DigitalOcean (NYSE:DOCN) Price Target Raised to $40.00 at Stifel Nicolaus

DigitalOcean (NYSE:DOCN) had its price target raised by Stifel Nicolaus from $35.00 to $40.00 in a research report report published on Wednesday,Benzinga reports. The brokerage currently has a hold rating on the stock.

Other equities analysts have also issued research reports about the stock. Needham & Company LLC restated a “hold” rating on shares of DigitalOcean in a research report on Tuesday, November 5th. Barclays boosted their price objective on DigitalOcean from $38.00 to $48.00 and gave the stock an “overweight” rating in a research report on Friday, October 11th. JPMorgan Chase & Co. raised their target price on DigitalOcean from $32.00 to $40.00 and gave the company a “neutral” rating in a research report on Friday, October 25th. Finally, Canaccord Genuity Group boosted their price target on DigitalOcean from $42.00 to $48.00 and gave the stock a “buy” rating in a research report on Friday, October 4th. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $42.13.

DigitalOcean Stock Performance

NYSE DOCN opened at $35.40 on Wednesday. DigitalOcean has a one year low of $26.63 and a one year high of $44.80. The company has a 50-day simple moving average of $39.60 and a 200-day simple moving average of $37.28. The firm has a market capitalization of $3.27 billion, a PE ratio of 41.65, a price-to-earnings-growth ratio of 2.47 and a beta of 1.76.

DigitalOcean (NYSE:DOCN) last posted its earnings results on Monday, November 4th. The company reported $0.52 EPS for the quarter, beating the consensus estimate of $0.40 by $0.12. The company had revenue of $198.50 million during the quarter, compared to analyst estimates 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 was up 12.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.17 earnings per share. Equities analysts forecast that DigitalOcean will post 1.01 earnings per share for the current year.

Insider Activity

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

Hedge Funds Weigh In On DigitalOcean

A number of institutional investors have recently bought and sold shares of DOCN. Geode Capital Management LLC increased its position in shares of DigitalOcean by 7.9% in the third quarter. Geode Capital Management LLC now owns 1,464,333 shares of the company’s stock worth $59,156,000 after acquiring an additional 106,636 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its stake in DigitalOcean by 32.8% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,397,588 shares of the company’s stock valued at $56,449,000 after purchasing an additional 345,119 shares during the period. Principal Financial Group Inc. grew its holdings in shares of DigitalOcean by 10.4% during the third quarter. Principal Financial Group Inc. now owns 1,301,499 shares of the company’s stock valued at $52,568,000 after buying an additional 122,651 shares in the last quarter. Van Berkom & Associates Inc. raised its position in DigitalOcean by 1.6% during the second quarter. Van Berkom & Associates Inc. now owns 1,273,103 shares of the company’s stock valued at $44,240,000 after buying an additional 19,731 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in DigitalOcean by 23.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,079,579 shares of the company’s stock worth $37,512,000 after acquiring an additional 205,007 shares in the last quarter. Hedge funds and other institutional investors 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).