Needham & Company LLC Reaffirms Hold Rating for DigitalOcean (NYSE:DOCN)

DigitalOcean (NYSE:DOCN - Get Free Report)'s stock had its "hold" rating reaffirmed by investment analysts at Needham & Company LLC in a note issued to investors on Tuesday, Benzinga reports.

A number of other brokerages have also recently commented on DOCN. Stifel Nicolaus upped their price target on shares of DigitalOcean from $32.00 to $35.00 and gave the company a "hold" rating in a research note on Friday, August 9th. Barclays raised their target price on DigitalOcean from $38.00 to $48.00 and gave the stock an "overweight" rating in a research note on Friday, October 11th. JPMorgan Chase & Co. upped their price target on DigitalOcean from $32.00 to $40.00 and gave the company a "neutral" rating in a research report on Friday, October 25th. Piper Sandler reduced their price objective on shares of DigitalOcean from $38.00 to $34.00 and set a "neutral" rating for the company in a research note on Monday, July 15th. Finally, UBS Group dropped their price target on DigitalOcean from $40.00 to $34.00 and set a "neutral" rating for the company in a research report on Friday, August 9th. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $40.56.

DigitalOcean Trading Up 0.9 %

NYSE DOCN traded up $0.32 during trading hours on Tuesday, hitting $35.65. 1,157,875 shares of the company's stock were exchanged, compared to its average volume of 1,256,051. The firm has a market cap of $3.28 billion, a price-to-earnings ratio of 49.31, a PEG ratio of 3.24 and a beta of 1.83. The stock has a 50-day simple moving average of $40.40 and a 200 day simple moving average of $36.66. DigitalOcean has a 1-year low of $23.65 and a 1-year high of $44.80.

DigitalOcean (NYSE:DOCN - Get Free Report) last released its quarterly earnings data on Monday, November 4th. The company reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.12. DigitalOcean had a net margin of 9.30% and a negative return on equity of 31.71%. The company had revenue of $198.50 million during the quarter, compared to analyst estimates of $196.64 million. During the same quarter in the previous year, the business posted $0.17 EPS. DigitalOcean's revenue for the quarter was up 12.1% compared to the same quarter last year. On average, sell-side analysts anticipate that DigitalOcean will post 0.86 earnings per share for the current fiscal year.

Hedge Funds Weigh In On DigitalOcean

Several institutional investors have recently added to or reduced their stakes in DOCN. Farther Finance Advisors LLC purchased a new stake in shares of DigitalOcean in the 3rd quarter worth approximately $30,000. Blue Trust Inc. lifted its position in DigitalOcean by 380.6% during the third quarter. Blue Trust Inc. now owns 1,211 shares of the company's stock valued at $49,000 after acquiring an additional 959 shares during the last quarter. Nisa Investment Advisors LLC lifted its position in DigitalOcean by 56.4% during the third quarter. Nisa Investment Advisors LLC now owns 1,340 shares of the company's stock valued at $54,000 after acquiring an additional 483 shares during the last quarter. Covestor Ltd lifted its position in DigitalOcean by 571.4% during the first quarter. Covestor Ltd now owns 1,947 shares of the company's stock valued at $74,000 after acquiring an additional 1,657 shares during the last quarter. Finally, Quest Partners LLC lifted its position in DigitalOcean by 11,041.9% during the second quarter. Quest Partners LLC now owns 3,454 shares of the company's stock valued at $120,000 after acquiring an additional 3,423 shares during the last quarter. 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).