DigitalOcean (NYSE:DOCN) Given New $107.00 Price Target at Bank of America

DigitalOcean (NYSE:DOCN) had its price objective hoisted by Bank of America from $103.00 to $107.00 in a report issued on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

Other equities analysts have also issued reports about the stock. Piper Sandler lifted their price target on shares of DigitalOcean from $67.00 to $98.00 and gave the stock a “neutral” rating in a report on Tuesday. Weiss Ratings reissued a “hold (c+)” rating on shares of DigitalOcean in a report on Friday, March 27th. Royal Bank Of Canada set a $60.00 price target on DigitalOcean in a report on Tuesday, February 24th. UBS Group raised their price target on DigitalOcean from $48.00 to $68.00 and gave the stock a “neutral” rating in a report on Wednesday, February 25th. Finally, Citizens Jmp raised their price target on DigitalOcean from $83.00 to $105.00 and gave the stock a “market outperform” rating in a report on Thursday, March 26th. Nine investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $76.08.

DigitalOcean Trading Down 2.1%

NYSE DOCN opened at $87.52 on Thursday. The firm’s fifty day simple moving average is $70.12 and its two-hundred day simple moving average is $54.15. DigitalOcean has a 12-month low of $25.56 and a 12-month high of $94.66. The firm has a market capitalization of $8.05 billion, a P/E ratio of 34.59 and a beta of 1.43.

Insiders Place Their Bets

In other news, CAO Cherie Barrett sold 22,000 shares of the business’s stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $54.77, for a total transaction of $1,204,940.00. Following the sale, the chief accounting officer directly owned 62,469 shares of the company’s stock, valued at $3,421,427.13. The trade was a 26.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Matt Steinfort sold 20,000 shares of the business’s stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $55.40, for a total transaction of $1,108,000.00. Following the sale, the chief financial officer directly owned 545,916 shares in the company, valued at $30,243,746.40. This trade represents a 3.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.96% of the stock is owned by insiders.

Institutional Investors Weigh In On DigitalOcean

Large investors have recently made changes to their positions in the stock. Bullseye Asset Management LLC grew its holdings in shares of DigitalOcean by 267.8% during the third quarter. Bullseye Asset Management LLC now owns 99,300 shares of the company’s stock valued at $3,392,000 after buying an additional 72,300 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in DigitalOcean by 39.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 300,299 shares of the company’s stock valued at $10,772,000 after purchasing an additional 84,816 shares during the last quarter. Penserra Capital Management LLC boosted its holdings in DigitalOcean by 27.2% in the third quarter. Penserra Capital Management LLC now owns 293,132 shares of the company’s stock valued at $10,013,000 after purchasing an additional 62,725 shares during the last quarter. Segall Bryant & Hamill LLC purchased a new stake in DigitalOcean in the third quarter valued at $8,951,000. Finally, Van Berkom & Associates Inc. boosted its holdings in DigitalOcean by 33.1% in the third quarter. Van Berkom & Associates Inc. now owns 1,564,991 shares of the company’s stock valued at $53,460,000 after purchasing an additional 389,161 shares during the last quarter. 49.77% of the stock is 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.