Barclays Boosts DigitalOcean (NYSE:DOCN) Price Target to $48.00

DigitalOcean (NYSE:DOCN - Get Free Report) had its price target boosted by investment analysts at Barclays from $38.00 to $48.00 in a report released on Friday, Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Barclays's price objective would suggest a potential upside of 9.19% from the company's current price.

Several other brokerages also recently issued reports on DOCN. UBS Group decreased their price target on DigitalOcean from $40.00 to $34.00 and set a "neutral" rating for the company in a report on Friday, August 9th. Canaccord Genuity Group upped their price target on DigitalOcean from $42.00 to $48.00 and gave the stock a "buy" rating in a report on Friday, October 4th. Piper Sandler decreased their price target on DigitalOcean from $38.00 to $34.00 and set a "neutral" rating for the company in a report on Monday, July 15th. Finally, Stifel Nicolaus upped their price target on DigitalOcean from $32.00 to $35.00 and gave the stock a "hold" rating in a report on Friday, August 9th. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $39.44.

DigitalOcean Price Performance

Shares of NYSE:DOCN traded up $0.42 during trading on Friday, reaching $43.96. 947,183 shares of the stock were exchanged, compared to its average volume of 1,280,771. DigitalOcean has a 1-year low of $19.39 and a 1-year high of $44.45. The stock has a fifty day moving average of $37.78 and a two-hundred day moving average of $36.05. The firm has a market cap of $4.05 billion, a price-to-earnings ratio of 61.26, a price-to-earnings-growth ratio of 3.38 and a beta of 1.83.

DigitalOcean (NYSE:DOCN - Get Free Report) last issued its earnings results on Thursday, August 8th. The company reported $0.48 earnings per share for the quarter, topping analysts' consensus estimates of $0.39 by $0.09. DigitalOcean had a negative return on equity of 31.71% and a net margin of 9.30%. The company had revenue of $192.00 million for the quarter, compared to analyst estimates of $188.63 million. During the same period in the prior year, the firm earned $0.11 earnings per share. DigitalOcean's revenue for the quarter was up 13.1% on a year-over-year basis. Sell-side analysts forecast that DigitalOcean will post 0.86 EPS for the current year.

Hedge Funds Weigh In On DigitalOcean

Several large investors have recently modified their holdings of the business. 180 Wealth Advisors LLC lifted its holdings in DigitalOcean by 4.4% during the 2nd quarter. 180 Wealth Advisors LLC now owns 7,120 shares of the company's stock worth $237,000 after purchasing an additional 297 shares in the last quarter. Harbor Capital Advisors Inc. boosted its position in shares of DigitalOcean by 4.5% in the second quarter. Harbor Capital Advisors Inc. now owns 8,426 shares of the company's stock valued at $293,000 after acquiring an additional 359 shares during the period. Sei Investments Co. grew its stake in DigitalOcean by 1.5% during the second quarter. Sei Investments Co. now owns 30,834 shares of the company's stock valued at $1,071,000 after acquiring an additional 468 shares in the last quarter. Empowered Funds LLC increased its holdings in DigitalOcean by 10.0% during the 1st quarter. Empowered Funds LLC now owns 7,852 shares of the company's stock worth $300,000 after acquiring an additional 711 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its holdings in DigitalOcean by 1.6% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 54,425 shares of the company's stock worth $1,891,000 after acquiring an additional 865 shares during the period. Hedge funds and other institutional investors own 49.77% of the company's stock.

DigitalOcean Company Profile

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).