Credit Suisse Group Begins Coverage on DigitalOcean (NASDAQ:DOCN)

Credit Suisse Group started coverage on shares of DigitalOcean (NASDAQ:DOCNGet Rating) in a report issued on Monday, The Fly reports. The brokerage issued a neutral rating on the stock.

DOCN has been the subject of several other research reports. KeyCorp dropped their price objective on shares of DigitalOcean from $57.00 to $47.00 and set an overweight rating for the company in a research report on Monday, October 24th. Morgan Stanley dropped their price objective on shares of DigitalOcean from $41.00 to $28.00 and set an underweight rating for the company in a research report on Tuesday, November 8th. Piper Sandler upped their target price on shares of DigitalOcean from $56.00 to $57.00 and gave the company an overweight rating in a research note on Tuesday, August 9th. Barclays reduced their price objective on shares of DigitalOcean from $45.00 to $37.00 in a research note on Tuesday, November 8th. Finally, Oppenheimer reduced their price objective on shares of DigitalOcean from $65.00 to $40.00 and set an outperform rating on the stock in a research note on Tuesday, November 8th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of Hold and an average price target of $43.45.

DigitalOcean Price Performance

DigitalOcean stock opened at $27.65 on Monday. DigitalOcean has a 52-week low of $26.00 and a 52-week high of $124.84. The firm has a fifty day moving average of $36.04 and a 200-day moving average of $40.20. The firm has a market capitalization of $2.66 billion, a P/E ratio of -115.21 and a beta of 1.26. The company has a quick ratio of 9.19, a current ratio of 9.19 and a debt-to-equity ratio of 48.59.

Insider Buying and Selling

In related news, insider Gabriel Monroy sold 3,495 shares of the firm’s stock in a transaction that occurred on Tuesday, October 4th. The shares were sold at an average price of $40.10, for a total transaction of $140,149.50. Following the completion of the sale, the insider now directly owns 84,791 shares in the company, valued at $3,400,119.10. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, insider Gabriel Monroy sold 3,495 shares of the firm’s stock in a transaction that occurred on Tuesday, October 4th. The shares were sold at an average price of $40.10, for a total transaction of $140,149.50. Following the transaction, the insider now owns 84,791 shares of the company’s stock, valued at $3,400,119.10. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CMO Carly D. Brantz sold 1,773 shares of the firm’s stock in a transaction that occurred on Wednesday, November 16th. The shares were sold at an average price of $31.60, for a total transaction of $56,026.80. Following the transaction, the chief marketing officer now directly owns 85,916 shares in the company, valued at approximately $2,714,945.60. The disclosure for this sale can be found here. 4.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On DigitalOcean

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Alliancebernstein L.P. raised its position in shares of DigitalOcean by 43.8% in the third quarter. Alliancebernstein L.P. now owns 3,172,288 shares of the company’s stock valued at $114,742,000 after purchasing an additional 966,755 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of DigitalOcean in the second quarter valued at approximately $39,767,000. First Trust Advisors LP raised its position in shares of DigitalOcean by 29.4% in the first quarter. First Trust Advisors LP now owns 3,241,162 shares of the company’s stock valued at $187,501,000 after purchasing an additional 735,924 shares during the period. Driehaus Capital Management LLC raised its position in shares of DigitalOcean by 161.8% in the second quarter. Driehaus Capital Management LLC now owns 779,219 shares of the company’s stock valued at $32,228,000 after purchasing an additional 481,590 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its position in shares of DigitalOcean by 67.5% in the second quarter. Allspring Global Investments Holdings LLC now owns 1,018,017 shares of the company’s stock valued at $42,104,000 after purchasing an additional 410,211 shares during the period. Institutional investors own 52.00% of the company’s stock.

DigitalOcean Company Profile

(Get Rating)

DigitalOcean Holdings, Inc, through its subsidiaries, operates a cloud computing platform in North America, Europe, Asia, and internationally. Its platform provides on-demand infrastructure and platform tools for developers, start-ups, and small and medium size businesses. The company offers infrastructure solutions across compute, storage, and networking, as well as enables developers to extend the native capabilities of its cloud with fully managed application, container, and database offerings.

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Analyst Recommendations for DigitalOcean (NASDAQ:DOCN)

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