DigitalOcean (NYSE:DOCN) Sets New 1-Year High – Here’s What Happened
by Danessa Lincoln · The Markets DailyDigitalOcean Holdings, Inc. (NYSE:DOCN – Get Free Report) shares hit a new 52-week high during mid-day trading on Monday . The company traded as high as $64.45 and last traded at $64.1910, with a volume of 293125 shares. The stock had previously closed at $62.92.
Wall Street Analyst Weigh In
A number of analysts recently weighed in on the stock. Oppenheimer began coverage on shares of DigitalOcean in a research note on Monday, November 10th. They set an “outperform” rating and a $60.00 price target for the company. UBS Group upped their target price on shares of DigitalOcean from $40.00 to $48.00 and gave the company a “neutral” rating in a report on Thursday, November 6th. Piper Sandler raised their price target on DigitalOcean from $47.00 to $50.00 and gave the stock a “neutral” rating in a report on Monday, January 5th. Wall Street Zen cut DigitalOcean from a “buy” rating to a “hold” rating in a research report on Sunday, January 4th. Finally, Barclays increased their price objective on DigitalOcean from $49.00 to $63.00 and gave the stock an “overweight” rating in a research report on Monday, January 12th. Eight analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $52.25.
View Our Latest Stock Report on DigitalOcean
DigitalOcean Trading Down 0.8%
The stock has a fifty day simple moving average of $52.28 and a two-hundred day simple moving average of $42.69. The company has a market cap of $5.88 billion, a PE ratio of 25.91, a price-to-earnings-growth ratio of 9.09 and a beta of 1.77.
Institutional Investors Weigh In On DigitalOcean
A number of hedge funds and other institutional investors have recently bought and sold shares of DOCN. Bank of New York Mellon Corp boosted its position in shares of DigitalOcean by 3.5% during the 4th quarter. Bank of New York Mellon Corp now owns 653,334 shares of the company’s stock worth $31,438,000 after purchasing an additional 22,275 shares in the last quarter. Huntington National Bank boosted its holdings in DigitalOcean by 638.3% during the fourth quarter. Huntington National Bank now owns 598 shares of the company’s stock worth $29,000 after buying an additional 517 shares in the last quarter. Sterling Investment Advisors Ltd. acquired a new position in DigitalOcean during the fourth quarter worth about $212,000. Hantz Financial Services Inc. increased its holdings in DigitalOcean by 164.9% in the fourth quarter. Hantz Financial Services Inc. now owns 898 shares of the company’s stock valued at $43,000 after buying an additional 559 shares in the last quarter. Finally, Lisanti Capital Growth LLC acquired a new stake in shares of DigitalOcean during the 4th quarter valued at approximately $3,692,000. Institutional investors and hedge funds own 49.77% of the company’s stock.
DigitalOcean Company Profile
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.