<div id="readability-page-1"><p><span>DigitalOcean (NYSE:DOCN - Get Free Report)</span> had its target price increased by equities research analysts at Canaccord Genuity Group  from $55.00 to $60.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a &#34;buy&#34; rating on the stock. Canaccord Genuity Group's target price would indicate a potential upside of 27.67% from the stock's current price.</p><ul><li>DigitalOcean’s Tide Has Turned: Get Ready to Ride the Wave</li></ul><p>DOCN has been the subject of several other reports. Morgan Stanley lifted their price objective on DigitalOcean from $41.00 to $44.00 and gave the stock an &#34;overweight&#34; rating in a research report on Wednesday, August 6th. UBS Group boosted their price target on DigitalOcean from $40.00 to $48.00 and gave the stock a &#34;neutral&#34; rating in a report on Thursday. Cantor Fitzgerald  set a $47.00 price objective on DigitalOcean and gave the company a &#34;neutral&#34; rating in a research report on Thursday. Stifel Nicolaus  set a $36.00 price objective on DigitalOcean in a research report on Tuesday, August 5th. Finally, Bank of America upgraded shares of DigitalOcean from an &#34;underperform&#34; rating to a &#34;buy&#34; rating and upped their target price for the company from $34.00 to $60.00 in a report on Thursday. Seven equities research analysts have rated the stock with a Buy rating and six have issued  a Hold rating to the company. According to MarketBeat, the company currently has an average rating of &#34;Moderate Buy&#34; and an average price target of $47.73.</p><p><b>Check Out Our Latest Analysis on DigitalOcean</b></p><h2>DigitalOcean Trading Up 2.6%</h2><ul><li>How DigitalOcean's Focus Is Fueling Explosive Growth</li></ul><p>Shares of NYSE:DOCN traded up $1.19 during midday trading on Thursday, hitting $47.00. 4,454,308 shares of the stock were exchanged, compared to its average volume of 2,025,362. DigitalOcean has a twelve month low of $25.45 and a twelve month high of $49.62. The company has a 50 day moving average price of $37.42 and a 200-day moving average price of $32.25. The stock has a market cap of $4.28 billion, a P/E ratio of 36.07, a PEG ratio of 2.21 and a beta of 1.78. </p><p>DigitalOcean (NYSE:DOCN - Get Free Report) last announced its earnings results on Tuesday, August 5th. The company reported $0.59 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.47 by $0.12. DigitalOcean had a net margin of 15.18% and a negative return on equity of 73.19%. The company had revenue of $218.70 million during the quarter, compared to analysts' expectations of $216.62 million. During the same quarter in the previous year, the business posted $0.48 earnings per share. The firm's quarterly revenue was up 13.6% compared to the same quarter last year.  On average, equities research analysts expect that  DigitalOcean will post 1.01 earnings per share for the current year. </p><h2>Insider Transactions at DigitalOcean</h2><ul><li>DigitalOcean Rides Cloud Wave and AI Hype to Strong Earnings</li></ul><p>In other news, insider Bratin Saha sold 13,010 shares of the stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $31.87, for a total value of $414,628.70. Following the completion of the sale, the insider owned 269,465 shares of the company's stock, valued at $8,587,849.55. This represents a 4.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities &amp; Exchange Commission, which is available at this hyperlink. Company insiders own  0.96% of the company's stock. </p><h2>Institutional Trading of DigitalOcean</h2><p>Large investors have recently modified their holdings of the business. CX Institutional grew its stake in  DigitalOcean by 780.5% during the 2nd quarter. CX Institutional now owns 1,039 shares of the company's stock worth $30,000 after buying an additional 921 shares during the last quarter.  GAMMA Investing LLC raised its stake in shares of  DigitalOcean by 336.1% in the 1st quarter. GAMMA Investing LLC now owns 1,064 shares of the company's stock worth $36,000 after buying an additional 820 shares in the last quarter.  Wilmington Savings Fund Society FSB acquired a new stake in  DigitalOcean in the 3rd quarter valued at about $37,000.  SVB Wealth LLC bought a new stake in  DigitalOcean during the first quarter worth approximately $48,000.  Finally, Farther Finance Advisors LLC increased its holdings in shares of  DigitalOcean by 42.3% in the second quarter. Farther Finance Advisors LLC now owns 1,924 shares of the company's stock valued at $55,000 after buying an additional 572 shares in the last quarter. 49.77% of the stock is currently owned by institutional investors and hedge funds. </p><h2>About DigitalOcean</h2> (Get Free Report)<p>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).</p><h2>See Also</h2><ul><li>Five stocks we like better than DigitalOcean</li><li>Diversification Can Smooth Returns And Mitigate Portfolio Risk</li><li>Upwork's Stock Soars on Q3 Blowout and a New AI Blueprint</li><li>What is the Nikkei 225 index?    </li><li>The Metals Market Is Heating Up—4 Stocks Poised to Shine</li><li>How to trade penny stocks: A step-by-step guide</li><li>Tempus AI: Volatility Equates to Opportunity in AI Leader</li></ul><p><img src="https://imageproxy.pbkrs.com/https://www.marketbeat.com/scripts/RatingsAndPriceTargetChart.ashx/query-UHJlZml4PU5ZU0UmU3ltYm9sPURPQ04?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="650" height="330" original-src="https://imageproxy.pbkrs.com/https://www.marketbeat.com/scripts/RatingsAndPriceTargetChart.ashx/query-UHJlZml4PU5ZU0UmU3ltYm9sPURPQ04"/></p><p><em>This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.</em></p><h2>Should You Invest $1,000 in DigitalOcean Right Now?</h2><p>Before you consider DigitalOcean, you'll want to hear this.</p><p>MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and DigitalOcean wasn't on the list.</p><p>While DigitalOcean currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.</p><p>View The Five Stocks Here</p>                  </div>

DOCN

<p>Canaccord Genuity Group has raised its price target for DigitalOcean (NYSE:DOCN) from $55.00 to $60.00, maintaining a "buy" rating. This new target suggests a potential upside of 27.67% from the current stock price. Other analysts have also increased their price targets, with an average target of $47.73. DigitalOcean's stock has seen a recent uptick, trading at $47.00, and the company reported strong earnings, exceeding expectations with $0.59 EPS and $218.70 million in revenue for the last quarter.</p>

DigitalOcean (NYSE:DOCN) Price Target Raised to $60.00 at Canaccord Genuity Group