Brokerages Set DigitalOcean Holdings, Inc. (NYSE:DOCN) PT at $40.63

DigitalOcean Holdings, Inc. (NYSE:DOCNGet Free Report) has received a consensus rating of “Moderate Buy” from the ten brokerages that are currently covering the firm, MarketBeat Ratings reports. Five analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 12 month price target among analysts that have covered the stock in the last year is $40.56.

DOCN has been the subject of several research analyst reports. JPMorgan Chase & Co. upped their target price on shares of DigitalOcean from $32.00 to $40.00 and gave the company a “neutral” rating in a research note on Friday. Canaccord Genuity Group upped their target price on shares of DigitalOcean from $42.00 to $48.00 and gave the company a “buy” rating in a research note on Friday, October 4th. Stifel Nicolaus upped their target price 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. UBS Group cut 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. Finally, Barclays upped their target price on shares of DigitalOcean from $38.00 to $48.00 and gave the company an “overweight” rating in a research note on Friday, October 11th.

View Our Latest Analysis on DOCN

Institutional Investors Weigh In On DigitalOcean

Large investors have recently made changes to their positions in the company. Point72 Hong Kong Ltd bought a new stake in shares of DigitalOcean in the 2nd quarter worth about $877,000. Private Advisor Group LLC grew its holdings in DigitalOcean by 637.6% during the 1st quarter. Private Advisor Group LLC now owns 48,378 shares of the company’s stock worth $1,847,000 after acquiring an additional 41,819 shares during the last quarter. Public Sector Pension Investment Board bought a new stake in DigitalOcean during the 2nd quarter worth about $4,108,000. University of Texas Texas AM Investment Management Co. bought a new stake in DigitalOcean during the 2nd quarter worth about $11,712,000. Finally, Vanguard Group Inc. grew its holdings in DigitalOcean by 11.5% during the 1st quarter. Vanguard Group Inc. now owns 6,728,563 shares of the company’s stock worth $256,897,000 after acquiring an additional 696,426 shares during the last quarter. Institutional investors own 49.77% of the company’s stock.

DigitalOcean Stock Down 0.4 %

DOCN stock opened at $40.89 on Tuesday. The firm has a 50 day moving average of $40.18 and a two-hundred day moving average of $36.46. DigitalOcean has a 12 month low of $19.39 and a 12 month high of $44.80. The company has a market capitalization of $3.72 billion, a price-to-earnings ratio of 77.15, a P/E/G ratio of 3.38 and a beta of 1.83.

DigitalOcean (NYSE:DOCNGet Free Report) last issued its quarterly earnings data on Thursday, August 8th. The company reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates of $0.39 by $0.09. DigitalOcean had a net margin of 9.30% and a negative return on equity of 31.71%. The business had revenue of $192.00 million during the quarter, compared to analysts’ expectations of $188.63 million. During the same period in the previous year, the company earned $0.11 earnings per share. DigitalOcean’s revenue for the quarter was up 13.1% on a year-over-year basis. On average, research analysts expect that DigitalOcean will post 0.86 EPS for the current fiscal year.

DigitalOcean Company Profile

(Get Free Report

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).

Further Reading

Analyst Recommendations for DigitalOcean (NYSE:DOCN)

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