Credit Suisse Group Begins Coverage on DigitalOcean (NASDAQ:DOCN)

Credit Suisse Group started coverage on shares of DigitalOcean (NASDAQ:DOCNGet Rating) in a research note released on Monday, The Fly reports. The firm issued a neutral rating and a $31.00 target price on the stock.

A number of other equities research analysts also recently commented on the company. Piper Sandler increased their price objective on DigitalOcean from $56.00 to $57.00 and gave the company an overweight rating in a research report on Tuesday, August 9th. JPMorgan Chase & Co. cut DigitalOcean from an overweight rating to a neutral rating and dropped their price target for the stock from $50.00 to $27.00 in a research note on Tuesday, November 8th. Barclays reduced their price objective on shares of DigitalOcean from $45.00 to $37.00 in a research note on Tuesday, November 8th. Bank of America decreased their target price on shares of DigitalOcean from $60.00 to $50.00 and set a buy rating for the company in a report on Tuesday, November 8th. Finally, Canaccord Genuity Group cut their price target on shares of DigitalOcean from $49.00 to $40.00 in a report on Wednesday, November 9th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of Hold and an average target price of $42.42.

DigitalOcean Stock Up 4.7 %

NASDAQ DOCN opened at $28.17 on Monday. DigitalOcean has a 12 month low of $26.00 and a 12 month high of $106.40. The company has a market capitalization of $2.71 billion, a P/E ratio of -117.38 and a beta of 1.26. The company’s 50 day simple moving average is $35.02 and its 200 day simple moving average is $40.00. The company has a debt-to-equity ratio of 48.59, a current ratio of 9.19 and a quick ratio of 9.19.

Insider Buying and Selling

In other DigitalOcean news, CMO Carly D. Brantz sold 1,773 shares of the business’s stock in a transaction dated Wednesday, November 16th. The stock was sold at an average price of $31.60, for a total value of $56,026.80. Following the transaction, the chief marketing officer now owns 85,916 shares in the company, valued at $2,714,945.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Gabriel Monroy sold 3,495 shares of the firm’s stock in a transaction on Tuesday, October 4th. The shares were sold at an average price of $40.10, for a total transaction of $140,149.50. Following the transaction, the insider now owns 84,791 shares in the company, valued at approximately $3,400,119.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CMO Carly D. Brantz sold 1,773 shares of the company’s stock in a transaction on Wednesday, November 16th. The stock was sold at an average price of $31.60, for a total transaction of $56,026.80. Following the completion of the sale, the chief marketing officer now owns 85,916 shares of the company’s stock, valued at $2,714,945.60. The disclosure for this sale can be found here. 4.10% of the stock is owned by corporate insiders.

Institutional Trading of DigitalOcean

Institutional investors and hedge funds have recently made changes to their positions in the stock. Prospera Financial Services Inc lifted its holdings in shares of DigitalOcean by 136.6% during the second quarter. Prospera Financial Services Inc now owns 620 shares of the company’s stock worth $26,000 after buying an additional 358 shares during the last quarter. Signaturefd LLC boosted its holdings in DigitalOcean by 706.7% in the 1st quarter. Signaturefd LLC now owns 484 shares of the company’s stock valued at $28,000 after purchasing an additional 424 shares during the period. Truvestments Capital LLC acquired a new stake in DigitalOcean in the 2nd quarter worth $36,000. Advisors Asset Management Inc. bought a new position in shares of DigitalOcean during the 1st quarter worth about $42,000. Finally, CENTRAL TRUST Co increased its holdings in shares of DigitalOcean by 63.0% during the 1st quarter. CENTRAL TRUST Co now owns 1,100 shares of the company’s stock worth $64,000 after purchasing an additional 425 shares during the period. Institutional investors and hedge funds own 52.00% of the company’s stock.

DigitalOcean Company Profile

(Get Rating)

DigitalOcean Holdings, Inc, through its subsidiaries, operates a cloud computing platform in North America, Europe, Asia, and internationally. Its platform provides on-demand infrastructure and platform tools for developers, start-ups, and small and medium size businesses. The company offers infrastructure solutions across compute, storage, and networking, as well as enables developers to extend the native capabilities of its cloud with fully managed application, container, and database offerings.

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