DigitalOcean Holdings, Inc. (NYSE:DOCN) Given Consensus Rating of “Hold” by Brokerages

Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) have received a consensus recommendation of “Hold” from the nine brokerages that are currently covering the stock, MarketBeat Ratings reports. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $42.13.

DOCN has been the subject of a number of research analyst reports. Needham & Company LLC reissued a “hold” rating on shares of DigitalOcean in a research report on Tuesday, November 5th. Canaccord Genuity Group lifted their target price on shares of DigitalOcean from $42.00 to $48.00 and gave the company a “buy” rating in a report on Friday, October 4th. Barclays upped their price target on shares of 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. raised their price objective on shares of DigitalOcean from $32.00 to $40.00 and gave the stock a “neutral” rating in a research report on Friday, October 25th. Finally, Stifel Nicolaus upped their target price on shares of DigitalOcean from $35.00 to $40.00 and gave the company a “hold” rating in a report on Wednesday, December 18th.

Insider Transactions at DigitalOcean

In other DigitalOcean news, CFO Matt Steinfort sold 12,498 shares of the stock in a transaction 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 completion of the transaction, the chief financial officer now owns 517,498 shares in the company, valued at approximately $20,699,920. This represents a 2.36 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Bratin Saha sold 3,468 shares of the business’s stock in a transaction 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 sale, the insider now owns 379,795 shares in the company, valued at $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 quarter, insiders sold 32,955 shares of company stock worth $1,258,373. Company insiders own 0.74% of the company’s stock.

Institutional Trading of DigitalOcean

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Nordea Investment Management AB increased its holdings in DigitalOcean by 4.5% in the fourth quarter. Nordea Investment Management AB now owns 267,244 shares of the company’s stock valued at $9,196,000 after buying an additional 11,481 shares in the last quarter. Principal Financial Group Inc. increased its stake in DigitalOcean by 10.4% in the 3rd quarter. Principal Financial Group Inc. now owns 1,301,499 shares of the company’s stock valued at $52,568,000 after purchasing an additional 122,651 shares in the last quarter. Franklin Resources Inc. increased its stake in DigitalOcean by 17.1% in the 3rd quarter. Franklin Resources Inc. now owns 39,078 shares of the company’s stock valued at $1,714,000 after purchasing an additional 5,718 shares in the last quarter. Tidal Investments LLC purchased a new stake in DigitalOcean during the third quarter worth $423,000. Finally, Geode Capital Management LLC grew its holdings in DigitalOcean by 7.9% in the third quarter. Geode Capital Management LLC now owns 1,464,333 shares of the company’s stock valued at $59,156,000 after purchasing an additional 106,636 shares during the last quarter. Institutional investors and hedge funds own 49.77% of the company’s stock.

DigitalOcean Stock Down 1.2 %

Shares of DigitalOcean stock opened at $34.07 on Friday. The firm has a market capitalization of $3.14 billion, a P/E ratio of 40.08, a P/E/G ratio of 2.45 and a beta of 1.76. DigitalOcean has a 52 week low of $26.63 and a 52 week high of $44.80. The firm’s 50 day moving average is $37.14 and its two-hundred day moving average is $37.19.

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

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).