Citizens JMP Reiterates Market Outperform Rating on DigitalOcean (DOCN)

Citizens JMP analyst Patrick Walravens reiterated a Market Outperform rating and $55.00 price target on DigitalOcean (NYSE: DOCN).

The analyst commented, “We maintain our Market Outperform rating and $55 price target on DigitalOcean after the company's largest shareholder, Access Industries Management, filed a Schedule 13D on June 4 indicating it had sold $100M of stock (3.5M shares at $28.60), after Vultr CEO J.J. Kardwell, one of Digital Ocean’s competitors, joined the Citizens AI Dinner in San Francisco on June 9, after DigitalOcean announced a collaboration with AMD to advance AI using cloud-based GPUs, and after the stock has decreased ~17% YTD versus a 2% increase YTD for the Russell 3000.”

For an analyst ratings summary and ratings history on DigitalOcean click here. For more ratings news on DigitalOcean click here.

Shares of DigitalOcean closed at $28.15 yesterday.

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