DigitalOcean’s (DOCN) “Hold” Rating Reaffirmed at Needham & Company LLC

DigitalOcean (NYSE:DOCN)‘s stock had its “hold” rating reissued by equities researchers at Needham & Company LLC in a research report issued to clients and investors on Monday,Benzinga reports.

A number of other equities research analysts also recently commented on the company. JPMorgan Chase & Co. increased their price objective on DigitalOcean from $40.00 to $45.00 and gave the company a “neutral” rating in a research report on Wednesday, February 26th. Bank of America lifted their price target on DigitalOcean from $28.00 to $31.00 and gave the stock an “underperform” rating in a research note on Wednesday, February 26th. Cantor Fitzgerald upped their price objective on shares of DigitalOcean from $39.00 to $43.00 and gave the company a “neutral” rating in a research note on Wednesday, February 26th. UBS Group boosted their price target on shares of DigitalOcean from $39.00 to $44.00 and gave the company a “neutral” rating in a report on Wednesday, February 26th. Finally, Stifel Nicolaus raised 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. One analyst has rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $42.82.

DigitalOcean Trading Down 8.3 %

NYSE:DOCN opened at $28.64 on Monday. The company has a 50-day moving average of $39.63 and a 200-day moving average of $39.00. DigitalOcean has a twelve month low of $26.63 and a twelve month high of $47.02. The firm has a market cap of $2.64 billion, a price-to-earnings ratio of 33.69, a price-to-earnings-growth ratio of 3.12 and a beta of 1.87.

Insider Buying and Selling at DigitalOcean

In other DigitalOcean news, insider Bratin Saha sold 3,948 shares of DigitalOcean stock in a transaction that occurred on Tuesday, March 18th. The shares were sold at an average price of $36.63, for a total value of $144,615.24. Following the completion of the sale, the insider now directly owns 358,696 shares in the company, valued at $13,139,034.48. The trade was a 1.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.74% of the company’s stock.

Institutional Investors Weigh In On DigitalOcean

Institutional investors and hedge funds have recently modified their holdings of the business. Harbor Investment Advisory LLC raised its holdings in DigitalOcean by 380.0% during the fourth 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. JTC Employer Solutions Trustee Ltd bought a new position in shares of DigitalOcean in the 4th quarter valued at approximately $45,000. SBI Securities Co. Ltd. bought a new stake in DigitalOcean during the fourth quarter worth approximately $66,000. KBC Group NV grew its holdings in DigitalOcean by 37.6% during the fourth quarter. KBC Group NV now owns 2,884 shares of the company’s stock valued at $98,000 after purchasing an additional 788 shares during the last quarter. Finally, New Age Alpha Advisors LLC bought a new position in shares of DigitalOcean in the fourth quarter valued at approximately $115,000. Institutional investors and hedge funds 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).