DigitalOcean (NYSE:DOCN) Price Target Raised to $98.00 at Piper Sandler

DigitalOcean (NYSE:DOCN) had its price target boosted by Piper Sandler from $67.00 to $98.00 in a research report report published on Tuesday,Benzinga reports. They currently have a neutral rating on the stock.

A number of other analysts also recently commented on the company. Weiss Ratings reiterated a “hold (c+)” rating on shares of DigitalOcean in a research report on Friday, March 27th. UBS Group boosted their target price on DigitalOcean from $48.00 to $68.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 25th. Barclays boosted their target price on DigitalOcean from $63.00 to $69.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 25th. Citigroup reiterated a “buy” rating on shares of DigitalOcean in a research report on Friday, February 13th. Finally, Citizens Jmp boosted their target price on DigitalOcean from $83.00 to $105.00 and gave the stock a “market outperform” rating in a research report on Thursday, March 26th. Nine investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $74.46.

DigitalOcean Stock Performance

DOCN opened at $86.42 on Tuesday. The business’s fifty day moving average is $68.91 and its two-hundred day moving average is $53.66. The company has a market cap of $7.95 billion, a price-to-earnings ratio of 34.16 and a beta of 1.43. DigitalOcean has a one year low of $25.45 and a one year high of $93.31.

Insider Buying and Selling at DigitalOcean

In other news, CAO Cherie Barrett sold 22,000 shares of the company’s stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $54.77, for a total value of $1,204,940.00. Following the sale, the chief accounting officer directly owned 62,469 shares in the company, valued at $3,421,427.13. This represents a 26.05% 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, CFO Matt Steinfort sold 20,000 shares of the company’s stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $55.40, for a total value of $1,108,000.00. Following the completion of the sale, the chief financial officer owned 545,916 shares in the company, valued at $30,243,746.40. This represents a 3.53% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.96% of the stock is owned by corporate insiders.

Institutional Trading of DigitalOcean

Several institutional investors and hedge funds have recently made changes to their positions in DOCN. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of DigitalOcean by 5.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 339,670 shares of the company’s stock valued at $11,342,000 after acquiring an additional 16,162 shares in the last quarter. Intech Investment Management LLC lifted its position in DigitalOcean by 59.2% during the first quarter. Intech Investment Management LLC now owns 39,429 shares of the company’s stock worth $1,317,000 after buying an additional 14,655 shares during the period. Hsbc Holdings PLC purchased a new position in DigitalOcean during the second quarter worth about $921,000. Norges Bank purchased a new position in DigitalOcean during the second quarter worth about $22,633,000. Finally, Amundi lifted its position in DigitalOcean by 126,552.2% during the second quarter. Amundi now owns 29,130 shares of the company’s stock worth $827,000 after buying an additional 29,107 shares during the period. 49.77% of the stock is currently owned by hedge funds and other institutional investors.

DigitalOcean Company Profile

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.