Barclays Cuts DigitalOcean (NASDAQ:DOCN) Price Target to $85.00

DigitalOcean (NASDAQ:DOCN) had its price objective decreased by Barclays from $120.00 to $85.00 in a report published on Wednesday morning, The Fly reports.

A number of other research firms have also recently weighed in on DOCN. increased their price objective on shares of DigitalOcean from $65.00 to $115.00 and gave the stock a buy rating in a research report on Friday, November 5th. KeyCorp increased their price objective on shares of DigitalOcean from $106.00 to $120.00 and gave the stock an overweight rating in a research report on Friday, November 5th. William Blair began coverage on shares of DigitalOcean in a research report on Friday, November 12th. They set an outperform rating for the company. Oppenheimer increased their price objective on shares of DigitalOcean from $100.00 to $130.00 and gave the stock an outperform rating in a research report on Monday, November 8th. Finally, Morgan Stanley increased their price objective on shares of DigitalOcean from $60.00 to $92.00 and gave the stock an equal weight rating in a research report on Friday, October 22nd. Two investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of Buy and a consensus target price of $87.27.

Shares of NASDAQ DOCN opened at $59.49 on Wednesday. The company has a 50 day simple moving average of $90.21 and a 200-day simple moving average of $76.87. DigitalOcean has a 1 year low of $35.35 and a 1 year high of $133.40.

DigitalOcean (NASDAQ:DOCN) last announced its quarterly earnings results on Thursday, November 4th. The company reported $0.12 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.07 by $0.05. The firm had revenue of $111.43 million for the quarter, compared to analyst estimates of $108.84 million. The firm’s quarterly revenue was up 37.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.03 EPS. On average, sell-side analysts expect that DigitalOcean will post -0.11 EPS for the current fiscal year.

In other news, COO Jeffrey Scott Guy sold 67,590 shares of DigitalOcean stock in a transaction on Monday, November 8th. The shares were sold at an average price of $108.31, for a total transaction of $7,320,672.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Alan Shapiro sold 40,000 shares of DigitalOcean stock in a transaction on Thursday, December 2nd. The stock was sold at an average price of $90.26, for a total transaction of $3,610,400.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 126,584 shares of company stock valued at $12,837,109.

A number of large investors have recently made changes to their positions in the stock. Baldwin Brothers LLC MA raised its stake in DigitalOcean by 100.0% during the 4th quarter. Baldwin Brothers LLC MA now owns 1,200 shares of the company’s stock worth $96,000 after acquiring an additional 600 shares in the last quarter. Crossmark Global Holdings Inc. acquired a new stake in DigitalOcean during the 4th quarter worth $206,000. Valeo Financial Advisors LLC acquired a new stake in DigitalOcean during the 4th quarter worth $210,000. American International Group Inc. raised its stake in DigitalOcean by 275.3% during the 3rd quarter. American International Group Inc. now owns 27,115 shares of the company’s stock worth $2,105,000 after acquiring an additional 19,890 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in DigitalOcean by 349.7% during the 3rd quarter. Bank of New York Mellon Corp now owns 179,547 shares of the company’s stock worth $13,938,000 after acquiring an additional 139,623 shares in the last quarter. Hedge funds and other institutional investors own 46.99% of the company’s stock.

About DigitalOcean

DigitalOcean Holdings, Inc operates a cloud computing platform that offers infrastructure and platform tools for developers, start-ups, and small and medium-sized businesses in North America, Europe, Asia, and internationally. It offers infrastructure solutions across compute, storage, and networking fields, as well as managed application, container, and database offerings to developers.

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