Needham & Company LLC Reaffirms Hold Rating for DigitalOcean (NYSE:DOCN)

DigitalOcean (NYSE:DOCN - Get Free Report)'s stock had its "hold" rating restated by analysts at Needham & Company LLC in a report released on Tuesday,Benzinga reports.

Several other brokerages also recently commented on DOCN. UBS Group upped their target price on DigitalOcean from $39.00 to $44.00 and gave the company a "neutral" rating in a report on Wednesday, February 26th. Bank of America lifted their price objective on DigitalOcean from $28.00 to $31.00 and gave the company an "underperform" rating in a report on Wednesday, February 26th. Morgan Stanley lowered their price target on shares of DigitalOcean from $52.00 to $41.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. JPMorgan Chase & Co. raised their target price on shares of DigitalOcean from $40.00 to $45.00 and gave the company a "neutral" rating in a research report on Wednesday, February 26th. Finally, Canaccord Genuity Group lowered their target price 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 investment analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $41.27.

DigitalOcean Price Performance

NYSE DOCN traded down $4.72 during trading hours on Tuesday, hitting $28.04. The company had a trading volume of 3,098,822 shares, compared to its average volume of 1,299,275. The firm's 50 day moving average is $33.25 and its 200 day moving average is $36.93. DigitalOcean has a fifty-two week low of $25.45 and a fifty-two week high of $47.02. The company has a market capitalization of $2.56 billion, a price-to-earnings ratio of 32.97, a P/E/G ratio of 3.12 and a beta of 1.88.

Insider Buying and Selling

In other news, insider Bratin Saha sold 3,461 shares of DigitalOcean stock in a transaction dated Monday, April 21st. The stock was sold at an average price of $26.86, for a total value of $92,962.46. Following the transaction, the insider now directly owns 394,367 shares of the company's stock, valued at $10,592,697.62. The trade was a 0.87 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 0.74% of the company's stock.

Institutional Investors Weigh In On DigitalOcean

A number of institutional investors have recently modified their holdings of DOCN. Harbor Investment Advisory LLC raised its holdings in 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 buying an additional 570 shares during the period. GAMMA Investing LLC lifted its holdings in shares of 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 acquiring an additional 820 shares during the period. JTC Employer Solutions Trustee Ltd acquired a new stake in shares of DigitalOcean in the 4th quarter valued at $45,000. Farther Finance Advisors LLC increased its stake in shares of DigitalOcean by 135,100.0% in the first quarter. Farther Finance Advisors LLC now owns 1,352 shares of the company's stock valued at $46,000 after buying an additional 1,351 shares in the last quarter. Finally, SBI Securities Co. Ltd. acquired a new stake in shares of DigitalOcean in the 4th quarter valued at $66,000. Institutional investors 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).

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