UBS Group Lowers DigitalOcean (NASDAQ:DOCN) Price Target to $34.00

DigitalOcean (NASDAQ:DOCN) had its price target decreased by UBS Group from $40.00 to $34.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. UBS Group’s price target would indicate a potential upside of 5.95% from the stock’s previous close.

Several other research firms also recently weighed in on DOCN. Needham & Company LLC restated a “hold” rating on shares of DigitalOcean in a report on Monday, May 13th. Canaccord Genuity Group upped their price objective on shares of DigitalOcean from $41.00 to $42.00 and gave the stock a “buy” rating in a report on Monday, May 13th. Stifel Nicolaus upped their price objective on shares of DigitalOcean from $32.00 to $35.00 and gave the stock a “hold” rating in a report on Friday. JMP Securities restated a “market outperform” rating and set a $47.00 price objective on shares of DigitalOcean in a report on Monday, May 13th. Finally, Piper Sandler reduced their target price on shares of DigitalOcean from $38.00 to $34.00 and set a “neutral” rating for the company in a research note on Monday, July 15th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, DigitalOcean has an average rating of “Hold” and an average price target of $36.40.

DigitalOcean Trading Up 10.3 %

DOCN traded up $2.99 during trading on Friday, reaching $32.09. 999,887 shares of the company’s stock were exchanged, compared to its average volume of 1,245,201. DigitalOcean has a one year low of $19.39 and a one year high of $41.58. The stock has a market capitalization of $2.92 billion, a PE ratio of 60.55, a price-to-earnings-growth ratio of 3.01 and a beta of 1.81. The firm has a fifty day moving average price of $33.68 and a two-hundred day moving average price of $35.64.

DigitalOcean (NASDAQ:DOCN) last released its quarterly earnings data on Friday, May 10th. The company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.06. DigitalOcean had a net margin of 7.01% and a negative return on equity of 26.29%. The firm had revenue of $184.73 million for the quarter, compared to the consensus estimate of $182.70 million. Sell-side analysts expect that DigitalOcean will post 0.78 earnings per share for the current year.

Insider Buying and Selling at DigitalOcean

In other DigitalOcean news, Director Amy Butte sold 5,220 shares of the firm’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $37.46, for a total transaction of $195,541.20. Following the completion of the transaction, the director now owns 36,417 shares of the company’s stock, valued at $1,364,180.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.74% of the company’s stock.

Institutional Investors Weigh In On DigitalOcean

Large investors have recently made changes to their positions in the company. Mubadala Investment Co PJSC bought a new stake in shares of DigitalOcean during the 4th quarter valued at about $21,881,000. Private Advisor Group LLC grew its stake in shares of DigitalOcean by 637.6% during the 1st quarter. Private Advisor Group LLC now owns 48,378 shares of the company’s stock valued at $1,847,000 after purchasing an additional 41,819 shares during the period. Hillsdale Investment Management Inc. bought a new stake in shares of DigitalOcean during the 4th quarter valued at about $3,133,000. Comerica Bank grew its stake in shares of DigitalOcean by 8,170.5% during the 4th quarter. Comerica Bank now owns 47,390 shares of the company’s stock valued at $1,739,000 after purchasing an additional 46,817 shares during the period. Finally, Vanguard Group Inc. grew its stake in shares of DigitalOcean by 11.5% during the 1st quarter. Vanguard Group Inc. now owns 6,728,563 shares of the company’s stock valued at $256,897,000 after purchasing an additional 696,426 shares during the period. 49.77% of the stock is currently 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).