The Goldman Sachs Group Cuts DigitalOcean (NYSE:DOCN) Price Target to $41.00

DigitalOcean (NYSE:DOCN) had its price objective trimmed by The Goldman Sachs Group from $46.00 to $41.00 in a research report released on Wednesday, MarketBeat.com reports. The firm currently has a buy rating on the stock.

A number of other research firms have also weighed in on DOCN. JMP Securities boosted their target price on shares of DigitalOcean from $47.00 to $55.00 and gave the stock a “market outperform” rating in a report on Monday, January 27th. Barclays decreased their price target on DigitalOcean from $48.00 to $38.00 and set an “overweight” rating for the company in a research note on Monday, April 21st. Bank of America increased their target price on shares of DigitalOcean from $28.00 to $31.00 and gave the company an “underperform” rating in a research report on Wednesday, February 26th. Stifel Nicolaus dropped their price target on shares of DigitalOcean from $40.00 to $33.00 and set a “hold” rating on the stock in a research report on Monday, April 7th. Finally, Citigroup assumed coverage on shares of DigitalOcean in a research report on Friday, January 24th. They set a “buy” rating and a $45.00 price target on the stock. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $39.83.

DigitalOcean Trading Down 2.4 %

DOCN stock opened at $29.17 on Wednesday. The firm has a 50-day moving average price of $32.25 and a 200-day moving average price of $36.63. DigitalOcean has a 12 month low of $25.45 and a 12 month high of $47.02. The stock has a market capitalization of $2.66 billion, a P/E ratio of 34.32, a price-to-earnings-growth ratio of 3.12 and a beta of 1.88.

DigitalOcean (NYSE:DOCN) last announced its quarterly earnings results on Tuesday, May 6th. The company reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.11. DigitalOcean had a net margin of 10.86% and a negative return on equity of 43.11%. The company had revenue of $210.70 million during the quarter, compared to the consensus estimate of $208.63 million. During the same period in the prior year, the business earned $0.43 earnings per share. The company’s revenue for the quarter was up 14.1% compared to the same quarter last year. As a group, equities analysts predict that DigitalOcean will post 1.01 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Bratin Saha sold 3,461 shares of DigitalOcean stock in a transaction that occurred on Monday, April 21st. The stock was 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 $10,592,697.62. The trade was a 0.87 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.74% of the company’s stock.

Institutional Trading of DigitalOcean

Institutional investors have recently made changes to their positions in the company. Tidal Investments LLC purchased a new position in shares of DigitalOcean in the 3rd quarter worth approximately $423,000. Franklin Resources Inc. boosted its position in DigitalOcean by 17.1% in 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 last quarter. Principal Financial Group Inc. grew its stake in DigitalOcean by 10.4% in the 3rd quarter. Principal Financial Group Inc. now owns 1,301,499 shares of the company’s stock valued at $52,568,000 after purchasing an additional 122,651 shares during the period. Nordea Investment Management AB increased its position in shares of DigitalOcean by 4.5% during the 4th quarter. Nordea Investment Management AB now owns 267,244 shares of the company’s stock valued at $9,196,000 after purchasing an additional 11,481 shares during the last quarter. Finally, JTC Employer Solutions Trustee Ltd purchased a new position in shares of DigitalOcean in the 4th quarter worth about $45,000. 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).