DigitalOcean (NASDAQ:DOCN) Stock Price Down 4.4%

DigitalOcean Holdings, Inc. (NASDAQ:DOCN)’s share price dropped 4.4% during trading on Monday . The company traded as low as $41.15 and last traded at $41.31. Approximately 598,734 shares changed hands during trading, a decline of 53% from the average daily volume of 1,275,540 shares. The stock had previously closed at $43.23.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. UBS Group reduced their price objective on DigitalOcean from $40.00 to $34.00 and set a “neutral” rating on the stock in a research note on Friday, August 9th. Barclays lowered their price objective on shares of DigitalOcean from $43.00 to $38.00 and set an “overweight” rating for the company in a research report on Friday, August 9th. Stifel Nicolaus boosted their target price on shares of DigitalOcean from $32.00 to $35.00 and gave the stock a “hold” rating in a report on Friday, August 9th. Finally, Piper Sandler dropped their price target on 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 assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $37.67.

DigitalOcean Trading Down 6.6 %

The stock’s 50-day moving average is $35.39 and its two-hundred day moving average is $35.85. The company has a market capitalization of $3.68 billion, a PE ratio of 76.23, a price-to-earnings-growth ratio of 3.15 and a beta of 1.83.

DigitalOcean (NASDAQ:DOCN) last issued its quarterly earnings results on Thursday, August 8th. The company reported $0.48 earnings per share (EPS) 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 firm had revenue of $192.00 million during the quarter, compared to analyst estimates of $188.63 million. During the same period last year, the company earned $0.11 EPS. DigitalOcean’s quarterly revenue was up 13.1% compared to the same quarter last year. On average, equities research analysts forecast that DigitalOcean Holdings, Inc. will post 0.86 EPS for the current fiscal year.

Hedge Funds Weigh In On DigitalOcean

Hedge funds have recently added to or reduced their stakes in the stock. 180 Wealth Advisors LLC lifted its holdings in shares of 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 buying an additional 297 shares during the period. Harbor Capital Advisors Inc. increased its holdings in DigitalOcean by 4.5% during the second quarter. Harbor Capital Advisors Inc. now owns 8,426 shares of the company’s stock valued at $293,000 after buying an additional 359 shares during the period. Assetmark Inc. raised its stake in DigitalOcean by 16.7% in the fourth quarter. Assetmark Inc. now owns 2,809 shares of the company’s stock worth $103,000 after buying an additional 403 shares in the last quarter. Sei Investments Co. lifted its holdings in 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 during the period. Finally, Empowered Funds LLC boosted its position in DigitalOcean by 10.0% during the 1st quarter. Empowered Funds LLC now owns 7,852 shares of the company’s stock valued at $300,000 after acquiring an additional 711 shares in the last quarter. 49.77% of the stock is currently owned by institutional investors.

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).