DigitalOcean Holdings, Inc. (NYSE:DOCN) Given Average Rating of “Moderate Buy” by Brokerages

DigitalOcean Holdings, Inc. (NYSE:DOCN) has been assigned a consensus rating of “Moderate Buy” from the fourteen analysts that are currently covering the company, MarketBeat.com reports. Five research analysts have rated the stock with a hold rating and nine have issued a buy rating on the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $69.2308.

A number of research firms have weighed in on DOCN. Weiss Ratings restated a “hold (c+)” rating on shares of DigitalOcean in a research note on Monday, December 29th. Oppenheimer raised their target price on shares of DigitalOcean from $60.00 to $85.00 and gave the company an “outperform” rating in a research note on Wednesday, February 25th. Canaccord Genuity Group upped their price target on shares of DigitalOcean from $65.00 to $80.00 and gave the stock a “buy” rating in a research report on Friday, February 20th. Piper Sandler reiterated a “neutral” rating and issued a $67.00 price target on shares of DigitalOcean in a research note on Tuesday, February 24th. Finally, Barclays boosted their price objective on shares of DigitalOcean from $63.00 to $69.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 25th.

Insider Buying and Selling

In other news, CAO Cherie Barrett sold 22,000 shares of DigitalOcean stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $54.77, for a total transaction of $1,204,940.00. Following the completion of the transaction, the chief accounting officer directly owned 62,469 shares in the company, valued at approximately $3,421,427.13. The trade was a 26.05% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Matt Steinfort sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $55.40, for a total value of $1,108,000.00. Following the transaction, the chief financial officer directly owned 545,916 shares in the company, valued at $30,243,746.40. The trade was a 3.53% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.96% of the stock is owned by insiders.

Institutional Investors Weigh In On DigitalOcean

Several hedge funds have recently added to or reduced their stakes in the business. Maryland State Retirement & Pension System increased its holdings in shares of DigitalOcean by 1.9% in the fourth quarter. Maryland State Retirement & Pension System now owns 10,001 shares of the company’s stock valued at $481,000 after purchasing an additional 185 shares during the last quarter. Allworth Financial LP boosted its holdings in shares of DigitalOcean by 54.4% during the 3rd quarter. Allworth Financial LP now owns 724 shares of the company’s stock worth $25,000 after buying an additional 255 shares during the period. CWM LLC grew its stake in DigitalOcean by 1.3% in the 4th quarter. CWM LLC now owns 20,971 shares of the company’s stock valued at $1,009,000 after buying an additional 270 shares during the last quarter. Oregon Public Employees Retirement Fund raised its holdings in DigitalOcean by 2.6% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 15,729 shares of the company’s stock valued at $757,000 after acquiring an additional 398 shares during the period. Finally, GAMMA Investing LLC lifted its position in DigitalOcean by 33.8% during the fourth quarter. GAMMA Investing LLC now owns 1,581 shares of the company’s stock worth $76,000 after acquiring an additional 399 shares during the last quarter. Institutional investors and hedge funds own 49.77% of the company’s stock.

DigitalOcean Price Performance

Shares of NYSE DOCN opened at $53.75 on Friday. The business has a 50-day moving average of $56.88 and a 200-day moving average of $46.15. The stock has a market capitalization of $4.94 billion, a price-to-earnings ratio of 21.25, a PEG ratio of 50.79 and a beta of 1.76. DigitalOcean has a fifty-two week low of $25.45 and a fifty-two week high of $70.43.

DigitalOcean Company Profile

DigitalOcean Holdings, Inc is a cloud infrastructure provider that focuses on simplicity, performance and developer experience. The company offers a range of cloud services designed to help software developers, startups and small- to medium-sized businesses deploy, manage and scale applications. Its flagship offering, Droplets, provides virtual private servers that can be configured with various CPU, memory and storage options. In addition to compute instances, DigitalOcean’s platform includes managed Kubernetes, scalable object and block storage, managed databases, load balancers and networking capabilities such as Virtual Private Cloud (VPC) and Floating IPs.

Founded in 2011 and headquartered in New York City, DigitalOcean was created with the goal of making cloud computing more accessible to individual developers and smaller teams.