DigitalOcean Holdings, Inc. (NYSE:DOCN) Receives Consensus Recommendation of “Hold” from Brokerages

DigitalOcean Holdings, Inc. (NYSE:DOCN) has been given an average rating of “Hold” by the twelve ratings firms that are presently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating on the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $43.27.

A number of brokerages have weighed in on DOCN. UBS Group lifted their price target on shares of DigitalOcean from $39.00 to $44.00 and gave the company a “neutral” rating in a research report on Wednesday, February 26th. Needham & Company LLC reiterated a “hold” rating on shares of DigitalOcean in a report on Wednesday, February 26th. Citigroup started coverage on shares of DigitalOcean in a research note on Friday, January 24th. They set a “buy” rating and a $45.00 price objective on the stock. Bank of America boosted their price target on shares of DigitalOcean from $28.00 to $31.00 and gave the company an “underperform” rating in a report on Wednesday, February 26th. Finally, JPMorgan Chase & Co. increased their price objective on DigitalOcean from $40.00 to $45.00 and gave the stock a “neutral” rating in a report on Wednesday, February 26th.

Insider Buying and Selling at DigitalOcean

In other DigitalOcean news, CFO Matt Steinfort sold 12,498 shares of the stock in a transaction dated 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 sale, the chief financial officer now directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Bratin Saha sold 4,289 shares of the company’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $36.80, for a total transaction of $157,835.20. Following the completion of the transaction, the insider now directly 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 disclosure for this sale can be found here. In the last three months, insiders have sold 20,255 shares of company stock worth $790,163. Company insiders own 0.74% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Versor Investments LP acquired a new stake in DigitalOcean during the 3rd quarter worth approximately $751,000. FORA Capital LLC bought a new position in shares of DigitalOcean in the third quarter worth about $1,149,000. Victory Capital Management Inc. boosted its position in DigitalOcean by 79.8% in the third quarter. Victory Capital Management Inc. now owns 31,169 shares of the company’s stock valued at $1,259,000 after buying an additional 13,837 shares in the last quarter. Public Sector Pension Investment Board grew its position in DigitalOcean by 13.5% during the 3rd quarter. Public Sector Pension Investment Board now owns 134,214 shares of the company’s stock worth $5,421,000 after acquiring an additional 16,000 shares during the last quarter. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new stake in shares of DigitalOcean during the fourth quarter worth about $5,382,000. Institutional investors own 49.77% of the company’s stock.

DigitalOcean Stock Performance

DOCN stock opened at $42.74 on Monday. The stock has a market capitalization of $3.94 billion, a P/E ratio of 50.29, a PEG ratio of 3.12 and a beta of 1.81. DigitalOcean has a one year low of $26.63 and a one year high of $47.02. The company has a 50 day moving average price of $39.17 and a two-hundred day moving average price of $39.27.

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).