Brokerages Set DigitalOcean Holdings, Inc. (NYSE:DOCN) Price Target at $69.23

Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) have earned an average rating of “Moderate Buy” from the fourteen research firms that are presently covering the stock, MarketBeat.com reports. Five research analysts have rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $69.2308.

Several brokerages recently issued reports on DOCN. Wall Street Zen lowered shares of DigitalOcean from a “buy” rating to a “hold” rating in a report on Sunday, January 4th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of DigitalOcean in a research report on Monday, December 29th. Canaccord Genuity Group boosted their price target on DigitalOcean from $65.00 to $80.00 and gave the stock a “buy” rating in a research report on Friday, February 20th. The Goldman Sachs Group upped their price objective on DigitalOcean from $50.00 to $78.00 and gave the stock a “buy” rating in a research note on Wednesday, February 25th. Finally, Bank of America lifted their target price on DigitalOcean from $72.00 to $86.00 and gave the company a “buy” rating in a research note on Wednesday, February 25th.

DigitalOcean Price Performance

NYSE DOCN traded up $2.56 during trading on Friday, reaching $68.78. 102,944 shares of the company’s stock traded hands, compared to its average volume of 3,169,297. DigitalOcean has a 12-month low of $25.45 and a 12-month high of $70.43. The firm has a market cap of $6.33 billion, a price-to-earnings ratio of 27.33, a price-to-earnings-growth ratio of 66.75 and a beta of 1.76. The company’s 50 day simple moving average is $58.18 and its two-hundred day simple moving average is $47.23.

Insider Transactions at DigitalOcean

In related news, 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 owned 62,469 shares of the company’s stock, valued at $3,421,427.13. This represents a 26.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Matt Steinfort sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $55.40, for a total transaction 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 approximately $30,243,746.40. This trade represents a 3.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.96% of the stock is currently owned by company insiders.

Institutional Trading of DigitalOcean

Hedge funds and other institutional investors have recently made changes to their positions in the business. Maryland State Retirement & Pension System grew its stake in DigitalOcean by 1.9% during the 4th quarter. Maryland State Retirement & Pension System now owns 10,001 shares of the company’s stock worth $481,000 after buying an additional 185 shares during the last quarter. Allworth Financial LP boosted its holdings in DigitalOcean by 54.4% in the third quarter. Allworth Financial LP now owns 724 shares of the company’s stock worth $25,000 after acquiring an additional 255 shares in the last quarter. CWM LLC grew its stake in shares of DigitalOcean by 1.3% during the fourth quarter. CWM LLC now owns 20,971 shares of the company’s stock worth $1,009,000 after acquiring an additional 270 shares during the last quarter. Oregon Public Employees Retirement Fund increased its holdings in shares of DigitalOcean by 2.6% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 15,729 shares of the company’s stock valued at $757,000 after acquiring an additional 398 shares in the last quarter. Finally, GAMMA Investing LLC increased its holdings in shares of DigitalOcean by 33.8% during the fourth quarter. GAMMA Investing LLC now owns 1,581 shares of the company’s stock valued at $76,000 after acquiring an additional 399 shares in the last quarter. Hedge funds and other institutional investors 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.