DigitalOcean (NYSE:DOCN) Receives Hold Rating from Needham & Company LLC

DigitalOcean (NYSE:DOCN)‘s stock had its “hold” rating reiterated by equities researchers at Needham & Company LLC in a report released on Wednesday,Benzinga reports.

DOCN has been the topic of a number of other research reports. Citigroup started coverage on DigitalOcean in a report on Friday, January 24th. They set a “buy” rating and a $45.00 price target on the stock. Cantor Fitzgerald began coverage on DigitalOcean in a research note on Friday, January 17th. They issued a “neutral” rating and a $39.00 target price on the stock. JMP Securities upped their price target on DigitalOcean from $47.00 to $55.00 and gave the stock a “market outperform” rating in a research note on Monday, January 27th. Stifel Nicolaus lifted their price objective on shares of DigitalOcean from $35.00 to $40.00 and gave the company a “hold” rating in a research report on Wednesday, December 18th. Finally, Morgan Stanley raised shares of DigitalOcean from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $40.00 to $41.00 in a research note on Thursday, January 16th. One analyst has rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, DigitalOcean has a consensus rating of “Hold” and an average price target of $41.36.

DigitalOcean Stock Performance

Shares of DigitalOcean stock opened at $40.66 on Wednesday. The company has a market capitalization of $3.75 billion, a P/E ratio of 47.83, a PEG ratio of 3.12 and a beta of 1.81. DigitalOcean has a 1 year low of $26.63 and a 1 year high of $47.02. The company’s fifty day moving average is $38.70 and its two-hundred day moving average is $39.10.

Insider Activity

In related news, insider Bratin Saha sold 4,289 shares of the business’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $36.80, for a total value of $157,835.20. Following the sale, the insider now directly owns 372,762 shares in the company, valued at $13,717,641.60. The trade was a 1.14 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Matt Steinfort sold 12,498 shares of the stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $40.00, for a total transaction of $499,920.00. Following the completion of the sale, the chief financial officer now directly owns 517,498 shares in the company, valued at approximately $20,699,920. The trade was a 2.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,255 shares of company stock worth $790,163 in the last 90 days. 0.74% of the stock is currently owned by corporate insiders.

Institutional Trading of DigitalOcean

Several large investors have recently modified their holdings of the business. Blue Trust Inc. raised its position in shares of DigitalOcean by 380.6% during the 3rd quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock worth $49,000 after purchasing an additional 959 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in DigitalOcean by 36.3% during the third quarter. Allspring Global Investments Holdings LLC now owns 74,206 shares of the company’s stock worth $2,997,000 after buying an additional 19,781 shares in the last quarter. Hennion & Walsh Asset Management Inc. raised its holdings in shares of DigitalOcean by 27.8% in the third quarter. Hennion & Walsh Asset Management Inc. now owns 9,855 shares of the company’s stock worth $398,000 after acquiring an additional 2,142 shares during the last quarter. Louisiana State Employees Retirement System raised its holdings in shares of DigitalOcean by 13.3% in the third quarter. Louisiana State Employees Retirement System now owns 30,600 shares of the company’s stock worth $1,236,000 after acquiring an additional 3,600 shares during the last quarter. Finally, State of Alaska Department of Revenue lifted its position in shares of DigitalOcean by 14.5% in the third quarter. State of Alaska Department of Revenue now owns 36,114 shares of the company’s stock valued at $1,458,000 after acquiring an additional 4,561 shares in the last quarter. 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).