| 2021-09-20 10:17:23|
DOCN 10:17 09/20 09/20/21
DigitalOcean in the spotlight amid share lockup expiration following IPO
Shares of DigitalOcean (DOCN) are in the spotlight Monday with the application software company's share lockup expiration set for September 20. DigitalOcean went public back in March, opening for trading at $41.50. TARGET UPPED: On Friday, Barclays analyst Raimo Lenschow raised the firm's price target on DigitalOcean to $95 from $66, while keeping an Overweight rating on the shares. Over the next few months, investors will move to 2023 their new base year for valuations, Lenschow told investors in a research note. For software, "with its high growth rates, this move is important as valuation levels often see a meaningful step down," the analyst contended. PRICE ACTION: In Monday morning trading, shares of DigitalOcean have gained over 1% to $83.00 after being down almost 6% earlier today.