DigitalOcean Holdings (DOCN) Receives a Buy from Canaccord Genuity

Canaccord Genuity analyst David Hynes maintained a Buy rating on DigitalOcean Holdings (DOCN) yesterday and set a price target of $55.00. The company’s shares closed last Thursday at $42.27.

According to, Hynes is a top 100 analyst with an average return of 29.9% and a 70.6% success rate. Hynes covers the Technology sector, focusing on stocks such as Qualtrics International, ZoomInfo Technologies, and BigCommerce Holdings.

Currently, the analyst consensus on DigitalOcean Holdings is a Strong Buy with an average price target of $58.20, which is a 38.6% upside from current levels. In a report released yesterday, Oppenheimer also maintained a Buy rating on the stock with a $55.00 price target.

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Based on the recent corporate insider activity of 6 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of DOCN in relation to earlier this year.

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DigitalOcean Holdings Inc is one of the leading cloud computing platforms offeringon-demand infrastructure and platform tools for developers, start-ups and small and medium-sized businesses. The customers use the platform for a wide range of cases, such as web and mobile applications, website hosting, e-commerce, media and gaming, personal web projects, and managed services, among many others.

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