DigitalOcean (NYSE:DOCN) Given New $105.00 Price Target at Citizens Jmp

DigitalOcean (NYSE:DOCN) had its target price raised by analysts at Citizens Jmp from $83.00 to $105.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “market outperform” rating on the stock. Citizens Jmp’s target price indicates a potential upside of 22.43% from the company’s previous close.

Several other research analysts have also recently issued reports on the company. Canaccord Genuity Group raised their price objective on DigitalOcean from $65.00 to $80.00 and gave the stock a “buy” rating in a research note on Friday, February 20th. Royal Bank Of Canada set a $60.00 target price on DigitalOcean in a research report on Tuesday, February 24th. UBS Group raised their price target on shares of DigitalOcean from $48.00 to $68.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 25th. The Goldman Sachs Group lifted their price objective on shares of DigitalOcean from $50.00 to $78.00 and gave the company a “buy” rating in a research note on Wednesday, February 25th. Finally, Bank of America upped their price objective on shares of DigitalOcean from $72.00 to $86.00 and gave the company a “buy” rating in a report on Wednesday, February 25th. Nine research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $72.08.

DigitalOcean Price Performance

Shares of DOCN stock opened at $85.76 on Thursday. The business has a fifty day moving average of $63.20 and a 200 day moving average of $50.39. The firm has a market capitalization of $7.89 billion, a price-to-earnings ratio of 33.90, a price-to-earnings-growth ratio of 82.53 and a beta of 1.76. DigitalOcean has a 1 year low of $25.45 and a 1 year high of $88.84.

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 shares were sold at an average price of $55.40, for a total value of $1,108,000.00. Following the completion of 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 position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Cherie Barrett sold 22,000 shares of the stock in a transaction 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 sale, 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 ownership of the stock. The SEC filing for this sale provides additional information. 0.96% of the stock is owned by insiders.

Institutional Investors Weigh In On DigitalOcean

Hedge funds have recently modified their holdings of the company. Bullseye Asset Management LLC boosted its position in DigitalOcean by 267.8% during the third quarter. Bullseye Asset Management LLC now owns 99,300 shares of the company’s stock worth $3,392,000 after purchasing an additional 72,300 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of DigitalOcean by 39.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 300,299 shares of the company’s stock valued at $10,772,000 after buying an additional 84,816 shares in the last quarter. Penserra Capital Management LLC raised its stake in shares of DigitalOcean by 27.2% during the 3rd quarter. Penserra Capital Management LLC now owns 293,132 shares of the company’s stock worth $10,013,000 after buying an additional 62,725 shares during the period. Segall Bryant & Hamill LLC purchased a new position in shares of DigitalOcean during the 3rd quarter valued at approximately $8,951,000. Finally, Van Berkom & Associates Inc. grew its stake in DigitalOcean by 33.1% in the 3rd quarter. Van Berkom & Associates Inc. now owns 1,564,991 shares of the company’s stock valued at $53,460,000 after acquiring an additional 389,161 shares during the period. 49.77% of the stock is owned by hedge funds and other institutional investors.

About DigitalOcean

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.