Bank of America Boosts DigitalOcean (NYSE:DOCN) Price Target to $31.00

DigitalOcean (NYSE:DOCN) had its price objective boosted by research analysts at Bank of America from $28.00 to $31.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has an “underperform” rating on the stock. Bank of America‘s price target points to a potential downside of 27.41% from the stock’s previous close.

A number of other brokerages have also recently commented on DOCN. Citigroup assumed coverage on shares of DigitalOcean in a research note on Friday, January 24th. They issued a “buy” rating and a $45.00 price objective for the company. Needham & Company LLC reiterated a “hold” rating on shares of DigitalOcean in a research report on Tuesday, November 5th. Morgan Stanley upgraded DigitalOcean from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $40.00 to $41.00 in a research report on Thursday, January 16th. JMP Securities raised their price objective on DigitalOcean from $47.00 to $55.00 and gave the company a “market outperform” rating in a research note on Monday, January 27th. Finally, Cantor Fitzgerald began coverage on DigitalOcean in a report on Friday, January 17th. They set a “neutral” rating and a $39.00 price target on the stock. One analyst has rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $43.27.

DigitalOcean Stock Performance

NYSE DOCN opened at $42.71 on Wednesday. The stock has a 50 day moving average price of $39.03 and a 200-day moving average price of $39.16. DigitalOcean has a one year low of $26.63 and a one year high of $47.02. The company has a market capitalization of $3.94 billion, a P/E ratio of 50.24, a P/E/G ratio of 3.12 and a beta of 1.81.

Insider Transactions at DigitalOcean

In other news, insider Bratin Saha sold 4,289 shares of DigitalOcean stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $36.80, for a total transaction of $157,835.20. Following the completion of the sale, the insider now owns 372,762 shares of the company’s stock, valued at approximately $13,717,641.60. The trade was a 1.14 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Matt Steinfort sold 12,498 shares of the stock in a transaction that occurred on Wednesday, December 4th. The stock was 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 directly owns 517,498 shares in the company, valued at approximately $20,699,920. This trade represents a 2.36 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,255 shares of company stock worth $790,163. 0.74% of the stock is currently owned by insiders.

Institutional Trading of DigitalOcean

A number of hedge funds have recently added to or reduced their stakes in DOCN. Harbor Investment Advisory LLC increased its position in DigitalOcean by 380.0% during the 4th quarter. Harbor Investment Advisory LLC now owns 720 shares of the company’s stock valued at $25,000 after purchasing an additional 570 shares during the period. Farther Finance Advisors LLC bought a new position in shares of DigitalOcean during the third quarter valued at approximately $30,000. Advisors Asset Management Inc. increased its holdings in DigitalOcean by 150.4% during the third quarter. Advisors Asset Management Inc. now owns 974 shares of the company’s stock valued at $39,000 after buying an additional 585 shares during the period. JTC Employer Solutions Trustee Ltd bought a new position in DigitalOcean in the fourth quarter worth approximately $45,000. Finally, Blue Trust Inc. lifted its holdings in DigitalOcean by 380.6% during the third quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock worth $49,000 after buying an additional 959 shares during the period. 49.77% of the stock is owned by hedge funds and other institutional investors.

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).