Brokerages Set DigitalOcean Holdings, Inc. (NYSE:DOCN) Target Price at $69.23

Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) have been assigned an average recommendation of “Moderate Buy” from the fourteen brokerages that are covering the firm, Marketbeat Ratings reports. Five investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $69.2308.

A number of brokerages have recently issued reports on DOCN. Canaccord Genuity Group upped their target price on shares of DigitalOcean from $65.00 to $80.00 and gave the company a “buy” rating in a report on Friday, February 20th. Citizens Jmp lifted their price target on DigitalOcean from $60.00 to $83.00 and gave the stock a “market outperform” rating in a report on Wednesday, February 25th. Cantor Fitzgerald boosted their price target on DigitalOcean from $68.00 to $83.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 25th. Weiss Ratings restated a “hold (c+)” rating on shares of DigitalOcean in a research note on Monday, December 29th. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $67.00 price objective on shares of DigitalOcean in a research report on Tuesday, February 24th.

Insiders Place Their Bets

In other DigitalOcean news, CAO Cherie Barrett sold 22,000 shares of DigitalOcean 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 completion of the transaction, 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 transaction of $1,108,000.00. Following the completion of the transaction, the chief financial officer owned 545,916 shares in the company, valued at approximately $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 currently owned by corporate insiders.

Institutional Trading of DigitalOcean

A number of hedge funds have recently modified their holdings of the stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in DigitalOcean by 5.0% in the 1st 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 buying an additional 16,162 shares during the last quarter. Intech Investment Management LLC raised its holdings in DigitalOcean by 59.2% in the 1st quarter. Intech Investment Management LLC now owns 39,429 shares of the company’s stock valued at $1,317,000 after acquiring an additional 14,655 shares during the period. Y Intercept Hong Kong Ltd acquired a new stake in DigitalOcean during the second quarter worth approximately $478,000. Andra AP fonden boosted its holdings in shares of DigitalOcean by 805.6% during the second quarter. Andra AP fonden now owns 122,695 shares of the company’s stock worth $3,504,000 after acquiring an additional 109,146 shares during the period. Finally, Bastion Asset Management Inc. bought a new stake in shares of DigitalOcean during the second quarter worth approximately $867,000. Institutional investors and hedge funds own 49.77% of the company’s stock.

DigitalOcean Price Performance

Shares of DOCN stock opened at $54.45 on Friday. The stock has a market cap of $5.01 billion, a P/E ratio of 21.52, a P/E/G ratio of 52.92 and a beta of 1.76. The company has a fifty day moving average price of $56.97 and a two-hundred day moving average price of $46.53. DigitalOcean has a one year low of $25.45 and a one year high of $70.43.

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.