DigitalOcean (NYSE:DOCN) Price Target Raised to $55.00

DigitalOcean (NYSE:DOCN) had its target price hoisted by equities research analysts at JMP Securities from $47.00 to $55.00 in a research report issued on Monday,Benzinga reports. The firm presently has a “market outperform” rating on the stock. JMP Securities’ target price would suggest a potential upside of 32.34% from the stock’s previous close.

A number of other equities research analysts have also recently issued reports on the company. Barclays boosted their price objective on DigitalOcean from $38.00 to $48.00 and gave the company an “overweight” rating in a research note on Friday, October 11th. Morgan Stanley upgraded DigitalOcean from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $40.00 to $41.00 in a research note on Thursday, January 16th. JPMorgan Chase & Co. boosted their price objective on DigitalOcean from $32.00 to $40.00 and gave the company a “neutral” rating in a research note on Friday, October 25th. Needham & Company LLC reaffirmed a “hold” rating on shares of DigitalOcean in a report on Tuesday, November 5th. Finally, Citigroup initiated coverage on DigitalOcean in a report on Friday. They set a “buy” rating and a $45.00 target price for the company. Six equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $42.73.

DigitalOcean Stock Up 3.4 %

NYSE:DOCN traded up $1.38 during trading hours on Monday, hitting $41.56. 462,548 shares of the company traded hands, compared to its average volume of 892,558. The firm’s 50-day simple moving average is $36.84 and its 200-day simple moving average is $37.37. DigitalOcean has a one year low of $26.63 and a one year high of $44.80. The company has a market cap of $3.84 billion, a PE ratio of 48.90, a PEG ratio of 2.77 and a beta of 1.78.

DigitalOcean (NYSE:DOCN) last released its earnings results on Monday, November 4th. The company reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.40 by $0.12. The company had revenue of $198.50 million for the quarter, compared to analysts’ expectations of $196.64 million. DigitalOcean had a negative return on equity of 43.11% and a net margin of 10.86%. The business’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.17 EPS. As a group, equities research analysts expect that DigitalOcean will post 1.01 EPS for the current year.

Insider Transactions at DigitalOcean

In other DigitalOcean news, CFO Matt Steinfort sold 12,498 shares of the stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $40.00, for a total value of $499,920.00. Following the transaction, the chief financial officer now owns 517,498 shares of the company’s stock, valued at approximately $20,699,920. This represents a 2.36 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Bratin Saha sold 4,289 shares of the firm’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $36.80, for a total value of $157,835.20. Following the completion of the transaction, the insider now directly owns 372,762 shares in the company, valued at $13,717,641.60. This trade represents a 1.14 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 37,244 shares of company stock valued at $1,416,208. Insiders own 0.74% of the company’s stock.

Institutional Trading of DigitalOcean

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. BSW Wealth Partners raised its stake in DigitalOcean by 4.3% during the 4th quarter. BSW Wealth Partners now owns 14,556 shares of the company’s stock valued at $496,000 after purchasing an additional 600 shares during the period. Cherry Creek Investment Advisors Inc. raised its stake in DigitalOcean by 17.3% during the 4th quarter. Cherry Creek Investment Advisors Inc. now owns 12,745 shares of the company’s stock valued at $434,000 after purchasing an additional 1,880 shares during the period. Pacer Advisors Inc. grew its holdings in DigitalOcean by 33.1% during the 4th quarter. Pacer Advisors Inc. now owns 5,712 shares of the company’s stock valued at $195,000 after buying an additional 1,419 shares in the last quarter. KBC Group NV grew its holdings in DigitalOcean by 37.6% during the 4th quarter. KBC Group NV now owns 2,884 shares of the company’s stock valued at $98,000 after buying an additional 788 shares in the last quarter. Finally, Harbor Investment Advisory LLC grew its holdings in DigitalOcean by 380.0% during the 4th quarter. Harbor Investment Advisory LLC now owns 720 shares of the company’s stock valued at $25,000 after buying an additional 570 shares in the last quarter. Institutional investors own 49.77% of the company’s stock.

About DigitalOcean

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).