Analysts Set DigitalOcean Holdings, Inc. (NYSE:DOCN) PT at $72.08

DigitalOcean Holdings, Inc. (NYSE:DOCN) has been assigned an average recommendation of “Moderate Buy” from the thirteen research firms that are currently covering the firm, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $72.0769.

A number of equities research analysts have issued reports on the stock. Canaccord Genuity Group increased their target price on shares of DigitalOcean from $65.00 to $80.00 and gave the stock a “buy” rating in a research report on Friday, February 20th. Royal Bank Of Canada set a $60.00 target price on shares of DigitalOcean in a research report on Tuesday, February 24th. Oppenheimer increased their target price 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. UBS Group increased their target price on shares of DigitalOcean from $48.00 to $68.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 25th. Finally, Piper Sandler reiterated a “neutral” rating and issued a $67.00 target price on shares of DigitalOcean in a research report on Tuesday, February 24th.

DigitalOcean Stock Down 3.2%

DOCN stock opened at $87.11 on Tuesday. DigitalOcean has a 12-month low of $25.45 and a 12-month high of $93.31. The company has a market cap of $8.01 billion, a price-to-earnings ratio of 34.43 and a beta of 1.43. The company has a 50 day moving average of $68.39 and a two-hundred day moving average of $53.31.

Insiders Place Their Bets

In other news, CFO Matt Steinfort sold 20,000 shares of the firm’s stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $55.40, for a total transaction of $1,108,000.00. Following the transaction, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Cherie Barrett sold 22,000 shares of the firm’s stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $54.77, for a total transaction of $1,204,940.00. Following the transaction, the chief accounting officer owned 62,469 shares in the company, valued at $3,421,427.13. This represents a 26.05% decrease in their position. The SEC filing for this sale provides additional information. 0.96% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Maryland State Retirement & Pension System raised its holdings in shares of DigitalOcean by 1.9% during the 4th quarter. Maryland State Retirement & Pension System now owns 10,001 shares of the company’s stock valued at $481,000 after purchasing an additional 185 shares in the last quarter. Allworth Financial LP raised its holdings in shares of DigitalOcean by 54.4% during the 3rd quarter. Allworth Financial LP now owns 724 shares of the company’s stock valued at $25,000 after purchasing an additional 255 shares in the last quarter. CWM LLC raised its holdings in shares of DigitalOcean by 1.3% during the 4th quarter. CWM LLC now owns 20,971 shares of the company’s stock valued at $1,009,000 after purchasing an additional 270 shares in the last quarter. Oregon Public Employees Retirement Fund raised its holdings in shares of DigitalOcean by 2.6% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 15,729 shares of the company’s stock valued at $757,000 after purchasing an additional 398 shares in the last quarter. Finally, GAMMA Investing LLC raised its holdings in shares of DigitalOcean by 33.8% during the 4th quarter. GAMMA Investing LLC now owns 1,581 shares of the company’s stock valued at $76,000 after purchasing an additional 399 shares in the last quarter. Institutional investors own 49.77% of the company’s stock.

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.