DigitalOcean Holdings, Inc. (NYSE:DOCN) Given Consensus Rating of "Moderate Buy" by Brokerages

Key Points

• Consensus "Moderate Buy": Fourteen brokerages cover DigitalOcean with an average rating of "Moderate Buy" (nine buys, five holds) and a mean 12‑month price target of $69.23.
• Recent analyst moves skew bullish, with Oppenheimer raising its target to $85 and Barclays lifting its target to $69 while maintaining positive ratings.
• Insider selling noted: CFO and CAO recently sold shares (20,000 and 22,000 respectively), insiders now own 0.96% of the stock; DigitalOcean trades near $53.75 with a market cap of about $4.94 billion and a PE of 21.25.

DigitalOcean Holdings, Inc. (NYSE:DOCN - Get Free Report) has received an average rating of "Moderate Buy" from the fourteen brokerages that are presently covering the firm, Marketbeat reports. Five research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $69.2308.

A number of brokerages have issued reports on DOCN. Royal Bank Of Canada set a $60.00 price objective on shares of DigitalOcean in a research note on Tuesday, February 24th. Wall Street Zen lowered DigitalOcean from a "buy" rating to a "hold" rating in a research report on Sunday, January 4th. Barclays lifted their price objective on DigitalOcean from $63.00 to $69.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 25th. Oppenheimer increased their target price on DigitalOcean from $60.00 to $85.00 and gave the company an "outperform" rating in a research note on Wednesday, February 25th. Finally, Citigroup restated a "buy" rating on shares of DigitalOcean in a research report on Friday, February 13th.

DigitalOcean Trading Up 2.9%

DigitalOcean stock opened at $53.75 on Friday. The company has a market cap of $4.94 billion, a PE ratio of 21.25, a PEG ratio of 50.79 and a beta of 1.76. DigitalOcean has a 1 year low of $25.45 and a 1 year high of $70.43. The company's 50-day moving average is $56.88 and its two-hundred day moving average is $46.15.

Insider Buying and Selling

In related news, CFO Matt Steinfort sold 20,000 shares of the business's stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $55.40, for a total transaction of $1,108,000.00. Following the completion of the transaction, the chief financial officer owned 545,916 shares in the company, valued at approximately $30,243,746.40. The trade was a 3.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Cherie Barrett sold 22,000 shares of the stock in a transaction on 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 sale, the chief accounting officer owned 62,469 shares in the company, valued at approximately $3,421,427.13. This trade represents a 26.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.96% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in DOCN. Allworth Financial LP raised its position in DigitalOcean by 54.4% in the 3rd quarter. Allworth Financial LP now owns 724 shares of the company's stock valued at $25,000 after buying an additional 255 shares during the last quarter. Huntington National Bank grew its stake in shares of DigitalOcean by 638.3% during the 4th quarter. Huntington National Bank now owns 598 shares of the company's stock worth $29,000 after acquiring an additional 517 shares in the last quarter. NBC Securities Inc. acquired a new stake in shares of DigitalOcean in the fourth quarter valued at approximately $32,000. Wilmington Savings Fund Society FSB bought a new stake in shares of DigitalOcean in the third quarter worth $37,000. Finally, Transamerica Financial Advisors LLC boosted its holdings in DigitalOcean by 417.9% during the fourth quarter. Transamerica Financial Advisors LLC now owns 782 shares of the company's stock worth $38,000 after purchasing an additional 631 shares during 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.