DigitalOcean (NYSE:DOCN) Price Target Raised to $100.00 at Oppenheimer

DigitalOcean (NYSE:DOCN) had its target price hoisted by Oppenheimer from $85.00 to $100.00 in a report issued on Wednesday morning,Benzinga reports. Oppenheimer currently has an outperform rating on the stock.

Several other brokerages also recently weighed in on DOCN. The Goldman Sachs Group lifted their target price on shares of DigitalOcean from $50.00 to $78.00 and gave the company a “buy” rating in a report on Wednesday, February 25th. Stifel Nicolaus set a $57.00 target price on DigitalOcean in a report on Tuesday, February 24th. Bank of America boosted their target price on shares of DigitalOcean from $72.00 to $86.00 and gave the stock a “buy” rating in a research report on Wednesday, February 25th. Piper Sandler reiterated a “neutral” rating and set a $67.00 price target on shares of DigitalOcean in a research report on Tuesday, February 24th. Finally, Canaccord Genuity Group raised their price objective on DigitalOcean from $65.00 to $80.00 and gave the company a “buy” rating in a research note on Friday, February 20th. Nine equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $70.38.

DigitalOcean Stock Up 6.4%

Shares of DOCN stock opened at $82.59 on Wednesday. The stock’s 50-day moving average price is $60.05 and its 200 day moving average price is $48.54. The stock has a market capitalization of $7.60 billion, a PE ratio of 32.65, a price-to-earnings-growth ratio of 75.40 and a beta of 1.76. DigitalOcean has a 52-week low of $25.45 and a 52-week high of $86.46.

Insider Transactions at DigitalOcean

In other news, CAO Cherie Barrett sold 22,000 shares of the firm’s stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $54.77, for a total transaction of $1,204,940.00. Following the sale, the chief accounting officer owned 62,469 shares in the company, valued at $3,421,427.13. This trade represents a 26.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Matt Steinfort sold 20,000 shares of the stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $55.40, for a total value of $1,108,000.00. Following the transaction, the chief financial officer 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.96% of the company’s stock.

Institutional Investors Weigh In On DigitalOcean

A number of institutional investors have recently bought and sold shares of the stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of DigitalOcean by 5.0% during 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 worth $11,342,000 after buying an additional 16,162 shares during the last quarter. Intech Investment Management LLC boosted its holdings in DigitalOcean by 59.2% in the first 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 last quarter. PNC Financial Services Group Inc. grew its holdings in shares of DigitalOcean by 6.5% during the 2nd quarter. PNC Financial Services Group Inc. now owns 10,242 shares of the company’s stock worth $293,000 after purchasing an additional 628 shares during the period. Police & Firemen s Retirement System of New Jersey increased its position in DigitalOcean by 9.3% during the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 15,272 shares of the company’s stock worth $436,000 after purchasing an additional 1,299 shares in the last quarter. Finally, Rhumbline Advisers grew its stake in DigitalOcean by 1.6% during the second quarter. Rhumbline Advisers now owns 180,034 shares of the company’s stock worth $5,142,000 after buying an additional 2,784 shares during the period. 49.77% of the stock is currently owned by hedge funds and other institutional investors.

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.