DigitalOcean (NYSE:DOCN) Stock Price Expected to Rise, Bank of America Analyst Says

DigitalOcean (NYSE:DOCN) had its target price boosted by analysts at Bank of America from $103.00 to $107.00 in a report released on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Bank of America‘s price target would indicate a potential upside of 19.98% from the stock’s current price.

A number of other research firms have also recently commented on DOCN. Barclays boosted their price target on shares of DigitalOcean from $63.00 to $69.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 25th. Citizens Jmp boosted their price target on shares of DigitalOcean from $83.00 to $105.00 and gave the stock a “market outperform” rating in a research note on Thursday, March 26th. Oppenheimer boosted their price target on shares of DigitalOcean from $85.00 to $100.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 18th. Stifel Nicolaus set a $57.00 price target on shares of DigitalOcean in a research note on Tuesday, February 24th. Finally, Canaccord Genuity Group boosted their price target on shares of DigitalOcean from $65.00 to $80.00 and gave the stock a “buy” rating in a research note on Friday, February 20th. Nine analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, DigitalOcean presently has an average rating of “Moderate Buy” and an average price target of $76.08.

DigitalOcean Price Performance

DOCN stock opened at $89.18 on Thursday. DigitalOcean has a one year low of $25.56 and a one year high of $94.66. The stock has a market cap of $8.20 billion, a PE ratio of 35.25 and a beta of 1.43. The firm has a 50 day simple moving average of $69.49 and a two-hundred day simple moving average of $53.91.

Insider Buying and Selling

In other news, CAO Cherie Barrett sold 22,000 shares of the business’s stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $54.77, for a total value of $1,204,940.00. Following the completion of the sale, the chief accounting officer directly owned 62,469 shares in the company, valued at approximately $3,421,427.13. The trade was a 26.05% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Matt Steinfort sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $55.40, for a total transaction of $1,108,000.00. Following the completion of the sale, the chief financial officer owned 545,916 shares of the company’s stock, valued at approximately $30,243,746.40. The trade was a 3.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 0.96% of the company’s stock.

Institutional Investors Weigh In On DigitalOcean

Several institutional investors have recently added to or reduced their stakes in DOCN. Alyeska Investment Group L.P. purchased a new stake in DigitalOcean during the 3rd quarter valued at $21,808,000. Arrowstreet Capital Limited Partnership boosted its position in DigitalOcean by 90.9% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,194,845 shares of the company’s stock valued at $57,496,000 after buying an additional 568,823 shares during the period. Vanguard Group Inc. boosted its position in DigitalOcean by 5.0% during the 3rd 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 period. Franklin Resources Inc. boosted its position in DigitalOcean by 784.2% during the 4th quarter. Franklin Resources Inc. now owns 494,314 shares of the company’s stock valued at $23,786,000 after buying an additional 438,411 shares during the period. Finally, Danske Bank A S purchased a new stake in DigitalOcean during the 3rd quarter valued at $14,582,000. Hedge funds and other 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.