DigitalOcean (DOCN) Expected to Announce Quarterly Earnings on Wednesday

DigitalOcean (NYSE:DOCN) is expected to issue its quarterly earnings data after the market closes on Wednesday, February 19th. Analysts expect the company to announce earnings of $0.34 per share for the quarter. Investors that wish to listen to the company’s conference call can do so using this link.

DigitalOcean Stock Down 1.5 %

Shares of NYSE:DOCN opened at $45.24 on Wednesday. DigitalOcean has a twelve month low of $26.63 and a twelve month high of $46.46. The company has a 50-day moving average price of $37.84 and a two-hundred day moving average price of $38.19. The firm has a market capitalization of $4.17 billion, a PE ratio of 53.22, a P/E/G ratio of 3.19 and a beta of 1.81.

Insiders Place Their Bets

In other DigitalOcean news, CFO Matt Steinfort sold 12,498 shares of DigitalOcean stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $40.00, for a total transaction of $499,920.00. Following the sale, the chief financial officer now owns 517,498 shares of the company’s stock, valued at $20,699,920. The trade was a 2.36 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Bratin Saha sold 4,289 shares of the business’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $36.80, for a total value of $157,835.20. Following the transaction, the insider now directly owns 372,762 shares in the company, valued at $13,717,641.60. This trade represents a 1.14 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 37,244 shares of company stock valued at $1,416,208. Insiders own 0.74% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on DOCN. JPMorgan Chase & Co. raised their price objective on shares of DigitalOcean from $32.00 to $40.00 and gave the company a “neutral” rating in a research report on Friday, October 25th. Citigroup started coverage on shares of DigitalOcean in a research report on Friday, January 24th. They issued a “buy” rating and a $45.00 price objective on the stock. Needham & Company LLC restated a “hold” rating on shares of DigitalOcean in a report on Tuesday, November 5th. Stifel Nicolaus lifted their price objective on DigitalOcean from $35.00 to $40.00 and gave the company a “hold” rating in a research report on Wednesday, December 18th. Finally, Cantor Fitzgerald started coverage on shares of DigitalOcean in a research note on Friday, January 17th. They issued a “neutral” rating and a $39.00 price target for the company. Six investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, DigitalOcean has a consensus rating of “Moderate Buy” and a consensus price target of $42.73.

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).