DigitalOcean (NYSE:DOCN) Hits New 1-Year High on Analyst Upgrade

Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) reached a new 52-week high on Tuesday after Piper Sandler raised their price target on the stock from $67.00 to $98.00. Piper Sandler currently has a neutral rating on the stock. DigitalOcean traded as high as $93.31 and last traded at $87.1060, with a volume of 2941599 shares traded. The stock had previously closed at $90.01.

A number of other research firms also recently weighed in on DOCN. Barclays upped their target price on DigitalOcean from $63.00 to $69.00 and gave the stock an “overweight” rating in a report on Wednesday, February 25th. Wall Street Zen downgraded DigitalOcean from a “buy” rating to a “hold” rating in a report on Sunday, January 4th. Citigroup reiterated a “buy” rating on shares of DigitalOcean in a report on Friday, February 13th. Citizens Jmp upped their target price on DigitalOcean from $83.00 to $105.00 and gave the stock a “market outperform” rating in a report on Thursday, March 26th. Finally, Oppenheimer upped their price target on DigitalOcean from $85.00 to $100.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 18th. Nine analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $74.46.

Insider Buying and Selling at DigitalOcean

In other DigitalOcean news, CAO Cherie Barrett sold 22,000 shares of the stock in a transaction on 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 sale, the chief accounting officer directly owned 62,469 shares in the company, valued at approximately $3,421,427.13. This trade represents a 26.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Matt Steinfort sold 20,000 shares of the stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $55.40, for a total value of $1,108,000.00. Following the sale, the chief financial officer owned 545,916 shares in the company, valued at approximately $30,243,746.40. This represents a 3.53% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company 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 the company. Allworth Financial LP raised its holdings in DigitalOcean by 54.4% in the 3rd quarter. Allworth Financial LP now owns 724 shares of the company’s stock worth $25,000 after purchasing an additional 255 shares during the period. Huntington National Bank raised its holdings in DigitalOcean by 638.3% in the 4th quarter. Huntington National Bank now owns 598 shares of the company’s stock worth $29,000 after purchasing an additional 517 shares during the period. NBC Securities Inc. bought a new position in DigitalOcean in the 4th quarter worth $32,000. Wilmington Savings Fund Society FSB bought a new position in DigitalOcean in the 3rd quarter worth $37,000. Finally, Transamerica Financial Advisors LLC raised its holdings in DigitalOcean by 417.9% in the 4th quarter. Transamerica Financial Advisors LLC now owns 782 shares of the company’s stock worth $38,000 after purchasing an additional 631 shares during the period. 49.77% of the stock is owned by institutional investors.

DigitalOcean Stock Performance

The stock has a fifty day moving average of $69.49 and a 200 day moving average of $53.91. The company has a market capitalization of $8.20 billion, a P/E ratio of 35.25 and a beta of 1.43.

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.