JPMorgan Chase & Co. Forecasts Strong Price Appreciation for DigitalOcean (NYSE:DOCN) Stock

DigitalOcean (NYSE:DOCN) had its price target increased by JPMorgan Chase & Co. from $40.00 to $45.00 in a research report released on Wednesday,Benzinga reports. They currently have a neutral rating on the stock.

A number of other research analysts also recently issued reports on DOCN. Cantor Fitzgerald boosted their price objective on DigitalOcean from $39.00 to $43.00 and gave the company a “neutral” rating in a research note on Wednesday. Citigroup initiated coverage on DigitalOcean in a report on Friday, January 24th. They issued a “buy” rating and a $45.00 price target on the stock. Bank of America boosted their price target on DigitalOcean from $28.00 to $31.00 and gave the stock an “underperform” rating in a report on Wednesday. Stifel Nicolaus boosted their price target on DigitalOcean from $35.00 to $40.00 and gave the stock a “hold” rating in a report on Wednesday, December 18th. 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 report on Monday, January 27th. One equities research 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. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $43.27.

DigitalOcean Trading Up 7.5 %

Shares of NYSE:DOCN opened at $43.89 on Wednesday. The stock has a 50 day moving average of $38.88 and a 200 day moving average of $39.14. The company has a market cap of $4.05 billion, a PE ratio of 51.63, 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 Transactions at DigitalOcean

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

Institutional Investors Weigh In On DigitalOcean

Several institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in DigitalOcean by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 8,434,555 shares of the company’s stock worth $287,365,000 after acquiring an additional 117,133 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its holdings in shares of DigitalOcean by 16.6% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 1,628,995 shares of the company’s stock worth $55,500,000 after purchasing an additional 231,407 shares during the period. Fuller & Thaler Asset Management Inc. lifted its holdings in shares of DigitalOcean by 7.3% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 1,545,642 shares of the company’s stock worth $52,660,000 after purchasing an additional 105,235 shares during the period. First Trust Advisors LP lifted its holdings in shares of DigitalOcean by 6.2% during the fourth quarter. First Trust Advisors LP now owns 1,533,699 shares of the company’s stock worth $52,253,000 after purchasing an additional 89,349 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in shares of DigitalOcean by 0.6% during the fourth quarter. Geode Capital Management LLC now owns 1,473,421 shares of the company’s stock worth $50,211,000 after purchasing an additional 9,088 shares during the period. Institutional investors and hedge funds own 49.77% of the company’s stock.

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).