DigitalOcean Holdings, Inc. (NYSE:DOCN) Receives $42.13 Consensus PT from Analysts

Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) have been assigned a consensus rating of “Hold” from the nine analysts that are covering the stock, Marketbeat Ratings reports. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $42.13.

A number of equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. upped their target price on shares of DigitalOcean from $32.00 to $40.00 and gave the stock a “neutral” rating in a report on Friday, October 25th. Stifel Nicolaus increased their price objective on shares of DigitalOcean from $35.00 to $40.00 and gave the company a “hold” rating in a report on Wednesday, December 18th. Canaccord Genuity Group boosted their target price on DigitalOcean from $42.00 to $48.00 and gave the stock a “buy” rating in a report on Friday, October 4th. Needham & Company LLC reaffirmed a “hold” rating on shares of DigitalOcean in a report on Tuesday, November 5th. Finally, Barclays upped their target price on DigitalOcean from $38.00 to $48.00 and gave the company an “overweight” rating in a report on Friday, October 11th.

Insiders Place Their Bets

In other news, CFO Matt Steinfort sold 12,498 shares of the firm’s stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $40.00, for a total value of $499,920.00. Following the completion of the transaction, the chief financial officer now owns 517,498 shares of the company’s stock, valued at approximately $20,699,920. This trade represents a 2.36 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Bratin Saha sold 16,989 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $36.85, for a total transaction of $626,044.65. Following the sale, the insider now directly owns 390,296 shares in the company, valued at approximately $14,382,407.60. The trade was a 4.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 32,955 shares of company stock valued at $1,258,373 over the last 90 days. 0.74% of the stock is owned by company insiders.

Hedge Funds Weigh In On DigitalOcean

Institutional investors have recently modified their holdings of the business. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in DigitalOcean by 34.8% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,676 shares of the company’s stock worth $406,000 after purchasing an additional 3,013 shares in the last quarter. Rhumbline Advisers increased its stake in shares of DigitalOcean by 94.1% during the second quarter. Rhumbline Advisers now owns 172,713 shares of the company’s stock worth $6,002,000 after buying an additional 83,722 shares during the period. Victory Capital Management Inc. raised its holdings in DigitalOcean by 95.8% in the second quarter. Victory Capital Management Inc. now owns 17,332 shares of the company’s stock valued at $602,000 after acquiring an additional 8,481 shares in the last quarter. Quest Partners LLC lifted its stake in DigitalOcean by 11,041.9% in the second quarter. Quest Partners LLC now owns 3,454 shares of the company’s stock worth $120,000 after acquiring an additional 3,423 shares during the last quarter. Finally, Van Berkom & Associates Inc. increased its position in shares of DigitalOcean by 1.6% in the 2nd quarter. Van Berkom & Associates Inc. now owns 1,273,103 shares of the company’s stock valued at $44,240,000 after purchasing an additional 19,731 shares during the last quarter. Institutional investors and hedge funds own 49.77% of the company’s stock.

DigitalOcean Stock Down 1.2 %

DOCN opened at $34.07 on Friday. The company has a market cap of $3.14 billion, a PE ratio of 40.08, a price-to-earnings-growth ratio of 2.45 and a beta of 1.76. DigitalOcean has a twelve month low of $26.63 and a twelve month high of $44.80. The company has a 50-day moving average price of $37.14 and a 200 day moving average price of $37.19.

DigitalOcean (NYSE:DOCN) last announced its earnings results on Monday, November 4th. The company reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.40 by $0.12. DigitalOcean had a negative return on equity of 43.11% and a net margin of 10.86%. The business had revenue of $198.50 million during the quarter, compared to analysts’ expectations of $196.64 million. During the same quarter in the prior year, the firm earned $0.17 earnings per share. The business’s revenue was up 12.1% compared to the same quarter last year. As a group, sell-side analysts expect that DigitalOcean will post 1.01 earnings per share for the current year.

About DigitalOcean

DigitalOcean Holdings, Inc, through its subsidiaries, operates a cloud computing platform in North America, Europe, Asia, and internationally. The company’s platform provides on-demand infrastructure and platform tools for developers, start-ups, and small and growing digital businesses. It also offers infrastructure-as-a-service (IaaS) solutions comprising compute and storage services, as well as networking projects, including Cloud Firewalls software, Managed Load Balancers software, and Virtual Private Cloud (VPC).