DigitalOcean Holdings, Inc. (NASDAQ:DOCN) Receives Consensus Recommendation of “Hold” from Brokerages

DigitalOcean Holdings, Inc. (NASDAQ:DOCN – Get Rating) has been assigned a consensus recommendation of “Hold” from the fourteen research firms that are currently covering the company, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell recommendation, three have given a hold recommendation and six have issued a buy recommendation on the company. The average 1-year target price among brokerages that have covered the stock in the last year is $40.54.

DOCN has been the topic of several recent analyst reports. Canaccord Genuity Group boosted their target price on shares of DigitalOcean from $40.00 to $46.00 and gave the company a “buy” rating in a research note on Tuesday, February 21st. The Goldman Sachs Group boosted their target price on shares of DigitalOcean from $29.00 to $33.00 and gave the stock a “sell” rating in a research report on Friday, February 17th. William Blair reaffirmed an “outperform” rating on shares of DigitalOcean in a research report on Monday, December 19th. Credit Suisse Group increased their price target on shares of DigitalOcean from $31.00 to $34.00 and gave the stock a “neutral” rating in a research report on Friday, February 17th. Finally, Bank of America decreased their price target on shares of DigitalOcean from $60.00 to $50.00 and set a “buy” rating on the stock in a research note on Tuesday, November 8th.

Insider Activity

In related news, CMO Carly D. Brantz sold 106,419 shares of the stock in a transaction dated Tuesday, February 21st. The shares were sold at an average price of $34.42, for a total transaction of $3,662,941.98. Following the completion of the transaction, the chief marketing officer now owns 76,358 shares in the company, valued at $2,628,242.36. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, General Counsel Alan Shapiro sold 39,358 shares of the firm’s stock in a transaction that occurred on Tuesday, February 21st. The shares were sold at an average price of $34.59, for a total value of $1,361,393.22. Following the completion of the transaction, the general counsel now directly owns 227,349 shares in the company, valued at $7,864,001.91. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CMO Carly D. Brantz sold 106,419 shares of the firm’s stock in a transaction that occurred on Tuesday, February 21st. The shares were sold at an average price of $34.42, for a total transaction of $3,662,941.98. Following the completion of the sale, the chief marketing officer now directly owns 76,358 shares in the company, valued at $2,628,242.36. The disclosure for this sale can be found here. Insiders sold a total of 165,657 shares of company stock worth $5,721,028 over the last quarter. Insiders own 4.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Prospera Financial Services Inc boosted its holdings in shares of DigitalOcean by 136.6% during the 2nd quarter. Prospera Financial Services Inc now owns 620 shares of the company’s stock valued at $26,000 after buying an additional 358 shares in the last quarter. Advisors Asset Management Inc. purchased a new position in DigitalOcean in the 1st quarter worth about $42,000. Truvestments Capital LLC purchased a new position in DigitalOcean in the 2nd quarter worth about $36,000. Geneos Wealth Management Inc. increased its position in shares of DigitalOcean by 253.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,258 shares of the company’s stock valued at $72,000 after purchasing an additional 902 shares during the last quarter. Finally, Signaturefd LLC grew its stake in shares of DigitalOcean by 64.3% during the 3rd quarter. Signaturefd LLC now owns 1,290 shares of the company’s stock valued at $47,000 after acquiring an additional 505 shares during the period. Institutional investors own 52.00% of the company’s stock.

DigitalOcean Price Performance

NASDAQ DOCN opened at $31.75 on Thursday. The stock has a market capitalization of $3.08 billion, a P/E ratio of -138.04, a P/E/G ratio of 1.49 and a beta of 1.20. DigitalOcean has a 1 year low of $23.38 and a 1 year high of $63.89. The business’s fifty day moving average is $28.81 and its two-hundred day moving average is $33.26. The company has a debt-to-equity ratio of 28.78, a quick ratio of 5.76 and a current ratio of 5.76.

DigitalOcean (NASDAQ:DOCN – Get Rating) last posted its quarterly earnings results on Thursday, February 16th. The company reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.09. DigitalOcean had a negative return on equity of 2.36% and a negative net margin of 4.21%. The company had revenue of $163.00 million for the quarter, compared to analysts’ expectations of $161.10 million. During the same quarter in the prior year, the company earned ($0.11) earnings per share. The firm’s revenue was up 36.2% on a year-over-year basis. On average, research analysts forecast that DigitalOcean will post 0.5 earnings per share for the current fiscal year.

DigitalOcean Company Profile

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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.