Shares of DigitalOcean Holdings, Inc. (NASDAQ:DOCN – Get Free Report) have received an average rating of “Hold” from the thirteen analysts that are covering the company, MarketBeat reports. Three analysts have rated the stock with a sell recommendation, five have given a hold recommendation and five have given a buy recommendation to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $43.83.
A number of analysts have recently weighed in on DOCN shares. JMP Securities cut their price target on shares of DigitalOcean from $59.00 to $47.00 and set a “market outperform” rating for the company in a report on Friday, September 1st. Morgan Stanley raised DigitalOcean from an “underweight” rating to an “equal weight” rating and dropped their price target for the company from $127.00 to $103.00 in a research note on Friday, August 11th. Credit Suisse Group reissued a “neutral” rating and issued a $36.00 price target on shares of DigitalOcean in a research report on Friday, August 4th. Piper Sandler cut shares of DigitalOcean from a “neutral” rating to an “underweight” rating and set a $35.00 price target on the stock. in a research report on Wednesday, June 21st. Finally, Bank of America downgraded DigitalOcean from a “buy” rating to an “underperform” rating and lowered their price objective for the stock from $47.00 to $25.00 in a research note on Friday, September 8th.
DigitalOcean Trading Down 3.5 %
DigitalOcean (NASDAQ:DOCN – Get Free Report) last released its quarterly earnings data on Friday, August 11th. The company reported $0.11 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.11. DigitalOcean had a negative return on equity of 32.38% and a negative net margin of 5.27%. The business had revenue of $169.81 million for the quarter, compared to analysts’ expectations of $169.75 million. Equities research analysts predict that DigitalOcean will post 0.5 EPS for the current year.
Insider Buying and Selling
In other news, COO Jeffrey Scott Guy sold 20,584 shares of the business’s stock in a transaction that occurred on Thursday, September 7th. The stock was sold at an average price of $25.21, for a total value of $518,922.64. Following the transaction, the chief operating officer now directly owns 108,040 shares of the company’s stock, valued at approximately $2,723,688.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, COO Jeffrey Scott Guy sold 20,584 shares of the business’s stock in a transaction that occurred on Thursday, September 7th. The stock was sold at an average price of $25.21, for a total value of $518,922.64. Following the completion of the transaction, the chief operating officer now directly owns 108,040 shares in the company, valued at approximately $2,723,688.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Warren Jenson purchased 4,000 shares of DigitalOcean stock in a transaction on Thursday, September 7th. The shares were purchased at an average cost of $25.74 per share, with a total value of $102,960.00. Following the transaction, the director now owns 15,632 shares in the company, valued at $402,367.68. The disclosure for this purchase can be found here. In the last three months, insiders sold 42,584 shares of company stock valued at $1,332,623. Company insiders own 4.48% of the company’s stock.
Institutional Investors Weigh In On DigitalOcean
Hedge funds have recently modified their holdings of the company. Bank Julius Baer & Co. Ltd Zurich lifted its stake in shares of DigitalOcean by 87,441.5% in the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 24,822,396 shares of the company’s stock worth $996,371,000 after acquiring an additional 24,794,041 shares during the period. BlackRock Inc. raised its holdings in shares of DigitalOcean by 6.2% in the 1st quarter. BlackRock Inc. now owns 4,113,371 shares of the company’s stock worth $237,960,000 after purchasing an additional 241,316 shares during the period. Alliancebernstein L.P. lifted its position in shares of DigitalOcean by 38.3% during the second quarter. Alliancebernstein L.P. now owns 3,422,743 shares of the company’s stock worth $137,389,000 after acquiring an additional 948,674 shares in the last quarter. First Trust Advisors LP boosted its holdings in DigitalOcean by 29.4% in the 1st quarter. First Trust Advisors LP now owns 3,241,162 shares of the company’s stock valued at $187,501,000 after purchasing an additional 735,924 shares during the period. Finally, State Street Corp increased its position in shares of DigitalOcean by 10.1% in the third quarter. State Street Corp now owns 1,351,461 shares of the company’s stock worth $48,882,000 after purchasing an additional 124,240 shares during the last quarter. Institutional investors and hedge funds own 56.53% of the company’s stock.
DigitalOcean Holdings, Inc, through its subsidiaries, operates a cloud computing platform in North America, Europe, Asia, and internationally. Its platform provides on-demand infrastructure and platform tools for developers, start-ups, and small and medium size businesses. The company offers infrastructure solutions across compute, storage, and networking, as well as enables developers to extend the native capabilities of its cloud with fully managed application, container, and database offerings.
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