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

DigitalOcean (NYSE:DOCN) had its price target hoisted by equities research analysts at Oppenheimer from $85.00 to $100.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Oppenheimer’s price objective indicates a potential upside of 19.90% from the stock’s previous close.

Several other analysts have also recently issued reports on DOCN. The Goldman Sachs Group upped their target price on shares of DigitalOcean from $50.00 to $78.00 and gave the company a “buy” rating in a research report on Wednesday, February 25th. Citizens Jmp lifted their price target on DigitalOcean from $60.00 to $83.00 and gave the stock a “market outperform” rating in a research report on Wednesday, February 25th. Canaccord Genuity Group lifted their price target on DigitalOcean from $65.00 to $80.00 and gave the stock a “buy” rating in a research report on Friday, February 20th. Cantor Fitzgerald boosted their price objective on DigitalOcean from $68.00 to $83.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 25th. Finally, Royal Bank Of Canada set a $60.00 price objective on DigitalOcean in a research note on Tuesday, February 24th. Nine research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, DigitalOcean currently has a consensus rating of “Moderate Buy” and an average price target of $70.38.

DigitalOcean Stock Up 7.5%

DigitalOcean stock traded up $5.81 during mid-day trading on Wednesday, reaching $83.40. 2,939,990 shares of the company’s stock traded hands, compared to its average volume of 3,275,231. The company has a market cap of $7.67 billion, a price-to-earnings ratio of 32.94, a PEG ratio of 69.98 and a beta of 1.76. The stock has a 50 day moving average of $59.47 and a two-hundred day moving average of $48.30. DigitalOcean has a 12-month low of $25.45 and a 12-month high of $84.32.

Insider Activity at DigitalOcean

In related news, CFO Matt Steinfort sold 20,000 shares of the business’s stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $55.40, for a total transaction of $1,108,000.00. Following the completion of the transaction, the chief financial officer owned 545,916 shares in the company, valued at $30,243,746.40. The trade was a 3.53% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Cherie Barrett sold 22,000 shares of the company’s stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $54.77, for a total value 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 $3,421,427.13. This trade represents a 26.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.74% of the company’s stock.

Institutional Trading of DigitalOcean

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

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.