Bank of America Issues Positive Forecast for DigitalOcean (NYSE:DOCN) Stock Price

DigitalOcean (NYSE:DOCN) had its target price boosted by Bank of America from $28.00 to $31.00 in a research note released on Wednesday morning,Benzinga reports. The brokerage currently has an underperform rating on the stock.

A number of other brokerages also recently issued reports on DOCN. Needham & Company LLC reissued a “hold” rating on shares of DigitalOcean in a research report on Tuesday, November 5th. Morgan Stanley raised DigitalOcean from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $40.00 to $41.00 in a report on Thursday, January 16th. Stifel Nicolaus upped their price target on DigitalOcean from $35.00 to $40.00 and gave the stock a “hold” rating in a research report on Wednesday, December 18th. Citigroup began coverage on DigitalOcean in a research report on Friday, January 24th. They set a “buy” rating and a $45.00 price objective on the stock. Finally, JMP Securities increased their target price on shares of DigitalOcean from $47.00 to $55.00 and gave the stock a “market outperform” rating in a report on Monday, January 27th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, DigitalOcean has a consensus rating of “Hold” and an average price target of $43.27.

DigitalOcean Trading Up 7.5 %

DOCN opened at $43.89 on Wednesday. DigitalOcean has a 12-month low of $26.63 and a 12-month high of $47.02. The company has a market cap of $4.05 billion, a price-to-earnings ratio of 51.63, a PEG ratio of 3.12 and a beta of 1.81. The company’s 50 day moving average is $38.88 and its 200 day moving average is $39.14.

Insiders Place Their Bets

In other DigitalOcean news, insider Bratin Saha sold 4,289 shares of the business’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $36.80, for a total value of $157,835.20. Following the sale, the insider now owns 372,762 shares in the company, valued at $13,717,641.60. The trade was a 1.14 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Matt Steinfort sold 12,498 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $40.00, for a total value of $499,920.00. Following the transaction, the chief financial officer now owns 517,498 shares of the company’s stock, valued at approximately $20,699,920. The trade was a 2.36 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 20,255 shares of company stock worth $790,163 in the last three months. 0.74% of the stock is owned by company insiders.

Institutional Trading of DigitalOcean

Large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in shares of DigitalOcean by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 8,434,555 shares of the company’s stock valued at $287,365,000 after purchasing an additional 117,133 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its stake in shares of DigitalOcean by 16.6% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 1,628,995 shares of the company’s stock worth $55,500,000 after buying an additional 231,407 shares in the last quarter. Fuller & Thaler Asset Management Inc. increased its holdings in shares of DigitalOcean by 7.3% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 1,545,642 shares of the company’s stock worth $52,660,000 after buying an additional 105,235 shares during the last quarter. First Trust Advisors LP increased its holdings in shares of DigitalOcean by 6.2% in the 4th quarter. First Trust Advisors LP now owns 1,533,699 shares of the company’s stock worth $52,253,000 after buying an additional 89,349 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in shares of DigitalOcean by 0.6% during the 4th quarter. Geode Capital Management LLC now owns 1,473,421 shares of the company’s stock valued at $50,211,000 after buying an additional 9,088 shares in the last quarter. 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).