalOcean from a “buy” rating to a “hold” rating in a report on Sunday, January 4th. Nine research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $72.08.

DigitalOcean Price Performance

NYSE:DOCN opened at $81.29 on Thursday. DigitalOcean has a 1-year low of $25.45 and a 1-year high of $88.84. The company has a 50-day moving average of $64.43 and a 200 day moving average of $51.08. The firm has a market cap of $7.48 billion, a PE ratio of 32.13, a price-to-earnings-growth ratio of 79.13 and a beta of 1.76.

Insider Buying and Selling at DigitalOcean

In related news, CAO Cherie Barrett sold 22,000 shares of the company’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 transaction, the chief accounting officer directly owned 62,469 shares of the company’s stock, valued at $3,421,427.13. This represents a 26.05% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Matt Steinfort sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $55.40, for a total value of $1,108,000.00. Following the completion of the sale, the chief financial officer directly owned 545,916 shares of the company’s stock, valued at approximately $30,243,746.40. This represents a 3.53% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.96% of the company’s stock.

Hedge Funds Weigh In On DigitalOcean

Several hedge funds and other institutional investors have recently modified their holdings of DOCN. Norges Bank acquired a new stake in DigitalOcean in the 2nd quarter worth approximately $22,633,000. Alyeska Investment Group L.P. acquired a new stake in shares of DigitalOcean during the third quarter worth $21,808,000. Arrowstreet Capital Limited Partnership lifted its stake in shares of DigitalOcean by 90.9% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,194,845 shares of the company’s stock worth $57,496,000 after buying an additional 568,823 shares during the period. Vanguard Group Inc. grew its holdings in shares of DigitalOcean by 5.0% during the third quarter. Vanguard Group Inc. now owns 9,362,889 shares of the company’s stock valued at $319,836,000 after buying an additional 442,617 shares during the last quarter. Finally, Franklin Resources Inc. increased its position in shares of DigitalOcean by 784.2% in the 4th quarter. Franklin Resources Inc. now owns 494,314 shares of the company’s stock valued at $23,786,000 after acquiring an additional 438,411 shares during the period. 49.77% of the stock is owned by hedge funds and other institutional investors.

DigitalOcean Company Profile

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.