DigitalOcean (NYSE:DOCN) Stock Rating Upgraded by Cantor Fitzgerald

DigitalOcean (NYSE:DOCN) was upgraded by stock analysts at Cantor Fitzgerald to a “hold” rating in a research note issued to investors on Thursday, Marketbeat reports. The firm currently has a $39.00 target price on the stock. Cantor Fitzgerald’s target price would indicate a potential upside of 8.04% from the company’s previous close.

DOCN has been the subject of several other reports. JPMorgan Chase & Co. upped their price target on DigitalOcean from $32.00 to $40.00 and gave the stock a “neutral” rating in a research note on Friday, October 25th. Stifel Nicolaus raised their price objective on DigitalOcean from $35.00 to $40.00 and gave the company a “hold” rating in a research report on Wednesday, December 18th. Needham & Company LLC reiterated a “hold” rating on shares of DigitalOcean in a report on Tuesday, November 5th. Canaccord Genuity Group increased their price objective on shares of DigitalOcean from $42.00 to $48.00 and gave the company a “buy” rating in a research report on Friday, October 4th. Finally, Barclays upped their target price on shares of DigitalOcean from $38.00 to $48.00 and gave the company an “overweight” rating in a research note on Friday, October 11th. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $41.70.

DigitalOcean Trading Up 2.3 %

DOCN stock opened at $36.10 on Thursday. The company has a market cap of $3.33 billion, a price-to-earnings ratio of 42.47, a PEG ratio of 2.47 and a beta of 1.78. The firm has a 50 day moving average of $36.85 and a 200-day moving average of $37.18. DigitalOcean has a 12-month low of $26.63 and a 12-month high of $44.80.

DigitalOcean (NYSE:DOCN) last announced its earnings results on Monday, November 4th. The company reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.12. The company had revenue of $198.50 million during the quarter, compared to analysts’ expectations of $196.64 million. DigitalOcean had a net margin of 10.86% and a negative return on equity of 43.11%. The firm’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.17 earnings per share. Sell-side analysts forecast that DigitalOcean will post 1.01 earnings per share for the current fiscal year.

Insider Transactions at DigitalOcean

In related news, CFO Matt Steinfort sold 12,498 shares of the firm’s stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $40.00, for a total value of $499,920.00. Following the sale, the chief financial officer now directly owns 517,498 shares in the company, valued at $20,699,920. This trade represents a 2.36 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Bratin Saha sold 16,989 shares of the business’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $36.85, for a total value of $626,044.65. Following the transaction, the insider now owns 390,296 shares of the company’s stock, valued at $14,382,407.60. This trade represents a 4.17 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 32,955 shares of company stock worth $1,258,373. 0.74% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On DigitalOcean

Several institutional investors have recently bought and sold shares of the stock. Harbor Investment Advisory LLC raised its holdings in DigitalOcean by 380.0% during the fourth quarter. Harbor Investment Advisory LLC now owns 720 shares of the company’s stock worth $25,000 after purchasing an additional 570 shares in the last quarter. Farther Finance Advisors LLC bought a new stake in shares of DigitalOcean in the 3rd quarter worth $30,000. Advisors Asset Management Inc. boosted its stake in shares of DigitalOcean by 150.4% during the 3rd quarter. Advisors Asset Management Inc. now owns 974 shares of the company’s stock worth $39,000 after acquiring an additional 585 shares in the last quarter. JTC Employer Solutions Trustee Ltd acquired a new position in shares of DigitalOcean in the fourth quarter worth about $45,000. Finally, Blue Trust Inc. raised its stake in DigitalOcean by 380.6% during the 3rd quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock valued at $49,000 after purchasing an additional 959 shares during the period. Institutional investors and hedge funds own 49.77% of the company’s stock.

DigitalOcean Company Profile

DigitalOcean Holdings, Inc, through its subsidiaries, operates a cloud computing platform in North America, Europe, Asia, and internationally. The company’s platform provides on-demand infrastructure and platform tools for developers, start-ups, and small and growing digital businesses. It also offers infrastructure-as-a-service (IaaS) solutions comprising compute and storage services, as well as networking projects, including Cloud Firewalls software, Managed Load Balancers software, and Virtual Private Cloud (VPC).