Analysts Set DigitalOcean Holdings, Inc. (NYSE:DOCN) PT at $72.08

DigitalOcean Holdings, Inc. (NYSE:DOCN) has received an average recommendation of “Moderate Buy” from the fourteen analysts that are presently covering the firm, Marketbeat.com reports. Five equities research analysts have rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $72.0769.

A number of research firms recently weighed in on DOCN. Citizens Jmp lifted their price target on DigitalOcean from $83.00 to $105.00 and gave the company a “market outperform” rating in a research note on Thursday, March 26th. The Goldman Sachs Group increased their price objective on DigitalOcean from $50.00 to $78.00 and gave the stock a “buy” rating in a research report on Wednesday, February 25th. UBS Group raised their target price on DigitalOcean from $48.00 to $68.00 and gave the company a “neutral” rating in a report on Wednesday, February 25th. Wall Street Zen lowered shares of DigitalOcean from a “buy” rating to a “hold” rating in a research report on Sunday, January 4th. Finally, Citigroup reiterated a “buy” rating on shares of DigitalOcean in a report on Friday, February 13th.

DigitalOcean Trading Up 2.7%

Shares of DOCN stock opened at $90.03 on Tuesday. The company has a market cap of $8.28 billion, a price-to-earnings ratio of 35.59 and a beta of 1.43. The stock has a 50 day simple moving average of $67.10 and a 200-day simple moving average of $52.36. DigitalOcean has a 12-month low of $25.45 and a 12-month high of $91.53.

Insider Transactions at DigitalOcean

In other DigitalOcean news, CFO Matt Steinfort sold 20,000 shares of the company’s stock in a transaction dated 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 transaction, the chief financial officer directly 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. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Cherie Barrett sold 22,000 shares of the stock in a transaction dated 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 approximately $3,421,427.13. This trade represents a 26.05% 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 insiders.

Hedge Funds Weigh In On DigitalOcean

Several hedge funds and other institutional investors have recently bought and sold shares of DOCN. Bullseye Asset Management LLC grew its holdings in DigitalOcean by 267.8% in the third quarter. Bullseye Asset Management LLC now owns 99,300 shares of the company’s stock valued at $3,392,000 after purchasing an additional 72,300 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of 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 buying an additional 84,816 shares in the last quarter. Penserra Capital Management LLC raised its stake in shares of DigitalOcean by 27.2% during the 3rd quarter. Penserra Capital Management LLC now owns 293,132 shares of the company’s stock worth $10,013,000 after buying an additional 62,725 shares during the last quarter. Segall Bryant & Hamill LLC purchased a new stake in shares of DigitalOcean in the 3rd quarter worth about $8,951,000. Finally, Van Berkom & Associates Inc. boosted its position in shares of DigitalOcean by 33.1% in the 3rd quarter. Van Berkom & Associates Inc. now owns 1,564,991 shares of the company’s stock worth $53,460,000 after buying an additional 389,161 shares in the last quarter. 49.77% of the stock is 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.