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Shares of DigitalOcean (DOCN) are up $1.90, or 4%, to $53.40 in early trading after Citron Research issued a long report on the stock in which it sets a $200 price target on the shares.

In its report, Andrew Left's firm stated in part:

"One of the greatest blunders we have made over the past 20 years of publishing Citron Research, is not realizing the power of Shopify when the stock was $100. Congratulations to everyone who owned Shopify through the years.

"Citron has been waiting patiently for another company to come along with the same profile, hoping with fingers crossed that valuation would be investible and it has finally come to market. 

DigitalOcean is a cloud computing platform purpose-built for SMBs (i.e., the Shopify of cloud computing or AWS for SMBs) at a fraction of the cost of large cloud providers... We've seen this movie before and just like how Shopify and Square saw that SMBs were not far behind large enterprises in adopting ecommerce and digital payments, DigitalOcean is in the leading position to capitalize on this mega trend."