DigitalOcean (NYSE:DOCN – Free Report) had its price objective raised by Barclays from $38.00 to $48.00 in a report published on Friday, Benzinga reports. They currently have an overweight rating on the stock.
Several other research analysts also recently commented on DOCN. Stifel Nicolaus lifted their price target on DigitalOcean from $32.00 to $35.00 and gave the stock a hold rating in a research report on Friday, August 9th. UBS Group lowered their price objective on DigitalOcean from $40.00 to $34.00 and set a neutral rating on the stock in a research report on Friday, August 9th. Piper Sandler lowered their price objective on DigitalOcean from $38.00 to $34.00 and set a neutral rating on the stock in a research report on Monday, July 15th. Finally, Canaccord Genuity Group boosted their price target on DigitalOcean from $42.00 to $48.00 and gave the company a buy rating in a research note on Friday, October 4th. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, DigitalOcean currently has a consensus rating of Moderate Buy and a consensus target price of $40.63.
Read Our Latest Stock Report on DigitalOcean
DigitalOcean Stock Performance
DigitalOcean (NYSE:DOCN – Get Free Report) last posted its earnings results on Thursday, August 8th. The company reported $0.48 earnings per share for the quarter, topping the consensus estimate 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 in the previous year, the company earned $0.11 EPS. The company’s revenue for the quarter was up 13.1% on a year-over-year basis. As a group, analysts anticipate that DigitalOcean will post 0.86 earnings per share for the current fiscal year.
Institutional Trading of DigitalOcean
Several institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in DigitalOcean by 11.5% in the first quarter. Vanguard Group Inc. now owns 6,728,563 shares of the company’s stock worth $256,897,000 after purchasing an additional 696,426 shares in the last quarter. Van Berkom & Associates Inc. boosted its stake in DigitalOcean by 1.6% in the second quarter. Van Berkom & Associates Inc. now owns 1,273,103 shares of the company’s stock worth $44,240,000 after purchasing an additional 19,731 shares in the last quarter. Principal Financial Group Inc. boosted its stake in DigitalOcean by 27.9% in the second quarter. Principal Financial Group Inc. now owns 1,178,848 shares of the company’s stock worth $40,965,000 after purchasing an additional 257,229 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in DigitalOcean by 23.4% in the second quarter. Dimensional Fund Advisors LP now owns 1,079,579 shares of the company’s stock worth $37,512,000 after purchasing an additional 205,007 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. boosted its stake in DigitalOcean by 8.0% in the first quarter. Jacobs Levy Equity Management Inc. now owns 864,514 shares of the company’s stock worth $33,007,000 after purchasing an additional 63,771 shares in the last quarter. Institutional investors and hedge funds own 49.77% of the company’s stock.
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).
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