DigitalOcean (NYSE:DOCN) Announces Quarterly Earnings Results, Beats Estimates By $0.12 EPS

DigitalOcean (NYSE:DOCN - Get Free Report) issued its quarterly earnings data on Monday. The company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.12, Briefing.com reports. DigitalOcean had a net margin of 9.30% and a negative return on equity of 31.71%. The business had revenue of $198.50 million during the quarter, compared to analysts' expectations of $196.64 million. During the same quarter in the previous year, the company earned $0.17 EPS. The business's revenue was up 12.1% on a year-over-year basis.

DigitalOcean Price Performance

Shares of NYSE DOCN traded up $0.53 during mid-day trading on Tuesday, hitting $35.86. 1,828,839 shares of the stock traded hands, compared to its average volume of 1,259,186. The company has a market cap of $3.30 billion, a PE ratio of 49.79, a price-to-earnings-growth ratio of 3.24 and a beta of 1.83. DigitalOcean has a twelve month low of $23.65 and a twelve month high of $44.80. The firm has a 50 day simple moving average of $40.40 and a two-hundred day simple moving average of $36.66.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. UBS Group lowered their price objective on DigitalOcean from $40.00 to $34.00 and set a "neutral" rating on the stock in a research note on Friday, August 9th. JPMorgan Chase & Co. raised their price target on DigitalOcean from $32.00 to $40.00 and gave the stock a "neutral" rating in a research report on Friday, October 25th. Stifel Nicolaus upped their price objective on shares of DigitalOcean from $32.00 to $35.00 and gave the stock a "hold" rating in a research report on Friday, August 9th. Piper Sandler decreased their target price on shares of DigitalOcean from $38.00 to $34.00 and set a "neutral" rating on the stock in a report on Monday, July 15th. Finally, Canaccord Genuity Group upped their price target on shares of DigitalOcean from $42.00 to $48.00 and gave the stock a "buy" rating in a report on Friday, October 4th. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, DigitalOcean currently has an average rating of "Moderate Buy" and a consensus target price of $40.56.

About DigitalOcean

DigitalOcean Holdings, Inc, through its subsidiaries, operates a cloud computing platform in North America, Europe, Asia, and internationally. The company's platform provides on-demand infrastructure and platform tools for developers, start-ups, and small and growing digital businesses. It also offers infrastructure-as-a-service (IaaS) solutions comprising compute and storage services, as well as networking projects, including Cloud Firewalls software, Managed Load Balancers software, and Virtual Private Cloud (VPC).