DigitalOcean (NASDAQ:DOCN) Research Coverage Started at Credit Suisse Group

Credit Suisse Group initiated coverage on shares of DigitalOcean (NASDAQ:DOCNGet Rating) in a research note issued to investors on Monday morning, The Fly reports. The brokerage issued a neutral rating and a $31.00 price objective on the stock.

Several other research firms have also recently commented on DOCN. Barclays cut their price target on DigitalOcean from $45.00 to $37.00 in a research note on Tuesday, November 8th. Morgan Stanley lowered their target price on shares of DigitalOcean from $41.00 to $28.00 and set an underweight rating on the stock in a report on Tuesday, November 8th. KeyCorp cut their price target on shares of DigitalOcean from $57.00 to $47.00 and set an overweight rating for the company in a report on Monday, October 24th. JPMorgan Chase & Co. lowered DigitalOcean from an overweight rating to a neutral rating and lowered their price objective for the company from $50.00 to $27.00 in a report on Tuesday, November 8th. Finally, The Goldman Sachs Group reduced their price target on DigitalOcean from $34.00 to $29.00 and set a sell rating for the company in a report on Tuesday, November 8th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, DigitalOcean has an average rating of Hold and a consensus target price of $42.42.

DigitalOcean Stock Performance

Shares of DOCN stock opened at $28.17 on Monday. DigitalOcean has a 52-week low of $26.00 and a 52-week high of $106.40. The stock’s 50-day moving average price is $35.02 and its 200 day moving average price is $40.00. The company has a quick ratio of 9.19, a current ratio of 9.19 and a debt-to-equity ratio of 48.59. The stock has a market capitalization of $2.71 billion, a PE ratio of -117.38 and a beta of 1.26.

Insider Activity

In related news, insider Gabriel Monroy sold 3,495 shares of the stock in a transaction dated Tuesday, October 4th. The shares were sold at an average price of $40.10, for a total value of $140,149.50. Following the sale, the insider now directly owns 84,791 shares of the company’s stock, valued at approximately $3,400,119.10. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other DigitalOcean news, CMO Carly D. Brantz sold 1,773 shares of the firm’s stock in a transaction on Wednesday, November 16th. The stock was sold at an average price of $31.60, for a total transaction of $56,026.80. Following the completion of the transaction, the chief marketing officer now owns 85,916 shares of the company’s stock, valued at $2,714,945.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Gabriel Monroy sold 3,495 shares of the business’s stock in a transaction on Tuesday, October 4th. The stock was sold at an average price of $40.10, for a total value of $140,149.50. Following the completion of the transaction, the insider now directly owns 84,791 shares of the company’s stock, valued at $3,400,119.10. The disclosure for this sale can be found here. Company insiders own 4.10% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. B. Riley Wealth Advisors Inc. purchased a new position in shares of DigitalOcean during the third quarter valued at approximately $298,000. Alpha Paradigm Partners LLC purchased a new position in shares of DigitalOcean during the 3rd quarter worth $271,000. Baird Financial Group Inc. lifted its stake in shares of DigitalOcean by 0.8% during the 3rd quarter. Baird Financial Group Inc. now owns 38,215 shares of the company’s stock worth $1,382,000 after purchasing an additional 321 shares during the period. CIBC Private Wealth Group LLC grew its position in shares of DigitalOcean by 30.1% in the third quarter. CIBC Private Wealth Group LLC now owns 11,940 shares of the company’s stock valued at $432,000 after purchasing an additional 2,764 shares during the period. Finally, BNP Paribas Arbitrage SNC acquired a new position in DigitalOcean in the third quarter valued at $3,216,000. Institutional investors and hedge funds own 52.00% of the company’s stock.

About DigitalOcean

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DigitalOcean Holdings, Inc, through its subsidiaries, operates a cloud computing platform in North America, Europe, Asia, and internationally. Its platform provides on-demand infrastructure and platform tools for developers, start-ups, and small and medium size businesses. The company offers infrastructure solutions across compute, storage, and networking, as well as enables developers to extend the native capabilities of its cloud with fully managed application, container, and database offerings.

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Analyst Recommendations for DigitalOcean (NASDAQ:DOCN)

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