DigitalOcean (NYSE:DOCN) Now Covered by Citigroup

Stock analysts at Citigroup started coverage on shares of DigitalOcean (NYSE:DOCN) in a research note issued on Friday,Briefing.com Automated Import reports. The brokerage set a “buy” rating and a $45.00 price target on the stock. Citigroup’s target price would indicate a potential upside of 16.33% from the stock’s previous close.

Other equities research analysts also recently issued reports about the stock. Morgan Stanley upgraded shares of DigitalOcean from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $40.00 to $41.00 in a report on Thursday, January 16th. Cantor Fitzgerald initiated coverage on shares of DigitalOcean in a research note on Friday, January 17th. They set a “neutral” rating and a $39.00 price objective for the company. Barclays increased their target price on DigitalOcean from $38.00 to $48.00 and gave the stock an “overweight” rating in a research report on Friday, October 11th. Canaccord Genuity Group boosted their price target on DigitalOcean from $42.00 to $48.00 and gave the company a “buy” rating in a research report on Friday, October 4th. Finally, JPMorgan Chase & Co. upped their price target on DigitalOcean from $32.00 to $40.00 and gave the stock a “neutral” rating in a research note on Friday, October 25th. Six investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $42.00.

DigitalOcean Stock Performance

DOCN stock opened at $38.68 on Friday. DigitalOcean has a one year low of $26.63 and a one year high of $44.80. The stock has a market capitalization of $3.57 billion, a P/E ratio of 45.51, a PEG ratio of 2.77 and a beta of 1.78. The company has a 50 day moving average price of $36.77 and a two-hundred day moving average price of $37.26.

DigitalOcean (NYSE:DOCN) last released its earnings results on Monday, November 4th. The company reported $0.52 EPS for the quarter, beating the consensus estimate of $0.40 by $0.12. DigitalOcean had a negative return on equity of 43.11% and a net margin of 10.86%. The firm had revenue of $198.50 million during the quarter, compared to analyst estimates of $196.64 million. During the same period in the prior year, the firm posted $0.17 earnings per share. The business’s quarterly revenue was up 12.1% compared to the same quarter last year. Research analysts forecast that DigitalOcean will post 1.01 earnings per share for the current fiscal year.

Insider Buying and Selling at DigitalOcean

In other news, CFO Matt Steinfort sold 12,498 shares of the business’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $40.00, for a total value of $499,920.00. Following the completion of the sale, the chief financial officer now owns 517,498 shares of the company’s stock, valued at approximately $20,699,920. The trade was a 2.36 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Bratin Saha sold 3,468 shares of the company’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $38.18, for a total transaction of $132,408.24. Following the completion of the sale, the insider now owns 379,795 shares in the company, valued at approximately $14,500,573.10. This trade represents a 0.90 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 37,244 shares of company stock valued at $1,416,208 over the last 90 days. 0.74% of the stock is owned by corporate insiders.

Institutional Trading of DigitalOcean

Hedge funds and other institutional investors have recently bought and sold shares of the company. BSW Wealth Partners grew its position in shares of DigitalOcean by 4.3% in the 4th quarter. BSW Wealth Partners now owns 14,556 shares of the company’s stock worth $496,000 after acquiring an additional 600 shares in the last quarter. Cherry Creek Investment Advisors Inc. boosted its holdings in DigitalOcean by 17.3% in the fourth quarter. Cherry Creek Investment Advisors Inc. now owns 12,745 shares of the company’s stock worth $434,000 after purchasing an additional 1,880 shares during the period. Pacer Advisors Inc. increased its stake in DigitalOcean by 33.1% during the fourth quarter. Pacer Advisors Inc. now owns 5,712 shares of the company’s stock valued at $195,000 after purchasing an additional 1,419 shares during the last quarter. KBC Group NV raised its holdings in shares of DigitalOcean by 37.6% during the fourth quarter. KBC Group NV now owns 2,884 shares of the company’s stock worth $98,000 after purchasing an additional 788 shares during the period. Finally, Harbor Investment Advisory LLC lifted its position in shares of DigitalOcean by 380.0% in 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 last quarter. 49.77% of the stock is owned by institutional investors.

DigitalOcean Company Profile

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).