Cantor Fitzgerald Increases DigitalOcean (NYSE:DOCN) Price Target to $43.00

DigitalOcean (NYSE:DOCN) had its target price lifted by equities researchers at Cantor Fitzgerald from $39.00 to $43.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Cantor Fitzgerald’s price objective indicates a potential upside of 0.68% from the stock’s previous close.

A number of other analysts have also commented on DOCN. Citigroup assumed coverage on DigitalOcean in a report on Friday, January 24th. They issued a “buy” rating and a $45.00 target price for the company. Morgan Stanley upgraded DigitalOcean from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $40.00 to $41.00 in a report on Thursday, January 16th. JMP Securities upped their target price on shares of DigitalOcean from $47.00 to $55.00 and gave the company a “market outperform” rating in a research note on Monday, January 27th. Stifel Nicolaus lifted their price target 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. Finally, Bank of America boosted their price objective on shares of DigitalOcean from $28.00 to $31.00 and gave the company an “underperform” rating in a report on Wednesday. One analyst has rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, DigitalOcean has a consensus rating of “Hold” and an average price target of $43.27.

DigitalOcean Stock Down 2.8 %

Shares of DOCN opened at $42.71 on Wednesday. DigitalOcean has a twelve month low of $26.63 and a twelve month high of $47.02. The company has a market capitalization of $3.94 billion, a P/E ratio of 50.24, a price-to-earnings-growth ratio of 3.12 and a beta of 1.81. The firm has a 50 day moving average of $39.03 and a 200 day moving average of $39.16.

Insiders Place Their Bets

In related news, CFO Matt Steinfort sold 12,498 shares of the business’s stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $40.00, for a total transaction 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 approximately $20,699,920. The trade was a 2.36 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Bratin Saha sold 4,289 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $36.80, for a total transaction of $157,835.20. Following the sale, the insider now owns 372,762 shares in the company, valued at approximately $13,717,641.60. The trade was a 1.14 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 20,255 shares of company stock worth $790,163. Company insiders own 0.74% of the company’s stock.

Hedge Funds Weigh In On DigitalOcean

Hedge funds have recently modified their holdings of the company. Versor Investments LP purchased a new position in shares of DigitalOcean during the 3rd quarter valued at $751,000. FORA Capital LLC purchased a new position in shares of DigitalOcean in the third quarter valued at about $1,149,000. Victory Capital Management Inc. boosted its stake in shares of DigitalOcean by 79.8% in the third quarter. Victory Capital Management Inc. now owns 31,169 shares of the company’s stock worth $1,259,000 after acquiring an additional 13,837 shares during the period. Public Sector Pension Investment Board grew its position in shares of DigitalOcean by 13.5% during the third quarter. Public Sector Pension Investment Board now owns 134,214 shares of the company’s stock worth $5,421,000 after purchasing an additional 16,000 shares in the last quarter. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new stake in DigitalOcean during the 4th quarter valued at approximately $5,382,000. 49.77% of the stock is currently owned by institutional investors.

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).