DigitalOcean Holdings, Inc. (NYSE:DOCN) Receives Average Recommendation of “Hold” from Analysts

Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) have earned a consensus rating of “Hold” from the thirteen brokerages that are presently covering the stock, MarketBeat reports. One analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company. The average 1-year price target among brokers that have covered the stock in the last year is $43.27.

Several research firms have recently weighed in on DOCN. Bank of America upped their target price on shares of DigitalOcean from $28.00 to $31.00 and gave the stock an “underperform” rating in a report on Wednesday, February 26th. Stifel Nicolaus upped their price objective on shares of DigitalOcean from $35.00 to $40.00 and gave the stock a “hold” rating in a research note on Wednesday, December 18th. Needham & Company LLC reaffirmed a “hold” rating on shares of DigitalOcean in a report on Wednesday, February 26th. Morgan Stanley raised DigitalOcean from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $40.00 to $41.00 in a report on Thursday, January 16th. Finally, JPMorgan Chase & Co. raised their price target on DigitalOcean from $40.00 to $45.00 and gave the company a “neutral” rating in a report on Wednesday, February 26th.

DigitalOcean Price Performance

Shares of DOCN stock opened at $36.56 on Friday. The stock’s fifty day simple moving average is $39.95 and its 200 day simple moving average is $39.29. DigitalOcean has a one year low of $26.63 and a one year high of $47.02. The firm has a market cap of $3.37 billion, a price-to-earnings ratio of 43.01, a P/E/G ratio of 3.12 and a beta of 1.80.

Insider Activity

In related news, insider Bratin Saha sold 4,289 shares of the business’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $36.80, for a total transaction of $157,835.20. Following the completion of the sale, the insider now directly owns 372,762 shares of the company’s stock, valued at $13,717,641.60. The trade was a 1.14 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.74% of the stock is currently owned by insiders.

Institutional Trading of DigitalOcean

Institutional investors and hedge funds have recently made changes to their positions in the business. California State Teachers Retirement System grew its stake in shares of DigitalOcean by 6.9% during the fourth quarter. California State Teachers Retirement System now owns 60,357 shares of the company’s stock worth $2,056,000 after purchasing an additional 3,880 shares during the period. Twinbeech Capital LP acquired a new position in shares of DigitalOcean during the 4th quarter worth about $398,000. ProShare Advisors LLC increased its stake in shares of DigitalOcean by 42.4% in the 4th quarter. ProShare Advisors LLC now owns 20,384 shares of the company’s stock valued at $694,000 after acquiring an additional 6,073 shares during the last quarter. Interval Partners LP acquired a new stake in shares of DigitalOcean in the 4th quarter valued at approximately $3,690,000. Finally, Jacobs Levy Equity Management Inc. boosted its stake in DigitalOcean by 16.6% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 1,628,995 shares of the company’s stock worth $55,500,000 after acquiring an additional 231,407 shares during 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).