DigitalOcean (NYSE:DOCN) Given New $41.00 Price Target at Morgan Stanley

DigitalOcean (NYSE:DOCN - Free Report) had its price target lowered by Morgan Stanley from $52.00 to $41.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Other research analysts have also issued reports about the company. Citigroup started coverage on DigitalOcean in a research report on Friday, January 24th. They set a "buy" rating and a $45.00 target price on the stock. JPMorgan Chase & Co. upped their price objective on shares of DigitalOcean from $40.00 to $45.00 and gave the company a "neutral" rating in a report on Wednesday, February 26th. Cantor Fitzgerald lifted 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. Stifel Nicolaus cut their price target on shares of DigitalOcean from $40.00 to $33.00 and set a "hold" rating on the stock in a research note on Monday, April 7th. Finally, Canaccord Genuity Group dropped their price objective on shares of DigitalOcean from $50.00 to $45.00 and set a "buy" rating on the stock in a report on Monday, April 7th. One analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $41.27.

DigitalOcean Trading Down 5.2 %

Shares of DOCN stock traded down $1.42 during trading hours on Wednesday, reaching $25.96. 995,353 shares of the company's stock were exchanged, compared to its average volume of 1,297,745. DigitalOcean has a fifty-two week low of $25.45 and a fifty-two week high of $47.02. The stock's 50 day moving average is $36.12 and its 200-day moving average is $37.93. The company has a market cap of $2.38 billion, a price-to-earnings ratio of 30.54, a P/E/G ratio of 3.12 and a beta of 1.87.

Insider Activity

In other news, insider Bratin Saha sold 3,948 shares of DigitalOcean stock in a transaction that occurred on Tuesday, March 18th. The shares were sold at an average price of $36.63, for a total transaction of $144,615.24. Following the completion of the transaction, the insider now directly owns 358,696 shares of the company's stock, valued at $13,139,034.48. The trade was a 1.09 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.74% of the company's stock.

Institutional Trading of DigitalOcean

Hedge funds have recently added to or reduced their stakes in the company. Harbor Investment Advisory LLC boosted its stake in shares of DigitalOcean by 380.0% during the 4th quarter. Harbor Investment Advisory LLC now owns 720 shares of the company's stock worth $25,000 after acquiring an additional 570 shares in the last quarter. GAMMA Investing LLC grew its holdings in DigitalOcean by 336.1% in the first quarter. GAMMA Investing LLC now owns 1,064 shares of the company's stock valued at $36,000 after purchasing an additional 820 shares during the period. JTC Employer Solutions Trustee Ltd purchased a new stake in shares of DigitalOcean in the fourth quarter valued at approximately $45,000. Farther Finance Advisors LLC raised its stake in shares of DigitalOcean by 135,100.0% during the 1st quarter. Farther Finance Advisors LLC now owns 1,352 shares of the company's stock worth $46,000 after buying an additional 1,351 shares during the period. Finally, SBI Securities Co. Ltd. acquired a new position in shares of DigitalOcean during the 4th quarter worth approximately $66,000. 49.77% of the stock is owned by hedge funds and other institutional investors.

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).