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

DigitalOcean Holdings, Inc. (NYSE:DOCN) 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.

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:DOCN) 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

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).