Canaccord Genuity Group Forecasts Strong Price Appreciation for DigitalOcean (NYSE:DOCN) Stock

DigitalOcean (NYSE:DOCN) had its price target raised by analysts at Canaccord Genuity Group from $48.00 to $50.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target suggests a potential upside of 17.07% from the company’s current price.

DOCN has been the topic of several other reports. Cantor Fitzgerald boosted their price target on shares of DigitalOcean from $39.00 to $43.00 and gave the stock a “neutral” rating in a research report on Wednesday. JPMorgan Chase & Co. upped their target price on DigitalOcean from $40.00 to $45.00 and gave the stock a “neutral” rating in a report on Wednesday. JMP Securities raised their price target on DigitalOcean from $47.00 to $55.00 and gave the company a “market outperform” rating in a research note on Monday, January 27th. Stifel Nicolaus upped their price objective on DigitalOcean from $35.00 to $40.00 and gave the stock a “hold” rating in a research note on Wednesday, December 18th. Finally, Citigroup began coverage on DigitalOcean in a report on Friday, January 24th. They issued a “buy” rating and a $45.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $43.27.

DigitalOcean Stock Down 2.8 %

NYSE DOCN opened at $42.71 on Wednesday. The firm’s 50 day moving average is $39.03 and its 200-day moving average is $39.16. The company has a market capitalization of $3.94 billion, a PE ratio of 50.24, a price-to-earnings-growth ratio of 3.12 and a beta of 1.81. DigitalOcean has a 12-month low of $26.63 and a 12-month high of $47.02.

Insider Activity at DigitalOcean

In other news, CFO Matt Steinfort sold 12,498 shares of the business’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 transaction of $499,920.00. Following the completion of the sale, the chief financial officer now owns 517,498 shares in the company, valued at $20,699,920. The trade was a 2.36 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Bratin Saha sold 3,468 shares of DigitalOcean stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $38.18, for a total value of $132,408.24. Following the sale, the insider now directly owns 379,795 shares of the company’s stock, valued at approximately $14,500,573.10. The trade was a 0.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,255 shares of company stock worth $790,163. Insiders own 0.74% of the company’s stock.

Institutional Investors Weigh In On DigitalOcean

Institutional investors have recently made changes to their positions in the stock. Norges Bank bought a new stake in shares of DigitalOcean during the 4th quarter valued at $14,772,000. Jacobs Levy Equity Management Inc. raised its stake in DigitalOcean by 32.8% in the third quarter. Jacobs Levy Equity Management Inc. now owns 1,397,588 shares of the company’s stock valued at $56,449,000 after purchasing an additional 345,119 shares in the last quarter. CenterBook Partners LP acquired a new position in DigitalOcean in the fourth quarter valued at about $7,633,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new stake in DigitalOcean during the fourth quarter worth about $5,382,000. Finally, Bank of New York Mellon Corp grew its stake in DigitalOcean by 19.7% during the fourth quarter. Bank of New York Mellon Corp now owns 791,861 shares of the company’s stock worth $26,979,000 after buying an additional 130,263 shares in the last quarter. 49.77% of the stock is currently owned by institutional investors.

DigitalOcean Company Profile

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).