Canaccord Genuity Group Increases DigitalOcean (NYSE:DOCN) Price Target to $120.00
by Jessica Moore · The Cerbat GemDigitalOcean (NYSE:DOCN – Get Free Report) had its price objective raised by investment analysts at Canaccord Genuity Group from $80.00 to $120.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s target price points to a potential upside of 16.65% from the stock’s current price.
Several other brokerages have also commented on DOCN. Weiss Ratings restated a “hold (c+)” rating on shares of DigitalOcean in a research note on Friday, March 27th. The Goldman Sachs Group raised their price target on shares of DigitalOcean from $50.00 to $78.00 and gave the company a “buy” rating in a report on Wednesday, February 25th. Royal Bank Of Canada set a $60.00 price target on shares of DigitalOcean in a report on Tuesday, February 24th. Oppenheimer raised their price target on shares of DigitalOcean from $100.00 to $115.00 and gave the company an “outperform” rating in a report on Tuesday. Finally, Stifel Nicolaus set a $57.00 target price on shares of DigitalOcean in a report on Tuesday, February 24th. Nine investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, DigitalOcean currently has an average rating of “Moderate Buy” and an average target price of $91.08.
View Our Latest Report on DOCN
DigitalOcean Trading Up 6.7%
NYSE:DOCN traded up $6.44 on Friday, hitting $102.87. 2,851,846 shares of the stock were exchanged, compared to its average volume of 3,937,409. The stock has a market cap of $10.73 billion, a PE ratio of 40.66 and a beta of 1.43. The stock has a fifty day moving average of $77.95 and a 200-day moving average of $59.59. DigitalOcean has a fifty-two week low of $25.56 and a fifty-two week high of $104.48.
Insider Activity
In other DigitalOcean news, CFO Matt Steinfort sold 20,000 shares of the stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $55.40, for a total value of $1,108,000.00. Following the completion of the sale, the chief financial officer owned 545,916 shares of the company’s stock, valued at $30,243,746.40. This trade represents a 3.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Cherie Barrett sold 22,000 shares of the stock in a transaction that occurred on 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 sale, the chief accounting officer directly owned 62,469 shares of the company’s stock, valued at $3,421,427.13. This trade represents a 26.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.96% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On DigitalOcean
Several hedge funds and other institutional investors have recently added to or reduced their stakes in DOCN. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in DigitalOcean by 5.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 339,670 shares of the company’s stock worth $11,342,000 after buying an additional 16,162 shares during the period. Intech Investment Management LLC lifted its stake in shares of DigitalOcean by 59.2% in the first quarter. Intech Investment Management LLC now owns 39,429 shares of the company’s stock worth $1,317,000 after acquiring an additional 14,655 shares in the last quarter. Amundi lifted its stake in shares of DigitalOcean by 126,552.2% in the second quarter. Amundi now owns 29,130 shares of the company’s stock worth $827,000 after acquiring an additional 29,107 shares in the last quarter. Jump Financial LLC acquired a new position in shares of DigitalOcean in the second quarter worth about $3,212,000. Finally, Qube Research & Technologies Ltd lifted its stake in shares of DigitalOcean by 69.7% in the second quarter. Qube Research & Technologies Ltd now owns 414,643 shares of the company’s stock worth $11,842,000 after acquiring an additional 170,339 shares in the last quarter. Hedge funds and other institutional investors own 49.77% of the company’s stock.
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.