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

DigitalOcean Holdings, Inc. (NYSE:DOCN) has received a consensus recommendation of “Moderate Buy” from the nine ratings firms that are covering the firm, Marketbeat Ratings reports. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $40.63.

Several research firms have issued reports on DOCN. Piper Sandler decreased their price target on shares of DigitalOcean from $38.00 to $34.00 and set a “neutral” rating on the stock in a research report on Monday, July 15th. Canaccord Genuity Group boosted their target price on DigitalOcean from $42.00 to $48.00 and gave the stock a “buy” rating in a research report on Friday, October 4th. Stifel Nicolaus increased their price target on DigitalOcean from $32.00 to $35.00 and gave the company a “hold” rating in a research report on Friday, August 9th. Barclays lifted their price target on DigitalOcean from $38.00 to $48.00 and gave the stock an “overweight” rating in a research note on Friday, October 11th. Finally, UBS Group decreased their target price on shares of DigitalOcean from $40.00 to $34.00 and set a “neutral” rating for the company in a report on Friday, August 9th.

DigitalOcean Stock Performance

Shares of DOCN stock opened at $41.22 on Tuesday. The stock has a market cap of $3.75 billion, a PE ratio of 77.77, a price-to-earnings-growth ratio of 3.38 and a beta of 1.83. The business’s fifty day moving average is $39.96 and its 200-day moving average is $36.37. DigitalOcean has a 1 year low of $19.39 and a 1 year high of $44.80.

DigitalOcean (NYSE:DOCN) last released its 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 for the quarter, compared to analyst estimates of $188.63 million. During the same period in the previous year, the company earned $0.11 earnings per share. DigitalOcean’s revenue was up 13.1% compared to the same quarter last year. Equities research analysts predict that DigitalOcean will post 0.86 earnings per share for the current year.

Institutional Trading of DigitalOcean

Several institutional investors have recently made changes to their positions in the stock. FinTrust Capital Advisors LLC acquired a new stake in DigitalOcean during the first quarter valued at $36,000. Blue Trust Inc. lifted its holdings in shares of DigitalOcean by 380.6% during the 3rd quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock valued at $49,000 after buying an additional 959 shares during the last quarter. Nisa Investment Advisors LLC grew its stake in shares of DigitalOcean by 56.4% in the 3rd quarter. Nisa Investment Advisors LLC now owns 1,340 shares of the company’s stock valued at $54,000 after buying an additional 483 shares in the last quarter. Covestor Ltd grew its stake 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 buying an additional 1,657 shares in the last quarter. Finally, Quest Partners LLC increased its holdings in DigitalOcean by 11,041.9% in the second quarter. Quest Partners LLC now owns 3,454 shares of the company’s stock worth $120,000 after buying an additional 3,423 shares during the last quarter. 49.77% of the stock is currently owned by institutional investors and hedge funds.

About DigitalOcean

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).