DigitalOcean Holdings, Inc. (NYSE:DOCN) Receives Average Rating of “Moderate Buy” from Analysts

Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) have earned an average rating of “Moderate Buy” from the fourteen research firms that are currently covering the company, Marketbeat Ratings reports. Six equities research analysts have rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $52.25.

Several equities research analysts have recently weighed in on the stock. Barclays increased their target price on shares of DigitalOcean from $49.00 to $63.00 and gave the stock an “overweight” rating in a research note on Monday, January 12th. Oppenheimer assumed coverage on DigitalOcean in a research report on Monday, November 10th. They set an “outperform” rating and a $60.00 price objective for the company. Bank of America lifted their target price on DigitalOcean from $60.00 to $72.00 and gave the company a “buy” rating in a research note on Tuesday, January 27th. UBS Group upped their price target on DigitalOcean from $40.00 to $48.00 and gave the stock a “neutral” rating in a research note on Thursday, November 6th. Finally, Cantor Fitzgerald upgraded shares of DigitalOcean from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $47.00 to $68.00 in a research report on Thursday.

DigitalOcean Price Performance

Shares of NYSE:DOCN opened at $62.88 on Monday. DigitalOcean has a 1-year low of $25.45 and a 1-year high of $64.09. The stock has a market cap of $5.75 billion, a P/E ratio of 25.35, a P/E/G ratio of 8.84 and a beta of 1.77. The firm has a fifty day moving average price of $51.48 and a 200 day moving average price of $42.18.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Allworth Financial LP increased its position in DigitalOcean by 54.4% during the 3rd quarter. Allworth Financial LP now owns 724 shares of the company’s stock worth $25,000 after purchasing an additional 255 shares during the period. NBC Securities Inc. acquired a new position in DigitalOcean during the fourth quarter worth $32,000. Wilmington Savings Fund Society FSB purchased a new position in DigitalOcean in the third quarter worth $37,000. Advisory Services Network LLC acquired a new stake in DigitalOcean in the third quarter valued at $54,000. Finally, Advisors Asset Management Inc. boosted its position in shares of DigitalOcean by 18.0% during the 2nd quarter. Advisors Asset Management Inc. now owns 2,630 shares of the company’s stock worth $75,000 after purchasing an additional 401 shares in the last quarter. 49.77% of the stock is currently owned by institutional investors and hedge funds.

About DigitalOcean

DigitalOcean Holdings, Inc is a cloud infrastructure provider that focuses on simplicity, performance and developer experience. The company offers a range of cloud services designed to help software developers, startups and small- to medium-sized businesses deploy, manage and scale applications. Its flagship offering, Droplets, provides virtual private servers that can be configured with various CPU, memory and storage options. In addition to compute instances, DigitalOcean’s platform includes managed Kubernetes, scalable object and block storage, managed databases, load balancers and networking capabilities such as Virtual Private Cloud (VPC) and Floating IPs.

Founded in 2011 and headquartered in New York City, DigitalOcean was created with the goal of making cloud computing more accessible to individual developers and smaller teams.