Canaccord Genuity Group Boosts DigitalOcean (NYSE:DOCN) Price Target to $60.00

DigitalOcean (NYSE:DOCN) had its target price upped by investment analysts at Canaccord Genuity Group from $55.00 to $60.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s target price would indicate a potential upside of 27.67% from the company’s previous close.

Several other equities research analysts also recently issued reports on the company. Morgan Stanley increased their price objective on DigitalOcean from $41.00 to $44.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 6th. Stifel Nicolaus set a $36.00 price target on shares of DigitalOcean in a report on Tuesday, August 5th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of DigitalOcean in a research report on Wednesday, October 8th. Bank of America raised shares of DigitalOcean from an “underperform” rating to a “buy” rating and lifted their target price for the company from $34.00 to $60.00 in a research note on Thursday. Finally, Barclays upped their price target on shares of DigitalOcean from $40.00 to $49.00 and gave the stock an “overweight” rating in a research note on Thursday. Seven investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $47.73.

DigitalOcean Stock Up 2.6%

Shares of DigitalOcean stock traded up $1.19 during trading on Thursday, hitting $47.00. The stock had a trading volume of 4,454,308 shares, compared to its average volume of 2,025,362. The company has a market capitalization of $4.28 billion, a PE ratio of 36.07, a P/E/G ratio of 2.21 and a beta of 1.78. DigitalOcean has a 1 year low of $25.45 and a 1 year high of $49.62. The stock has a 50 day simple moving average of $37.42 and a 200 day simple moving average of $32.25.

DigitalOcean (NYSE:DOCN) last posted its quarterly earnings data on Tuesday, August 5th. The company reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.12. The firm had revenue of $218.70 million for the quarter, compared to analysts’ expectations of $216.62 million. DigitalOcean had a net margin of 15.18% and a negative return on equity of 73.19%. The company’s quarterly revenue was up 13.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.48 EPS. As a group, equities analysts expect that DigitalOcean will post 1.01 earnings per share for the current fiscal year.

Insider Activity at DigitalOcean

In other news, insider Bratin Saha sold 13,010 shares of DigitalOcean stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $31.87, for a total value of $414,628.70. Following the transaction, the insider owned 269,465 shares of the company’s stock, valued at $8,587,849.55. This trade represents a 4.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.96% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On DigitalOcean

A number of hedge funds have recently bought and sold shares of the company. CX Institutional grew its position in shares of DigitalOcean by 780.5% in the second quarter. CX Institutional now owns 1,039 shares of the company’s stock valued at $30,000 after purchasing an additional 921 shares during the last quarter. GAMMA Investing LLC increased its position in DigitalOcean by 336.1% in the 1st quarter. GAMMA Investing LLC now owns 1,064 shares of the company’s stock worth $36,000 after buying an additional 820 shares during the period. Wilmington Savings Fund Society FSB bought a new position in DigitalOcean in the 3rd quarter worth approximately $37,000. SVB Wealth LLC acquired a new position in shares of DigitalOcean during the first quarter worth approximately $48,000. Finally, Farther Finance Advisors LLC boosted its position in shares of DigitalOcean by 42.3% in the second quarter. Farther Finance Advisors LLC now owns 1,924 shares of the company’s stock valued at $55,000 after acquiring an additional 572 shares during the period. 49.77% of the stock is currently owned by institutional investors.

About DigitalOcean

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).