Canaccord Genuity Group Issues Pessimistic Forecast for DigitalOcean (NYSE:DOCN) Stock Price

DigitalOcean (NYSE:DOCN) had its price objective reduced by Canaccord Genuity Group from $50.00 to $45.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s target price points to a potential upside of 57.12% from the company’s current price.

Other equities analysts also recently issued reports about the stock. Bank of America upped their price target on shares of DigitalOcean from $28.00 to $31.00 and gave the stock an “underperform” rating in a research note on Wednesday, February 26th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of DigitalOcean in a research report on Saturday, March 1st. JPMorgan Chase & Co. lifted their price target on DigitalOcean from $40.00 to $45.00 and gave the company a “neutral” rating in a report on Wednesday, February 26th. Morgan Stanley upgraded DigitalOcean from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $40.00 to $41.00 in a report on Thursday, January 16th. Finally, JMP Securities lifted their target price on shares of DigitalOcean from $47.00 to $55.00 and gave the company a “market outperform” rating in a research note on Monday, January 27th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $42.82.

DigitalOcean Stock Performance

Shares of DOCN opened at $28.64 on Monday. The company has a market capitalization of $2.64 billion, a PE ratio of 33.69, a PEG ratio of 3.12 and a beta of 1.87. The company’s 50 day moving average price is $39.63 and its 200 day moving average price is $39.00. DigitalOcean has a 52 week low of $26.63 and a 52 week high of $47.02.

Insider Buying and Selling

In other DigitalOcean news, insider Bratin Saha sold 3,948 shares of the firm’s stock in a transaction that occurred on Tuesday, March 18th. The stock was sold at an average price of $36.63, for a total value of $144,615.24. Following the sale, the insider now owns 358,696 shares of the company’s stock, valued at $13,139,034.48. This trade represents a 1.09 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.74% of the company’s stock.

Institutional Investors Weigh In On DigitalOcean

Hedge funds and other institutional investors have recently modified their holdings of the stock. Harbor Investment Advisory LLC boosted its holdings in 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 purchasing an additional 570 shares during the period. JTC Employer Solutions Trustee Ltd acquired a new stake in DigitalOcean during the fourth quarter worth about $45,000. SBI Securities Co. Ltd. bought a new position in DigitalOcean during the fourth quarter valued at about $66,000. KBC Group NV raised its holdings in DigitalOcean by 37.6% in the 4th quarter. KBC Group NV now owns 2,884 shares of the company’s stock valued at $98,000 after acquiring an additional 788 shares in the last quarter. Finally, New Age Alpha Advisors LLC bought a new stake in shares of DigitalOcean in the 4th quarter worth approximately $115,000. Institutional investors and hedge funds own 49.77% of the company’s stock.

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).