DigitalOcean (NYSE:DOCN) Stock Price Expected to Rise, Cantor Fitzgerald Analyst Says

DigitalOcean (NYSE:DOCN) had its target price lifted by Cantor Fitzgerald from $39.00 to $43.00 in a research report report published on Wednesday,Benzinga reports. The firm currently has a neutral rating on the stock.

A number of other equities research analysts also recently weighed in on the company. Stifel Nicolaus upped their target price on DigitalOcean from $35.00 to $40.00 and gave the stock a “hold” rating in a research report on Wednesday, December 18th. Bank of America upped their price objective on DigitalOcean from $28.00 to $31.00 and gave the company an “underperform” rating in a report on Wednesday. JMP Securities lifted their target price on DigitalOcean from $47.00 to $55.00 and gave the stock a “market outperform” rating in a report on Monday, January 27th. Needham & Company LLC reiterated a “hold” rating on shares of DigitalOcean in a research report on Wednesday. Finally, Morgan Stanley upgraded shares of DigitalOcean from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $40.00 to $41.00 in a research report on Thursday, January 16th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $43.27.

DigitalOcean Trading Up 0.1 %

DOCN stock opened at $42.74 on Wednesday. The firm’s 50-day moving average is $39.17 and its two-hundred day moving average is $39.22. The company has a market capitalization of $3.94 billion, a price-to-earnings ratio of 50.29, a price-to-earnings-growth ratio of 3.12 and a beta of 1.81. DigitalOcean has a 52 week low of $26.63 and a 52 week high of $47.02.

Insiders Place Their Bets

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

Institutional Trading of DigitalOcean

A number of hedge funds have recently made changes to their positions in the stock. Hillsdale Investment Management Inc. grew its position in DigitalOcean by 0.4% during the fourth quarter. Hillsdale Investment Management Inc. now owns 84,500 shares of the company’s stock valued at $2,879,000 after purchasing an additional 300 shares in the last quarter. Focus Partners Wealth boosted its stake in shares of DigitalOcean by 2.8% during the 4th quarter. Focus Partners Wealth now owns 12,455 shares of the company’s stock valued at $424,000 after buying an additional 338 shares during the period. Summit Investment Advisors Inc. grew its holdings in shares of DigitalOcean by 6.8% during the 4th quarter. Summit Investment Advisors Inc. now owns 6,866 shares of the company’s stock valued at $234,000 after acquiring an additional 436 shares in the last quarter. Nisa Investment Advisors LLC increased its stake in shares of DigitalOcean by 56.4% in the third quarter. Nisa Investment Advisors LLC now owns 1,340 shares of the company’s stock worth $54,000 after acquiring an additional 483 shares during the last quarter. Finally, Creative Financial Designs Inc. ADV raised its holdings in shares of DigitalOcean by 17.8% during the third quarter. Creative Financial Designs Inc. ADV now owns 3,744 shares of the company’s stock worth $151,000 after acquiring an additional 566 shares in the last quarter. 49.77% of the stock is owned by hedge funds and other institutional investors.

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).