DigitalOcean (NYSE:DOCN) Hits New 12-Month High After Analyst Upgrade

DigitalOcean Holdings, Inc. (NYSE:DOCN) hit a new 52-week high during mid-day trading on Tuesday after Piper Sandler raised their price target on the stock from $67.00 to $98.00. Piper Sandler currently has a neutral rating on the stock. DigitalOcean traded as high as $93.31 and last traded at $87.1060, with a volume of 2941599 shares changing hands. The stock had previously closed at $90.01.

Several other brokerages have also issued reports on DOCN. UBS Group boosted their target price on shares of DigitalOcean from $48.00 to $68.00 and gave the company a “neutral” rating in a research report on Wednesday, February 25th. The Goldman Sachs Group upped their price target on shares of DigitalOcean from $50.00 to $78.00 and gave the stock a “buy” rating in a research report on Wednesday, February 25th. Canaccord Genuity Group upped their price target on shares of DigitalOcean from $65.00 to $80.00 and gave the stock a “buy” rating in a research report on Friday, February 20th. Stifel Nicolaus set a $57.00 price target on shares of DigitalOcean in a research report on Tuesday, February 24th. Finally, Citizens Jmp upped their price target on shares of DigitalOcean from $83.00 to $105.00 and gave the stock a “market outperform” rating in a research report on Thursday, March 26th. Nine research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $74.46.

Insider Buying and Selling

In other DigitalOcean news, CAO Cherie Barrett sold 22,000 shares of the company’s stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $54.77, for a total value of $1,204,940.00. Following the completion of the transaction, the chief accounting officer directly owned 62,469 shares in the company, valued at $3,421,427.13. This represents a 26.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Matt Steinfort sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 3rd. The stock was 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 of the company’s stock, valued at approximately $30,243,746.40. The trade was a 3.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.96% of the company’s stock.

Hedge Funds Weigh In On DigitalOcean

Several hedge funds have recently modified their holdings of DOCN. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of DigitalOcean by 5.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 339,670 shares of the company’s stock worth $11,342,000 after buying an additional 16,162 shares in the last quarter. Intech Investment Management LLC lifted its holdings in shares of DigitalOcean by 59.2% in the first quarter. Intech Investment Management LLC now owns 39,429 shares of the company’s stock worth $1,317,000 after buying an additional 14,655 shares in the last quarter. Hsbc Holdings PLC purchased a new position in shares of DigitalOcean in the second quarter worth $921,000. Amundi lifted its holdings in shares of DigitalOcean by 126,552.2% in the second quarter. Amundi now owns 29,130 shares of the company’s stock worth $827,000 after buying an additional 29,107 shares in the last quarter. Finally, Jump Financial LLC purchased a new position in shares of DigitalOcean in the second quarter worth $3,212,000. Hedge funds and other institutional investors own 49.77% of the company’s stock.

DigitalOcean Stock Up 3.0%

The firm’s fifty day moving average price is $69.49 and its 200 day moving average price is $53.91. The stock has a market cap of $8.20 billion, a PE ratio of 35.25 and a beta of 1.43.

About DigitalOcean

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.