Canaccord Genuity Group Issues Positive Forecast for DigitalOcean (NYSE:DOCN) Stock Price

DigitalOcean (NYSE:DOCN) had its price objective increased by Canaccord Genuity Group from $48.00 to $50.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s target price indicates a potential upside of 14.21% from the company’s previous close.

DOCN has been the subject of a number of other reports. Bank of America boosted their price target on DigitalOcean from $28.00 to $31.00 and gave the company an “underperform” rating in a research note on Wednesday. Morgan Stanley raised shares of DigitalOcean from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $40.00 to $41.00 in a research note on Thursday, January 16th. JMP Securities upped their target price on DigitalOcean from $47.00 to $55.00 and gave the company a “market outperform” rating in a research report on Monday, January 27th. Citigroup assumed coverage on DigitalOcean in a report on Friday, January 24th. They issued a “buy” rating and a $45.00 price objective on the stock. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of DigitalOcean in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, DigitalOcean presently has an average rating of “Hold” and an average price target of $42.36.

DigitalOcean Stock Performance

NYSE:DOCN traded up $2.95 during trading hours on Wednesday, reaching $43.78. The company’s stock had a trading volume of 850,560 shares, compared to its average volume of 1,279,072. The firm has a market capitalization of $4.04 billion, a price-to-earnings ratio of 51.61, a PEG ratio of 3.12 and a beta of 1.81. The firm has a 50-day simple moving average of $38.70 and a 200-day simple moving average of $39.10. DigitalOcean has a 1 year low of $26.63 and a 1 year high of $47.02.

Insider Transactions at DigitalOcean

In other DigitalOcean news, insider Bratin Saha sold 3,468 shares of DigitalOcean stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $38.18, for a total value of $132,408.24. Following the transaction, the insider now directly owns 379,795 shares of the company’s stock, valued at $14,500,573.10. The trade was a 0.90 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Matt Steinfort sold 12,498 shares of the company’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $40.00, for a total value of $499,920.00. Following the completion of the sale, the chief financial officer now directly owns 517,498 shares in the company, valued at approximately $20,699,920. The trade was a 2.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,255 shares of company stock worth $790,163 over the last three months. 0.74% of the stock is owned by company insiders.

Hedge Funds Weigh In On DigitalOcean

Several institutional investors have recently made changes to their positions in DOCN. Vanguard Group Inc. lifted its holdings in shares of DigitalOcean by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 8,434,555 shares of the company’s stock worth $287,365,000 after buying an additional 117,133 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its stake in DigitalOcean by 16.6% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 1,628,995 shares of the company’s stock worth $55,500,000 after purchasing an additional 231,407 shares in the last quarter. Fuller & Thaler Asset Management Inc. increased its holdings in shares of DigitalOcean by 7.3% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 1,545,642 shares of the company’s stock valued at $52,660,000 after acquiring an additional 105,235 shares during the period. First Trust Advisors LP boosted its holdings in shares of DigitalOcean by 6.2% in the 4th quarter. First Trust Advisors LP now owns 1,533,699 shares of the company’s stock valued at $52,253,000 after buying an additional 89,349 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in DigitalOcean by 0.6% during the 4th quarter. Geode Capital Management LLC now owns 1,473,421 shares of the company’s stock worth $50,211,000 after buying an additional 9,088 shares during the last quarter. Institutional investors own 49.77% of the company’s stock.

DigitalOcean Company Profile

DigitalOcean Holdings, Inc, through its subsidiaries, operates a cloud computing platform in North America, Europe, Asia, and internationally. The company’s platform provides on-demand infrastructure and platform tools for developers, start-ups, and small and growing digital businesses. It also offers infrastructure-as-a-service (IaaS) solutions comprising compute and storage services, as well as networking projects, including Cloud Firewalls software, Managed Load Balancers software, and Virtual Private Cloud (VPC).