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

DigitalOcean (NYSE:DOCN) had its price objective raised by UBS Group from $39.00 to $44.00 in a research note published on Wednesday,Benzinga reports. UBS Group currently has a neutral rating on the stock.

DOCN has been the topic of a number of other research reports. Cantor Fitzgerald increased their price objective on DigitalOcean from $39.00 to $43.00 and gave the stock a “neutral” rating in a report on Wednesday. Bank of America increased their price target on shares of DigitalOcean from $28.00 to $31.00 and gave the stock an “underperform” rating in a research note on Wednesday. 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 note on Wednesday, December 18th. Canaccord Genuity Group increased their target price on shares of DigitalOcean from $48.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, JMP Securities boosted their price target on DigitalOcean from $47.00 to $55.00 and gave the stock a “market outperform” rating in a research report on Monday, January 27th. One analyst has rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $43.27.

DigitalOcean Price Performance

Shares of NYSE DOCN opened at $43.89 on Wednesday. DigitalOcean has a one year low of $26.63 and a one year high of $47.02. The business’s 50-day moving average price is $38.88 and its two-hundred day moving average price is $39.14. The company has a market capitalization of $4.05 billion, a P/E ratio of 51.63, a price-to-earnings-growth ratio of 3.12 and a beta of 1.81.

Insider Activity

In other news, insider Bratin Saha sold 4,289 shares of the company’s stock in a transaction that occurred on Tuesday, January 21st. The stock was 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 approximately $13,717,641.60. This represents a 1.14 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Matt Steinfort sold 12,498 shares of the firm’s 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 owns 517,498 shares of the company’s stock, valued at $20,699,920. This trade represents a 2.36 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 20,255 shares of company stock worth $790,163. 0.74% of the stock is currently owned by corporate insiders.

Institutional Trading of DigitalOcean

A number of large investors have recently bought and sold shares of DOCN. Harbor Investment Advisory LLC boosted its stake in shares of DigitalOcean by 380.0% in the 4th quarter. Harbor Investment Advisory LLC now owns 720 shares of the company’s stock valued at $25,000 after purchasing an additional 570 shares in the last quarter. Farther Finance Advisors LLC bought a new position in DigitalOcean during the 3rd quarter valued at about $30,000. Advisors Asset Management Inc. boosted its position in DigitalOcean by 150.4% in the third quarter. Advisors Asset Management Inc. now owns 974 shares of the company’s stock valued at $39,000 after buying an additional 585 shares in the last quarter. JTC Employer Solutions Trustee Ltd bought a new stake in DigitalOcean during the fourth quarter worth about $45,000. Finally, Blue Trust Inc. increased its holdings in shares of DigitalOcean by 380.6% during the third quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock worth $49,000 after buying an additional 959 shares in the last quarter. 49.77% of the stock is currently owned by institutional investors.

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).