DigitalOcean (NASDAQ:DOCN) Hits New 1-Year High at $41.67

Shares of DigitalOcean Holdings, Inc. (NASDAQ:DOCN) hit a new 52-week high during trading on Wednesday . The stock traded as high as $41.67 and last traded at $41.40, with a volume of 93853 shares. The stock had previously closed at $40.97.

Wall Street Analysts Forecast Growth

DOCN has been the subject of a number of research reports. Barclays cut their price target on DigitalOcean from $43.00 to $38.00 and set an “overweight” rating for the company in a report on Friday, August 9th. UBS Group dropped their target price on shares of DigitalOcean from $40.00 to $34.00 and set a “neutral” rating for the company in a research note on Friday, August 9th. Stifel Nicolaus increased 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. Finally, Piper Sandler dropped their price objective on shares of DigitalOcean from $38.00 to $34.00 and set a “neutral” rating for the company in a research report on Monday, July 15th. Five investment 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 a consensus rating of “Moderate Buy” and an average target price of $37.67.

DigitalOcean Stock Performance

The company has a market cap of $3.72 billion, a P/E ratio of 76.83, a PEG ratio of 3.15 and a beta of 1.83. The firm’s 50-day simple moving average is $34.82 and its 200 day simple moving average is $35.77.

DigitalOcean (NASDAQ:DOCN) last released its 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. The firm 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%. The company’s quarterly revenue was up 13.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.11 earnings per share. As a group, research analysts forecast that DigitalOcean Holdings, Inc. will post 0.86 earnings per share for the current year.

Institutional Trading of DigitalOcean

A number of large investors have recently made changes to their positions in the company. FinTrust Capital Advisors LLC acquired a new position in DigitalOcean in the first quarter valued at about $36,000. Covestor Ltd grew its position in shares of DigitalOcean by 571.4% in the 1st quarter. Covestor Ltd now owns 1,947 shares of the company’s stock valued at $74,000 after purchasing an additional 1,657 shares during the period. Scarborough Advisors LLC bought a new stake in DigitalOcean during the 4th quarter worth approximately $98,000. Ables Iannone Moore & Associates Inc. acquired a new stake in DigitalOcean during the 4th quarter worth approximately $102,000. Finally, Assetmark Inc. lifted its stake in DigitalOcean by 16.7% in the fourth quarter. Assetmark Inc. now owns 2,809 shares of the company’s stock valued at $103,000 after buying an additional 403 shares in 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).