DigitalOcean (NYSE:DOCN) Price Target Raised to $48.00

DigitalOcean (NYSE:DOCN) had its target price boosted by Canaccord Genuity Group from $42.00 to $48.00 in a research report report published on Friday morning, Benzinga reports. The firm currently has a buy rating on the stock.

A number of other analysts also recently weighed in on the stock. Stifel Nicolaus increased their target price on shares of DigitalOcean from $32.00 to $35.00 and gave the company a hold rating in a research report on Friday, August 9th. Barclays lowered their target price on shares of DigitalOcean from $43.00 to $38.00 and set an overweight rating for the company in a research note on Friday, August 9th. UBS Group cut their price target on shares of DigitalOcean from $40.00 to $34.00 and set a neutral rating on the stock in a research report on Friday, August 9th. Finally, Piper Sandler lowered their price objective on DigitalOcean from $38.00 to $34.00 and set a neutral rating for the company in a research report on Monday, July 15th. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus target price of $38.33.

DigitalOcean Stock Performance

Shares of NYSE DOCN opened at $42.90 on Friday. The stock has a market capitalization of $3.91 billion, a P/E ratio of 80.94, a PEG ratio of 3.26 and a beta of 1.83. The stock’s fifty day moving average is $36.96 and its 200 day moving average is $35.95. DigitalOcean has a 52 week low of $19.39 and a 52 week high of $43.88.

DigitalOcean (NYSE:DOCN) last issued its earnings results on Thursday, August 8th. The company reported $0.48 EPS for the quarter, beating the consensus estimate of $0.39 by $0.09. DigitalOcean had a net margin of 9.30% and a negative return on equity of 31.71%. The company 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 EPS. The business’s revenue for the quarter was up 13.1% compared to the same quarter last year. Equities research analysts forecast that DigitalOcean will post 0.86 earnings per share for the current year.

Institutional Investors Weigh In On DigitalOcean

Institutional investors have recently made changes to their positions in the business. FinTrust Capital Advisors LLC bought a new stake in DigitalOcean in the first quarter worth $36,000. Covestor Ltd lifted 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 acquiring an additional 1,657 shares during the last quarter. Scarborough Advisors LLC bought a new position in DigitalOcean during the 4th quarter worth approximately $98,000. Ables Iannone Moore & Associates Inc. bought a new stake in DigitalOcean during the 4th quarter valued at $102,000. Finally, Quest Partners LLC boosted its holdings in shares of DigitalOcean by 11,041.9% during the second quarter. Quest Partners LLC now owns 3,454 shares of the company’s stock worth $120,000 after purchasing an additional 3,423 shares during the period. Hedge funds and other institutional investors own 49.77% of the company’s stock.

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).