DigitalOcean Holdings, Inc. (NYSE:DOCN) Receives $40.36 Consensus Price Target from Analysts

Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN - Get Free Report) have received a consensus recommendation of "Hold" from the twelve analysts that are currently covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, five have issued a hold recommendation and six have assigned a buy recommendation to the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $40.36.

Several equities analysts recently weighed in on the stock. Citigroup cut their price objective on shares of DigitalOcean from $50.00 to $40.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. Barclays cut their price objective on shares of DigitalOcean from $48.00 to $38.00 and set an "overweight" rating on the stock in a research report on Monday, April 21st. The Goldman Sachs Group lowered their price target on DigitalOcean from $46.00 to $41.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. Needham & Company LLC reiterated a "hold" rating on shares of DigitalOcean in a report on Tuesday, May 6th. Finally, Morgan Stanley lowered their price target on DigitalOcean from $52.00 to $41.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th.

Insider Activity

In other DigitalOcean news, insider Bratin Saha sold 3,461 shares of DigitalOcean stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $27.77, for a total transaction of $96,111.97. Following the sale, the insider owned 294,546 shares in the company, valued at $8,179,542.42. The trade was a 1.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.96% of the company's stock.

Institutional Investors Weigh In On DigitalOcean

A number of institutional investors have recently bought and sold shares of the business. CX Institutional lifted its holdings in shares of DigitalOcean by 780.5% during the second quarter. CX Institutional now owns 1,039 shares of the company's stock valued at $30,000 after acquiring an additional 921 shares during the period. GAMMA Investing LLC raised its holdings in DigitalOcean by 336.1% during the 1st quarter. GAMMA Investing LLC now owns 1,064 shares of the company's stock worth $36,000 after purchasing an additional 820 shares during the last quarter. Farther Finance Advisors LLC lifted its position in DigitalOcean by 135,100.0% during the 1st quarter. Farther Finance Advisors LLC now owns 1,352 shares of the company's stock valued at $46,000 after purchasing an additional 1,351 shares during the period. SVB Wealth LLC acquired a new position in DigitalOcean during the 1st quarter valued at about $48,000. Finally, Advisors Asset Management Inc. lifted its position in DigitalOcean by 39.6% during the 1st quarter. Advisors Asset Management Inc. now owns 2,229 shares of the company's stock valued at $74,000 after purchasing an additional 632 shares during the period. Institutional investors and hedge funds own 49.77% of the company's stock.

DigitalOcean Stock Performance

Shares of NYSE DOCN traded up $0.08 during mid-day trading on Thursday, reaching $28.82. The company had a trading volume of 1,063,645 shares, compared to its average volume of 1,491,155. The company has a market capitalization of $2.62 billion, a price-to-earnings ratio of 25.96, a PEG ratio of 2.11 and a beta of 1.76. The stock has a fifty day moving average of $28.63 and a two-hundred day moving average of $33.23. DigitalOcean has a 12-month low of $25.45 and a 12-month high of $47.02.

DigitalOcean (NYSE:DOCN - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The company reported $0.56 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.11. The firm had revenue of $210.70 million for the quarter, compared to analyst estimates of $208.63 million. DigitalOcean had a net margin of 13.46% and a negative return on equity of 60.69%. The company's revenue for the quarter was up 14.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.43 earnings per share. Sell-side analysts forecast that DigitalOcean will post 1.01 earnings per share for the current fiscal year.

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).