Barclays Cuts DigitalOcean (NYSE:DOCN) Price Target to $38.00

DigitalOcean (NYSE:DOCN) had its price objective reduced by Barclays from $48.00 to $38.00 in a research report report published on Monday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other equities research analysts have also issued reports on DOCN. JPMorgan Chase & Co. increased their target price on DigitalOcean from $40.00 to $45.00 and gave the company a “neutral” rating in a research note on Wednesday, February 26th. Morgan Stanley lowered their price objective on shares of DigitalOcean from $52.00 to $41.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Citigroup assumed coverage on shares of DigitalOcean in a research report on Friday, January 24th. They set a “buy” rating and a $45.00 target price on the stock. The Goldman Sachs Group reaffirmed a “buy” rating on shares of DigitalOcean in a report on Saturday, March 1st. Finally, Canaccord Genuity Group dropped their price target on shares of DigitalOcean from $50.00 to $45.00 and set a “buy” rating on the stock in a research note on Monday, April 7th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $41.27.

DigitalOcean Trading Up 6.1 %

Shares of NYSE DOCN opened at $28.30 on Monday. The stock has a fifty day moving average price of $35.02 and a 200 day moving average price of $37.67. DigitalOcean has a 12-month low of $25.45 and a 12-month high of $47.02. The company has a market cap of $2.60 billion, a P/E ratio of 33.29, a P/E/G ratio of 3.12 and a beta of 1.87.

Insider Transactions at DigitalOcean

In other news, insider Bratin Saha sold 3,461 shares of the stock in a transaction dated Monday, April 21st. The shares were sold at an average price of $26.86, for a total transaction of $92,962.46. Following the transaction, the insider now owns 394,367 shares of the company’s stock, valued at approximately $10,592,697.62. This trade represents a 0.87 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.74% of the company’s stock.

Institutional Trading of DigitalOcean

Several institutional investors and hedge funds have recently bought and sold shares of DOCN. Stifel Financial Corp increased its holdings in shares of DigitalOcean by 3.6% in the 3rd quarter. Stifel Financial Corp now owns 22,218 shares of the company’s stock valued at $897,000 after acquiring an additional 777 shares during the last quarter. Tidal Investments LLC bought a new stake in DigitalOcean during the third quarter valued at $423,000. Franklin Resources Inc. raised its holdings in shares of DigitalOcean by 17.1% during the third quarter. Franklin Resources Inc. now owns 39,078 shares of the company’s stock worth $1,714,000 after purchasing an additional 5,718 shares during the period. Principal Financial Group Inc. lifted its position in shares of DigitalOcean by 10.4% in the 3rd quarter. Principal Financial Group Inc. now owns 1,301,499 shares of the company’s stock worth $52,568,000 after buying an additional 122,651 shares during the last quarter. Finally, Nordea Investment Management AB lifted its position in shares of DigitalOcean by 4.5% in the 4th quarter. Nordea Investment Management AB now owns 267,244 shares of the company’s stock worth $9,196,000 after buying an additional 11,481 shares during the last quarter. Institutional investors and hedge funds 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).