DigitalOcean (NASDAQ:DOCN) Price Target Cut to $47.00

DigitalOcean (NASDAQ:DOCN) had its target price lowered by JMP Securities from $59.00 to $47.00 in a research report report published on Friday, Marketbeat reports. The firm currently has a market outperform rating on the stock.

Several other research analysts have also recently commented on DOCN. Credit Suisse Group reiterated a neutral rating and issued a $36.00 target price on shares of DigitalOcean in a report on Friday, August 4th. Bank of America raised their target price on shares of DigitalOcean from $40.00 to $58.00 and gave the stock a buy rating in a report on Wednesday, July 26th. Barclays decreased their target price on shares of DigitalOcean from $58.00 to $42.00 and set an overweight rating for the company in a report on Friday, August 4th. Morgan Stanley upgraded shares of DigitalOcean from an underweight rating to an equal weight rating and decreased their target price for the stock from $127.00 to $103.00 in a report on Friday, August 11th. Finally, William Blair restated an outperform rating on shares of DigitalOcean in a report on Tuesday, May 9th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, DigitalOcean has an average rating of Hold and a consensus price target of $46.58.

DigitalOcean Stock Performance

Shares of DOCN opened at $26.76 on Friday. The firm’s 50 day moving average is $39.71 and its 200-day moving average is $37.32. The stock has a market capitalization of $2.38 billion, a P/E ratio of -74.33, a P/E/G ratio of 1.40 and a beta of 1.35. The company has a debt-to-equity ratio of 30.91, a current ratio of 3.84 and a quick ratio of 3.84. DigitalOcean has a 12-month low of $23.38 and a 12-month high of $51.69.

DigitalOcean (NASDAQ:DOCN) last announced its quarterly earnings data on Friday, August 11th. The company reported $0.11 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.11. The company had revenue of $169.81 million for the quarter, compared to analysts’ expectations of $169.75 million. DigitalOcean had a negative net margin of 5.27% and a negative return on equity of 32.38%. Equities research analysts anticipate that DigitalOcean will post 0.5 EPS for the current fiscal year.

Insider Buying and Selling at DigitalOcean

In other DigitalOcean news, COO Jeffrey Scott Guy sold 10,000 shares of DigitalOcean stock in a transaction that occurred on Monday, August 21st. The shares were sold at an average price of $32.41, for a total value of $324,100.00. Following the completion of the sale, the chief operating officer now directly owns 134,262 shares in the company, valued at $4,351,431.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold 27,986 shares of company stock worth $1,078,880 over the last ninety days. 4.48% of the stock is currently owned by insiders.

Hedge Funds Weigh In On DigitalOcean

A number of institutional investors have recently modified their holdings of the company. Bank Julius Baer & Co. Ltd Zurich raised its position in shares of DigitalOcean by 87,441.5% in the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 24,822,396 shares of the company’s stock valued at $996,371,000 after purchasing an additional 24,794,041 shares during the period. BlackRock Inc. raised its position in shares of DigitalOcean by 6.2% in the first quarter. BlackRock Inc. now owns 4,113,371 shares of the company’s stock valued at $237,960,000 after purchasing an additional 241,316 shares during the period. Alliancebernstein L.P. raised its position in shares of DigitalOcean by 38.3% in the second quarter. Alliancebernstein L.P. now owns 3,422,743 shares of the company’s stock valued at $137,389,000 after purchasing an additional 948,674 shares during the period. 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. Finally, State Street Corp raised its position in shares of DigitalOcean by 10.1% in the third quarter. State Street Corp now owns 1,351,461 shares of the company’s stock valued at $48,882,000 after purchasing an additional 124,240 shares during the period. Institutional investors own 56.53% of the company’s stock.

About DigitalOcean

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.