DigitalOcean (NYSE:DOCN) Rating Increased to Overweight at Morgan Stanley

Morgan Stanley upgraded shares of DigitalOcean (NYSE:DOCN) from an equal weight rating to an overweight rating in a research report released on Thursday, Marketbeat reports. Morgan Stanley currently has $41.00 price objective on the stock, up from their previous price objective of $40.00.

DOCN has been the topic of several other research reports. Needham & Company LLC reissued a “hold” rating on shares of DigitalOcean in a research note on Tuesday, November 5th. JPMorgan Chase & Co. increased their target price on shares of DigitalOcean from $32.00 to $40.00 and gave the company a “neutral” rating in a research note on Friday, October 25th. Stifel Nicolaus raised their price target on shares of DigitalOcean from $35.00 to $40.00 and gave the stock a “hold” rating in a research note on Wednesday, December 18th. Barclays raised their price target on shares of DigitalOcean from $38.00 to $48.00 and gave the stock an “overweight” rating in a research note on Friday, October 11th. Finally, Canaccord Genuity Group raised their price target on shares of DigitalOcean from $42.00 to $48.00 and gave the stock a “buy” rating in a research note on Friday, October 4th. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $42.00.

DigitalOcean Stock Up 3.0 %

DOCN stock opened at $35.27 on Thursday. DigitalOcean has a 52 week low of $26.63 and a 52 week high of $44.80. The company has a fifty day simple moving average of $36.97 and a two-hundred day simple moving average of $37.19. The firm has a market capitalization of $3.25 billion, a P/E ratio of 41.49, a price-to-earnings-growth ratio of 2.47 and a beta of 1.78.

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

Insider Buying and Selling at DigitalOcean

In other news, insider Bratin Saha sold 3,468 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $38.18, for a total value of $132,408.24. Following the sale, the insider now directly owns 379,795 shares in the company, valued at approximately $14,500,573.10. This trade represents a 0.90 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Matt Steinfort sold 12,498 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $40.00, for a total transaction of $499,920.00. Following the completion of the sale, the chief financial officer now owns 517,498 shares in the company, valued at $20,699,920. This represents a 2.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 32,955 shares of company stock valued at $1,258,373. Company insiders own 0.74% of the company’s stock.

Institutional Trading of DigitalOcean

A number of institutional investors have recently modified their holdings of the company. Harbor Investment Advisory LLC boosted its holdings in shares of DigitalOcean by 380.0% in the 4th quarter. Harbor Investment Advisory LLC now owns 720 shares of the company’s stock valued at $25,000 after buying an additional 570 shares in the last quarter. Hennion & Walsh Asset Management Inc. boosted its holdings in shares of DigitalOcean by 20.2% in the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 11,845 shares of the company’s stock valued at $404,000 after buying an additional 1,990 shares in the last quarter. JTC Employer Solutions Trustee Ltd bought a new stake in shares of DigitalOcean in the 4th quarter valued at about $45,000. Nordea Investment Management AB boosted its stake in DigitalOcean by 4.5% in the 4th quarter. Nordea Investment Management AB now owns 267,244 shares of the company’s stock worth $9,196,000 after purchasing an additional 11,481 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its stake in DigitalOcean by 10.4% in the 3rd quarter. Principal Financial Group Inc. now owns 1,301,499 shares of the company’s stock worth $52,568,000 after purchasing an additional 122,651 shares in the last quarter. 49.77% of the stock is currently owned by institutional investors.

DigitalOcean Company Profile

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).