Barclays Lowers DigitalOcean (NYSE:DOCN) Price Target to $38.00

DigitalOcean (NYSE:DOCN - Get Free Report) had its target price decreased by equities researchers at Barclays from $48.00 to $38.00 in a report issued on Monday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Barclays's target price points to a potential upside of 23.42% from the stock's previous close.

Other equities analysts also recently issued research reports about the company. Citigroup assumed coverage on DigitalOcean in a research report on Friday, January 24th. They set a "buy" rating and a $45.00 price target on the stock. JMP Securities boosted their target price on DigitalOcean from $47.00 to $55.00 and gave the stock a "market outperform" rating in a report on Monday, January 27th. Canaccord Genuity Group cut their price target on DigitalOcean from $50.00 to $45.00 and set a "buy" rating for the company in a report on Monday, April 7th. Bank of America upped their price objective on shares of DigitalOcean from $28.00 to $31.00 and gave the company an "underperform" rating in a report on Wednesday, February 26th. Finally, Cantor Fitzgerald raised their target price on shares of DigitalOcean from $39.00 to $43.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 26th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, DigitalOcean presently has a consensus rating of "Hold" and a consensus target price of $41.27.

DigitalOcean Trading Up 2.8 %

Shares of DOCN traded up $0.84 during midday trading on Monday, reaching $30.79. The stock had a trading volume of 837,240 shares, compared to its average volume of 1,301,821. The firm has a market cap of $2.83 billion, a PE ratio of 36.22, a P/E/G ratio of 3.12 and a beta of 1.87. The firm has a 50 day simple moving average of $34.42 and a 200-day simple moving average of $37.51. DigitalOcean has a one year low of $25.45 and a one year high of $47.02.

Insider Buying and Selling at DigitalOcean

In other DigitalOcean news, insider Bratin Saha sold 3,461 shares of the company's stock in a transaction on Monday, April 21st. The stock was sold at an average price of $26.86, for a total transaction of $92,962.46. Following the completion of the sale, the insider now directly owns 394,367 shares in the company, valued at $10,592,697.62. This represents a 0.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.74% of the company's stock.

Hedge Funds Weigh In On DigitalOcean

A number of institutional investors have recently modified their holdings of the business. Stifel Financial Corp grew its position in DigitalOcean by 3.6% in the third quarter. Stifel Financial Corp now owns 22,218 shares of the company's stock valued at $897,000 after acquiring an additional 777 shares during the last quarter. Tidal Investments LLC bought a new stake in shares of DigitalOcean during the 3rd quarter valued at approximately $423,000. Franklin Resources Inc. increased its position in DigitalOcean by 17.1% during the 3rd quarter. Franklin Resources Inc. now owns 39,078 shares of the company's stock worth $1,714,000 after purchasing an additional 5,718 shares in the last quarter. Principal Financial Group Inc. lifted 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 during the last quarter. Finally, Nordea Investment Management AB boosted its position 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. Institutional investors and hedge funds own 49.77% of the company's stock.

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).