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JMP Securities Thinks DigitalOcean Holdings’ Stock is Going to Recover

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JMP Securities analyst Patrick Walravens maintained a Buy rating on DigitalOcean Holdings (DOCNResearch Report) today and set a price target of $63.00. The company’s shares closed last Wednesday at $43.56, close to its 52-week low of $35.35.

According to TipRanks.com, Walravens is a 5-star analyst with an average return of 12.1% and a 51.3% success rate. Walravens covers the Technology sector, focusing on stocks such as Zoom Video Communications, Qualtrics International, and ZoomInfo Technologies.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for DigitalOcean Holdings with a $71.70 average price target, representing a 72.6% upside. In a report issued on April 25, KeyBanc also maintained a Buy rating on the stock with a $54.00 price target.

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The company has a one-year high of $133.40 and a one-year low of $35.35. Currently, DigitalOcean Holdings has an average volume of 2.07M.

Based on the recent corporate insider activity of 92 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.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

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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