DigitalOcean (NASDAQ:DOCN) Rating Lowered to Market Perform at Oppenheimer

DigitalOcean (NASDAQ:DOCN – Get Rating) was downgraded by analysts at Oppenheimer from an “outperform” rating to a “market perform” rating in a report issued on Friday, MarketBeat Ratings reports. They currently have a $40.00 price target on the stock. Oppenheimer’s target price suggests a potential upside of 17.37% from the stock’s previous close.

Several other research analysts also recently commented on DOCN. Canaccord Genuity Group raised their price target on shares of DigitalOcean from $40.00 to $46.00 and gave the company a “buy” rating in a report on Tuesday, February 21st. Barclays raised their price target on shares of DigitalOcean from $32.00 to $42.00 in a report on Friday, February 17th. Piper Sandler downgraded shares of DigitalOcean from an “overweight” rating to a “neutral” rating and set a $30.00 price target for the company. in a report on Tuesday, January 17th. Morgan Stanley lifted their price objective on shares of DigitalOcean from $28.00 to $30.00 and gave the stock an “underweight” rating in a report on Friday, February 17th. Finally, The Goldman Sachs Group lifted their price objective on shares of DigitalOcean from $29.00 to $33.00 and gave the stock a “sell” rating in a report on Friday, February 17th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $40.54.

DigitalOcean Stock Down 2.8 %

DOCN opened at $34.08 on Friday. The company has a 50 day moving average of $31.15 and a 200 day moving average of $32.40. DigitalOcean has a 12 month low of $23.38 and a 12 month high of $63.17. The company has a quick ratio of 5.76, a current ratio of 5.76 and a debt-to-equity ratio of 28.78.

DigitalOcean (NASDAQ:DOCN – Get Rating) last released its quarterly earnings data on Thursday, February 16th. The company reported $0.28 EPS for the quarter, topping the consensus estimate of $0.19 by $0.09. The company had revenue of $163.00 million during the quarter, compared to the consensus estimate of $161.10 million. DigitalOcean had a negative net margin of 4.21% and a negative return on equity of 2.36%. DigitalOcean’s revenue for the quarter was up 36.2% on a year-over-year basis. During the same period last year, the firm earned ($0.11) EPS. Equities analysts expect that DigitalOcean will post 0.49 EPS for the current fiscal year.

Insider Activity at DigitalOcean

In related news, COO Jeffrey Scott Guy sold 14,880 shares of the business’s stock in a transaction dated Thursday, February 16th. The shares were sold at an average price of $35.06, for a total transaction of $521,692.80. Following the transaction, the chief operating officer now owns 135,028 shares in the company, valued at $4,734,081.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, COO Jeffrey Scott Guy sold 14,880 shares of the business’s stock in a transaction dated Thursday, February 16th. The shares were sold at an average price of $35.06, for a total transaction of $521,692.80. Following the transaction, the chief operating officer now owns 135,028 shares in the company, valued at $4,734,081.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, General Counsel Alan Shapiro sold 39,358 shares of the business’s stock in a transaction dated Tuesday, February 21st. The shares were sold at an average price of $34.59, for a total transaction of $1,361,393.22. Following the transaction, the general counsel now owns 227,349 shares in the company, valued at approximately $7,864,001.91. The disclosure for this sale can be found here. Insiders have sold 177,657 shares of company stock worth $6,141,092 over the last 90 days. 4.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On DigitalOcean

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Advisors Asset Management Inc. bought a new stake in DigitalOcean during the first quarter worth about $42,000. Geneos Wealth Management Inc. boosted its stake in DigitalOcean by 253.4% during the first quarter. Geneos Wealth Management Inc. now owns 1,258 shares of the company’s stock worth $72,000 after acquiring an additional 902 shares in the last quarter. Signaturefd LLC boosted its stake in DigitalOcean by 64.3% during the third quarter. Signaturefd LLC now owns 1,290 shares of the company’s stock worth $47,000 after acquiring an additional 505 shares in the last quarter. Macquarie Group Ltd. boosted its stake in DigitalOcean by 48.1% during the second quarter. Macquarie Group Ltd. now owns 1,747 shares of the company’s stock worth $72,000 after acquiring an additional 567 shares in the last quarter. Finally, Nisa Investment Advisors LLC boosted its stake in DigitalOcean by 28.8% during the third quarter. Nisa Investment Advisors LLC now owns 1,997 shares of the company’s stock worth $72,000 after acquiring an additional 447 shares in the last quarter. Hedge funds and other institutional investors own 52.00% of the company’s stock.

About DigitalOcean

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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.