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

DigitalOcean Holdings, Inc. (NYSE:DOCN) has been given an average recommendation of “Hold” by the thirteen brokerages that are presently covering the firm, Marketbeat reports. One equities research 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 12 month target price among brokers that have issued ratings on the stock in the last year is $39.83.

Several research firms recently weighed in on DOCN. Cantor Fitzgerald lifted their target price on shares of DigitalOcean from $39.00 to $43.00 and gave the company a “neutral” rating in a report on Wednesday, February 26th. Canaccord Genuity Group reduced their price objective on DigitalOcean from $50.00 to $45.00 and set a “buy” rating on the stock in a research note on Monday, April 7th. Citigroup reduced their price objective on DigitalOcean from $50.00 to $40.00 and set a “buy” rating on the stock in a research note on Wednesday, May 7th. Morgan Stanley reduced their price target on DigitalOcean from $52.00 to $41.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. Finally, Barclays reduced their price target on DigitalOcean from $48.00 to $38.00 and set an “overweight” rating on the stock in a research report on Monday, April 21st.

Insider Buying and Selling at DigitalOcean

In other news, insider Bratin Saha sold 3,461 shares of the business’s stock in a transaction dated Monday, April 21st. The shares were sold at an average price of $26.86, for a total value of $92,962.46. Following the completion of the sale, the insider now owns 394,367 shares of the company’s stock, valued at approximately $10,592,697.62. The trade was a 0.87% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.96% of the stock is currently owned by insiders.

Hedge Funds Weigh In On DigitalOcean

Several large investors have recently modified their holdings of DOCN. GAMMA Investing LLC increased its holdings in DigitalOcean by 336.1% in the first quarter. GAMMA Investing LLC now owns 1,064 shares of the company’s stock valued at $36,000 after buying an additional 820 shares during the last quarter. Farther Finance Advisors LLC grew its position in shares of DigitalOcean by 135,100.0% in the 1st quarter. Farther Finance Advisors LLC now owns 1,352 shares of the company’s stock worth $46,000 after acquiring an additional 1,351 shares in the last quarter. SVB Wealth LLC bought a new stake in shares of DigitalOcean in the 1st quarter valued at approximately $48,000. SBI Securities Co. Ltd. acquired a new stake in shares of DigitalOcean during the 4th quarter valued at approximately $66,000. Finally, Advisors Asset Management Inc. raised its position in shares of DigitalOcean by 39.6% during the 1st quarter. Advisors Asset Management Inc. now owns 2,229 shares of the company’s stock valued at $74,000 after acquiring an additional 632 shares in the last quarter. Institutional investors own 49.77% of the company’s stock.

DigitalOcean Price Performance

NYSE DOCN opened at $30.06 on Wednesday. The firm has a market capitalization of $2.74 billion, a P/E ratio of 35.36, a P/E/G ratio of 3.12 and a beta of 1.88. DigitalOcean has a 1-year low of $25.45 and a 1-year high of $47.02. The business’s 50-day simple moving average is $29.64 and its 200-day simple moving average is $35.48.

DigitalOcean (NYSE:DOCN) last announced its quarterly earnings results on Tuesday, May 6th. The company reported $0.56 earnings per share for the quarter, beating analysts’ consensus estimates of $0.45 by $0.11. The firm had revenue of $210.70 million for the quarter, compared to analysts’ expectations of $208.63 million. DigitalOcean had a net margin of 10.86% and a negative return on equity of 43.11%. DigitalOcean’s revenue was up 14.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.43 earnings per share. On average, equities research analysts expect that DigitalOcean will post 1.01 EPS for the current fiscal year.

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).