Oppenheimer Issues Positive Forecast for DigitalOcean (NYSE:DOCN) Stock Price

DigitalOcean (NYSE:DOCN) had its target price hoisted by research analysts at Oppenheimer from $85.00 to $100.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Oppenheimer’s target price points to a potential upside of 19.90% from the stock’s previous close.

Other equities analysts also recently issued reports about the stock. The Goldman Sachs Group boosted their target price on shares of DigitalOcean from $50.00 to $78.00 and gave the stock a “buy” rating in a report on Wednesday, February 25th. Bank of America raised their price target on shares of DigitalOcean from $72.00 to $86.00 and gave the company a “buy” rating in a report on Wednesday, February 25th. Stifel Nicolaus set a $57.00 price objective on shares of DigitalOcean in a research report on Tuesday, February 24th. Piper Sandler reiterated a “neutral” rating and set a $67.00 price objective on shares of DigitalOcean in a research note on Tuesday, February 24th. Finally, UBS Group increased their target price on shares of DigitalOcean from $48.00 to $68.00 and gave the company a “neutral” rating in a research report on Wednesday, February 25th. Nine investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, DigitalOcean currently has an average rating of “Moderate Buy” and a consensus target price of $70.38.

DigitalOcean Trading Up 7.5%

Shares of DOCN traded up $5.81 during trading hours on Wednesday, hitting $83.40. The company had a trading volume of 2,939,990 shares, compared to its average volume of 3,275,231. The company has a market capitalization of $7.67 billion, a PE ratio of 32.94, a price-to-earnings-growth ratio of 69.98 and a beta of 1.76. DigitalOcean has a one year low of $25.45 and a one year high of $84.32. The company’s fifty day moving average price is $59.47 and its two-hundred day moving average price is $48.30.

Insider Buying and Selling

In related news, CAO Cherie Barrett sold 22,000 shares of the business’s stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $54.77, for a total value of $1,204,940.00. Following the completion of the transaction, the chief accounting officer directly owned 62,469 shares in the company, valued at $3,421,427.13. The trade was a 26.05% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Matt Steinfort sold 20,000 shares of the stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $55.40, for a total transaction of $1,108,000.00. Following the sale, the chief financial officer directly owned 545,916 shares in the company, valued at $30,243,746.40. This trade represents a 3.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.74% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in DOCN. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in DigitalOcean by 5.0% during the first 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 acquiring an additional 16,162 shares during the period. Intech Investment Management LLC grew its position 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 valued at $1,317,000 after purchasing an additional 14,655 shares during the period. PNC Financial Services Group Inc. increased its stake in shares of DigitalOcean by 6.5% during the second quarter. PNC Financial Services Group Inc. now owns 10,242 shares of the company’s stock worth $293,000 after purchasing an additional 628 shares in the last quarter. Police & Firemen s Retirement System of New Jersey raised its position in shares of DigitalOcean by 9.3% during the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 15,272 shares of the company’s stock worth $436,000 after purchasing an additional 1,299 shares during the last quarter. Finally, Rhumbline Advisers raised its position in shares of DigitalOcean by 1.6% during the 2nd quarter. Rhumbline Advisers now owns 180,034 shares of the company’s stock worth $5,142,000 after purchasing an additional 2,784 shares during 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.