DigitalOcean (NYSE:DOCN) Stock Price Expected to Rise, Bank of America Analyst Says

DigitalOcean (NYSE:DOCN) had its price objective boosted by investment analysts at Bank of America from $103.00 to $107.00 in a research report issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Bank of America‘s price objective points to a potential upside of 19.98% from the stock’s previous close.

Other analysts have also issued research reports about the stock. Royal Bank Of Canada set a $60.00 price objective on shares of DigitalOcean in a research report on Tuesday, February 24th. The Goldman Sachs Group lifted their price objective 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. Stifel Nicolaus set a $57.00 price objective on shares of DigitalOcean in a research report on Tuesday, February 24th. UBS Group lifted their price objective on shares of DigitalOcean from $48.00 to $68.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 25th. Finally, Barclays boosted their price target on shares of DigitalOcean from $63.00 to $69.00 and gave the company an “overweight” rating in a research report on Wednesday, February 25th. Nine research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $76.08.

DigitalOcean Stock Performance

Shares of DOCN stock opened at $89.18 on Thursday. The firm has a market cap of $8.20 billion, a price-to-earnings ratio of 35.25 and a beta of 1.43. DigitalOcean has a 52 week low of $25.56 and a 52 week high of $94.66. The firm’s 50-day simple moving average is $69.49 and its two-hundred day simple moving average is $53.91.

Insider Activity at DigitalOcean

In other news, CAO Cherie Barrett sold 22,000 shares of the business’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 sale, the chief accounting officer owned 62,469 shares of the company’s stock, valued at $3,421,427.13. The trade was a 26.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, 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 transaction, the chief financial officer directly owned 545,916 shares of the company’s stock, valued at approximately $30,243,746.40. This represents a 3.53% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.96% of the company’s stock.

Hedge Funds Weigh In On DigitalOcean

Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in DigitalOcean by 5.0% during the third quarter. Vanguard Group Inc. now owns 9,362,889 shares of the company’s stock valued at $319,836,000 after acquiring an additional 442,617 shares in the last quarter. Fuller & Thaler Asset Management Inc. grew its stake in DigitalOcean by 11.6% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 2,420,341 shares of the company’s stock valued at $116,467,000 after acquiring an additional 252,303 shares in the last quarter. Lazard Asset Management LLC grew its stake in DigitalOcean by 34.5% during the second quarter. Lazard Asset Management LLC now owns 1,660,731 shares of the company’s stock valued at $47,430,000 after acquiring an additional 426,264 shares in the last quarter. Van Berkom & Associates Inc. grew its stake in DigitalOcean by 2.9% during the fourth quarter. Van Berkom & Associates Inc. now owns 1,610,671 shares of the company’s stock valued at $77,505,000 after acquiring an additional 45,680 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in DigitalOcean by 2.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,359,695 shares of the company’s stock valued at $65,432,000 after acquiring an additional 31,682 shares in the last quarter. Hedge funds and other institutional investors own 49.77% of the company’s stock.

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.