DigitalOcean Holdings, Inc. (NYSE:DOCN) Receives $40.63 Average PT from Analysts

Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN - Get Free Report) have earned a consensus recommendation of "Moderate Buy" from the nine brokerages that are currently covering the firm, Marketbeat.com reports. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $40.63.

A number of equities research analysts have commented on the stock. Stifel Nicolaus increased their price objective on shares of DigitalOcean from $32.00 to $35.00 and gave the stock a "hold" rating in a report on Friday, August 9th. Barclays increased their price target 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. Canaccord Genuity Group boosted their price objective on shares of DigitalOcean from $42.00 to $48.00 and gave the stock a "buy" rating in a research report on Friday, October 4th. UBS Group decreased their price objective on DigitalOcean from $40.00 to $34.00 and set a "neutral" rating on the stock in a research report on Friday, August 9th. Finally, Piper Sandler dropped their target price on DigitalOcean from $38.00 to $34.00 and set a "neutral" rating for the company in a research report on Monday, July 15th.

Institutional Trading of DigitalOcean

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

DigitalOcean Stock Performance

DigitalOcean stock traded down $0.78 during trading hours on Tuesday, hitting $41.92. 679,009 shares of the stock were exchanged, compared to its average volume of 1,261,882. The stock has a market capitalization of $3.82 billion, a P/E ratio of 79.09, a P/E/G ratio of 3.38 and a beta of 1.83. The business's 50-day moving average is $39.75 and its two-hundred day moving average is $36.30. DigitalOcean has a 12 month low of $19.39 and a 12 month high of $44.80.

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

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).