DigitalOcean (NYSE:DOCN) Now Covered by Cantor Fitzgerald

Cantor Fitzgerald began coverage on shares of DigitalOcean (NYSE:DOCN) in a report issued on Friday,Briefing.com Automated Import reports. The brokerage set a “neutral” rating and a $39.00 price target on the stock. Cantor Fitzgerald’s target price points to a potential upside of 10.58% from the stock’s current price.

Other equities analysts have also recently issued reports about the stock. Barclays boosted their price objective on shares of DigitalOcean from $38.00 to $48.00 and gave the company an “overweight” rating in a research note on Friday, October 11th. Canaccord Genuity Group increased their price target on shares of DigitalOcean from $42.00 to $48.00 and gave the stock a “buy” rating in a report on Friday, October 4th. JPMorgan Chase & Co. boosted their target price on DigitalOcean from $32.00 to $40.00 and gave the stock a “neutral” rating in a research report on Friday, October 25th. Needham & Company LLC reissued a “hold” rating on shares of DigitalOcean in a research note on Tuesday, November 5th. Finally, Stifel Nicolaus lifted their price target on DigitalOcean from $35.00 to $40.00 and gave the company a “hold” rating in a research note on Wednesday, December 18th. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, DigitalOcean currently has an average rating of “Hold” and an average target price of $41.70.

DigitalOcean Stock Up 3.0 %

Shares of NYSE DOCN opened at $35.27 on Friday. The stock has a market cap of $3.25 billion, a PE ratio of 41.49, a price-to-earnings-growth ratio of 2.47 and a beta of 1.78. DigitalOcean has a 52-week low of $26.63 and a 52-week high of $44.80. The business has a 50-day moving average price of $36.90 and a 200 day moving average price of $37.17.

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

Insider Buying and Selling at DigitalOcean

In other news, insider Bratin Saha sold 3,468 shares of the stock in a transaction that occurred on 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 $14,500,573.10. This represents a 0.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Matt Steinfort sold 12,498 shares of the firm’s stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $40.00, for a total transaction of $499,920.00. Following the transaction, the chief financial officer now directly 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 disclosure for this sale can be found here. Over the last 90 days, insiders have sold 32,955 shares of company stock valued at $1,258,373. Insiders own 0.74% of the company’s stock.

Institutional Trading of DigitalOcean

A number of large investors have recently made changes to their positions in the stock. Geode Capital Management LLC grew its stake in DigitalOcean by 7.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,464,333 shares of the company’s stock worth $59,156,000 after acquiring an additional 106,636 shares during the period. Jacobs Levy Equity Management Inc. increased its stake in shares of DigitalOcean by 32.8% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,397,588 shares of the company’s stock valued at $56,449,000 after acquiring an additional 345,119 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in shares of DigitalOcean by 10.4% during the 3rd quarter. Principal Financial Group Inc. now owns 1,301,499 shares of the company’s stock worth $52,568,000 after acquiring an additional 122,651 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of DigitalOcean by 23.4% in the second quarter. Dimensional Fund Advisors LP now owns 1,079,579 shares of the company’s stock worth $37,512,000 after acquiring an additional 205,007 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in DigitalOcean by 14.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 565,763 shares of the company’s stock valued at $22,851,000 after purchasing an additional 70,700 shares during the period. Institutional investors and hedge funds own 49.77% of the company’s stock.

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).