DigitalOcean (NYSE:DOCN) Price Target Raised to $100.00

DigitalOcean (NYSE:DOCN) had its target price lifted by Oppenheimer from $85.00 to $100.00 in a research note published on Wednesday morning,Benzinga reports. Oppenheimer currently has an outperform rating on the stock.

Other analysts have also recently issued reports about the company. The Goldman Sachs Group boosted their price objective on DigitalOcean from $50.00 to $78.00 and gave the stock a “buy” rating in a report on Wednesday, February 25th. Piper Sandler reaffirmed a “neutral” rating and issued a $67.00 target price on shares of DigitalOcean in a research note on Tuesday, February 24th. Stifel Nicolaus set a $57.00 price target on shares of DigitalOcean in a research report on Tuesday, February 24th. Citigroup reissued a “buy” rating on shares of DigitalOcean in a research note on Friday, February 13th. Finally, Citizens Jmp increased their price objective on shares of DigitalOcean from $60.00 to $83.00 and gave the company a “market outperform” rating in a report on Wednesday, February 25th. Nine analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $70.38.

DigitalOcean Stock Down 3.2%

DOCN stock opened at $82.63 on Wednesday. DigitalOcean has a twelve month low of $25.45 and a twelve month high of $86.50. The company has a market cap of $7.60 billion, a P/E ratio of 32.66, a PEG ratio of 82.94 and a beta of 1.76. The business has a fifty day moving average of $61.29 and a 200-day moving average of $49.14.

Insiders Place Their Bets

In other DigitalOcean news, CAO Cherie Barrett sold 22,000 shares of the stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $54.77, for a total transaction of $1,204,940.00. Following the completion of the transaction, the chief accounting officer owned 62,469 shares in the company, valued at approximately $3,421,427.13. This represents a 26.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Matt Steinfort sold 20,000 shares of DigitalOcean stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $55.40, for a total value of $1,108,000.00. Following the completion of the sale, the chief financial officer directly owned 545,916 shares in the company, valued at $30,243,746.40. This represents a 3.53% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.96% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its position in DigitalOcean by 5.0% in the 3rd quarter. Vanguard Group Inc. now owns 9,362,889 shares of the company’s stock valued at $319,836,000 after buying an additional 442,617 shares during the last quarter. Fuller & Thaler Asset Management Inc. grew its stake in shares of DigitalOcean by 11.6% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 2,420,341 shares of the company’s stock worth $116,467,000 after acquiring an additional 252,303 shares in the last quarter. Lazard Asset Management LLC grew its stake in shares of DigitalOcean by 34.5% during the 2nd quarter. Lazard Asset Management LLC now owns 1,660,731 shares of the company’s stock worth $47,430,000 after acquiring an additional 426,264 shares in the last quarter. Van Berkom & Associates Inc. raised its holdings in shares of DigitalOcean by 2.9% in the fourth quarter. Van Berkom & Associates Inc. now owns 1,610,671 shares of the company’s stock valued at $77,505,000 after purchasing an additional 45,680 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of DigitalOcean by 2.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,359,695 shares of the company’s stock worth $65,432,000 after purchasing an additional 31,682 shares in the last quarter. 49.77% of the stock is currently owned by institutional investors.

DigitalOcean Company Profile

DigitalOcean Holdings, Inc is a cloud infrastructure provider that focuses on simplicity, performance and developer experience. The company offers a range of cloud services designed to help software developers, startups and small- to medium-sized businesses deploy, manage and scale applications. Its flagship offering, Droplets, provides virtual private servers that can be configured with various CPU, memory and storage options. In addition to compute instances, DigitalOcean’s platform includes managed Kubernetes, scalable object and block storage, managed databases, load balancers and networking capabilities such as Virtual Private Cloud (VPC) and Floating IPs.

Founded in 2011 and headquartered in New York City, DigitalOcean was created with the goal of making cloud computing more accessible to individual developers and smaller teams.