DigitalOcean (NASDAQ:DOCN) Upgraded to Outperform at Oppenheimer

DigitalOcean (NASDAQ:DOCN) was upgraded by Oppenheimer from a “market perform” rating to an “outperform” rating in a research report issued to clients and investors on Tuesday, Briefing.com reports. The firm presently has a $37.00 price objective on the stock. Oppenheimer’s price objective would indicate a potential upside of 29.42% from the stock’s current price.

Several other research analysts have also weighed in on DOCN. Canaccord Genuity Group reduced their target price on DigitalOcean from $52.00 to $33.00 and set a “buy” rating on the stock in a report on Tuesday, October 31st. Piper Sandler raised their target price on shares of DigitalOcean from $22.00 to $25.00 and gave the stock a “neutral” rating in a report on Friday, November 3rd. JMP Securities lowered their price objective on shares of DigitalOcean from $59.00 to $47.00 and set a “market outperform” rating for the company in a research report on Friday, September 1st. Credit Suisse Group reaffirmed a “neutral” rating and issued a $36.00 price objective on shares of DigitalOcean in a research report on Friday, August 4th. Finally, Morgan Stanley lowered their target price on DigitalOcean from $36.00 to $30.00 and set an “equal weight” rating for the company in a report on Friday, October 13th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $34.10.

DigitalOcean Stock Performance

Shares of NASDAQ:DOCN opened at $28.59 on Tuesday. The company has a 50 day moving average price of $23.78 and a two-hundred day moving average price of $33.28. The company has a market capitalization of $2.46 billion, a PE ratio of -109.96, a PEG ratio of 4.76 and a beta of 1.42. DigitalOcean has a 52 week low of $19.39 and a 52 week high of $51.69.

Insider Transactions at DigitalOcean

In related news, insider Megan Wood sold 20,000 shares of DigitalOcean stock in a transaction dated Tuesday, November 7th. The stock was sold at an average price of $25.79, for a total value of $515,800.00. Following the sale, the insider now owns 236,988 shares of the company’s stock, valued at $6,111,920.52. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other DigitalOcean news, COO Jeffrey Scott Guy sold 18,681 shares of the company’s stock in a transaction on Friday, November 10th. The shares were sold at an average price of $24.77, for a total transaction of $462,728.37. Following the sale, the chief operating officer now directly owns 99,359 shares of the company’s stock, valued at $2,461,122.43. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Megan Wood sold 20,000 shares of DigitalOcean stock in a transaction dated Tuesday, November 7th. The shares were sold at an average price of $25.79, for a total transaction of $515,800.00. Following the completion of the transaction, the insider now directly owns 236,988 shares of the company’s stock, valued at approximately $6,111,920.52. The disclosure for this sale can be found here. Insiders sold a total of 59,265 shares of company stock worth $1,497,451 in the last three months. Insiders own 4.48% of the company’s stock.

Institutional Investors Weigh In On DigitalOcean

Several hedge funds have recently bought and sold shares of the company. Bank Julius Baer & Co. Ltd Zurich lifted its position in shares of DigitalOcean by 87,441.5% in the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 24,822,396 shares of the company’s stock valued at $996,371,000 after buying an additional 24,794,041 shares during the last quarter. BlackRock Inc. lifted its holdings in DigitalOcean by 6.2% during the 1st quarter. BlackRock Inc. now owns 4,113,371 shares of the company’s stock valued at $237,960,000 after purchasing an additional 241,316 shares during the last quarter. Alliancebernstein L.P. lifted its holdings in DigitalOcean by 38.3% during the 2nd quarter. Alliancebernstein L.P. now owns 3,422,743 shares of the company’s stock valued at $137,389,000 after purchasing an additional 948,674 shares during the last quarter. First Trust Advisors LP boosted its position in DigitalOcean by 29.4% during the first quarter. First Trust Advisors LP now owns 3,241,162 shares of the company’s stock worth $187,501,000 after purchasing an additional 735,924 shares during the period. Finally, Van Berkom & Associates Inc. increased its holdings in shares of DigitalOcean by 25.2% in the third quarter. Van Berkom & Associates Inc. now owns 1,431,401 shares of the company’s stock valued at $34,397,000 after purchasing an additional 288,500 shares during the last quarter. 56.53% of the stock is currently owned by institutional investors and hedge funds.

DigitalOcean Company Profile

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.