DigitalOcean (NYSE:DOCN) Coverage Initiated at Cantor Fitzgerald

Research analysts at Cantor Fitzgerald initiated coverage on shares of DigitalOcean (NYSE:DOCN) in a research note issued to investors on Friday, Marketbeat Ratings reports. The brokerage set a “neutral” rating and a $39.00 price target on the stock. Cantor Fitzgerald’s price target suggests a potential upside of 8.04% from the stock’s current price.

A number of other equities research analysts also recently commented on DOCN. Needham & Company LLC reaffirmed a “hold” rating on shares of DigitalOcean in a research report on Tuesday, November 5th. Barclays boosted their price target on DigitalOcean from $38.00 to $48.00 and gave the company an “overweight” rating in a research report on Friday, October 11th. JPMorgan Chase & Co. boosted their price target on DigitalOcean from $32.00 to $40.00 and gave the company a “neutral” rating in a research report on Friday, October 25th. Stifel Nicolaus boosted their price target on DigitalOcean from $35.00 to $40.00 and gave the company a “hold” rating in a research report on Wednesday, December 18th. Finally, Canaccord Genuity Group boosted their price target on DigitalOcean from $42.00 to $48.00 and gave the company a “buy” rating in a research report on Friday, October 4th. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $41.70.

DigitalOcean Stock Up 2.3 %

NYSE DOCN opened at $36.10 on Friday. The stock has a market cap of $3.33 billion, a price-to-earnings ratio of 42.47, a price-to-earnings-growth ratio of 2.47 and a beta of 1.78. DigitalOcean has a fifty-two week low of $26.63 and a fifty-two week high of $44.80. The business has a fifty day moving average of $36.85 and a 200-day moving average of $37.20.

DigitalOcean (NYSE:DOCN) last announced its quarterly earnings data on Monday, November 4th. The company reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.40 by $0.12. The business had revenue of $198.50 million during the quarter, compared to the consensus estimate of $196.64 million. DigitalOcean had a negative return on equity of 43.11% and a net margin of 10.86%. The business’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.17 earnings per share. As a group, analysts anticipate that DigitalOcean will post 1.01 EPS for the current year.

Insider Activity

In other DigitalOcean news, insider Bratin Saha sold 3,468 shares of the stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $38.18, for a total transaction of $132,408.24. Following the transaction, the insider now owns 379,795 shares of the company’s stock, valued at $14,500,573.10. This trade represents a 0.90 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Matt Steinfort sold 12,498 shares of the stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $40.00, for a total value of $499,920.00. Following the transaction, the chief financial officer now directly owns 517,498 shares in the company, valued at approximately $20,699,920. This represents a 2.36 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 32,955 shares of company stock worth $1,258,373. 0.74% of the stock is currently owned by corporate insiders.

Institutional Trading of DigitalOcean

A number of institutional investors and hedge funds have recently made changes to their positions in DOCN. Point72 Hong Kong Ltd acquired a new stake in DigitalOcean in the 2nd quarter valued at approximately $877,000. Versor Investments LP acquired a new position in shares of DigitalOcean during the 3rd quarter valued at $751,000. Public Sector Pension Investment Board acquired a new position in shares of DigitalOcean during the 2nd quarter valued at $4,108,000. University of Texas Texas AM Investment Management Co. bought a new stake in shares of DigitalOcean during the 2nd quarter worth $11,712,000. Finally, FORA Capital LLC bought a new stake in shares of DigitalOcean during the 3rd quarter worth $1,149,000. 49.77% of the stock is currently owned by institutional investors and hedge funds.

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).