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

DigitalOcean Holdings, Inc. (NYSE:DOCN) has been assigned an average recommendation of “Moderate Buy” from the fourteen ratings firms that are covering the firm, Marketbeat reports. Five analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $69.2308.

Several equities research analysts have issued reports on the stock. Citigroup reiterated a “buy” rating on shares of DigitalOcean in a research note on Friday, February 13th. Wall Street Zen lowered shares of DigitalOcean from a “buy” rating to a “hold” rating in a report on Sunday, January 4th. UBS Group upped their price target 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. The Goldman Sachs Group raised their price objective on DigitalOcean from $50.00 to $78.00 and gave the company a “buy” rating in a research report on Wednesday, February 25th. Finally, Oppenheimer boosted their price objective on DigitalOcean from $60.00 to $85.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 25th.

Insider Activity

In related news, CAO Cherie Barrett sold 22,000 shares of the business’s stock in a transaction that occurred 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 transaction, the chief accounting officer directly owned 62,469 shares of the company’s stock, valued at approximately $3,421,427.13. The trade was a 26.05% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Matt Steinfort sold 20,000 shares of the company’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 value of $1,108,000.00. Following the completion of the transaction, the chief financial officer 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. The SEC filing for this sale provides additional information. Company insiders own 0.74% of the company’s stock.

Institutional Investors Weigh In On DigitalOcean

A number of large investors have recently added to or reduced their stakes in DOCN. Huntington National Bank lifted 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 buying an additional 517 shares in the last quarter. NBC Securities Inc. acquired a new stake in shares of DigitalOcean during the fourth quarter valued at about $32,000. Allworth Financial LP increased its position in shares of DigitalOcean by 54.4% during the third quarter. Allworth Financial LP now owns 724 shares of the company’s stock worth $25,000 after acquiring an additional 255 shares during the last quarter. Transamerica Financial Advisors LLC lifted its stake in shares of DigitalOcean by 417.9% in the fourth quarter. Transamerica Financial Advisors LLC now owns 782 shares of the company’s stock worth $38,000 after acquiring an additional 631 shares in the last quarter. Finally, UMB Bank n.a. lifted its stake in shares of DigitalOcean by 242.1% in the fourth quarter. UMB Bank n.a. now owns 821 shares of the company’s stock worth $40,000 after acquiring an additional 581 shares in the last quarter. 49.77% of the stock is owned by institutional investors and hedge funds.

DigitalOcean Stock Performance

DOCN opened at $61.92 on Friday. DigitalOcean has a 1 year low of $25.45 and a 1 year high of $70.43. The firm has a 50 day moving average price of $57.40 and a 200 day moving average price of $46.94. The company has a market cap of $5.70 billion, a PE ratio of 24.47, a price-to-earnings-growth ratio of 55.91 and a beta of 1.76.

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.