DigitalOcean (NYSE:DOCN) PT Raised to $40.00 at JPMorgan Chase & Co.

DigitalOcean (NYSE:DOCN - Get Free Report) had its price target boosted by JPMorgan Chase & Co. from $32.00 to $40.00 in a research note issued to investors on Friday, Benzinga reports. The firm presently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s price objective indicates a potential downside of 2.53% from the stock's current price.

DOCN has been the topic of several other research reports. Barclays upped their price objective on shares of DigitalOcean from $38.00 to $48.00 and gave the company an "overweight" rating in a research note on Friday, October 11th. UBS Group dropped their price target on shares of DigitalOcean from $40.00 to $34.00 and set a "neutral" rating on the stock in a research note on Friday, August 9th. Piper Sandler reduced their price objective on DigitalOcean from $38.00 to $34.00 and set a "neutral" rating for the company in a research report on Monday, July 15th. Stifel Nicolaus upped their target price on DigitalOcean from $32.00 to $35.00 and gave the stock a "hold" rating in a research report on Friday, August 9th. Finally, Canaccord Genuity Group raised their price target on DigitalOcean from $42.00 to $48.00 and gave the stock a "buy" rating in a research note on Friday, October 4th. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, DigitalOcean presently has a consensus rating of "Moderate Buy" and an average target price of $40.56.

DigitalOcean Trading Down 0.4 %

NYSE:DOCN traded down $0.18 during trading hours on Friday, hitting $41.04. 542,293 shares of the stock traded hands, compared to its average volume of 1,252,634. The firm has a market cap of $3.74 billion, a price-to-earnings ratio of 77.85, a PEG ratio of 3.38 and a beta of 1.83. The firm has a 50 day moving average price of $40.05 and a 200 day moving average price of $36.40. DigitalOcean has a fifty-two week low of $19.39 and a fifty-two week high of $44.80.

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

Hedge Funds Weigh In On DigitalOcean

A number of institutional investors have recently modified their holdings of the company. Point72 Hong Kong Ltd acquired a new position in shares of DigitalOcean during the 2nd quarter worth about $877,000. Private Advisor Group LLC lifted its holdings in shares of DigitalOcean by 637.6% during the first quarter. Private Advisor Group LLC now owns 48,378 shares of the company's stock worth $1,847,000 after buying an additional 41,819 shares during the last quarter. Public Sector Pension Investment Board bought a new stake in shares of DigitalOcean in the second quarter valued at approximately $4,108,000. University of Texas Texas AM Investment Management Co. bought a new stake in shares of DigitalOcean in the second quarter valued at approximately $11,712,000. Finally, Vanguard Group Inc. grew its stake in shares of DigitalOcean by 11.5% in the first quarter. Vanguard Group Inc. now owns 6,728,563 shares of the company's stock worth $256,897,000 after acquiring an additional 696,426 shares during the last quarter. 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).