DigitalOcean (DOCN) Projected to Post Earnings on Tuesday

DigitalOcean (NYSE:DOCN) will likely be issuing its quarterly earnings data before the market opens on Tuesday, February 25th. Analysts expect the company to announce earnings of $0.35 per share and revenue of $200.54 million for the quarter. Investors that wish to listen to the company’s conference call can do so using this link.

DigitalOcean Stock Down 8.6 %

Shares of NYSE DOCN opened at $39.35 on Monday. DigitalOcean has a twelve month low of $26.63 and a twelve month high of $47.02. The company has a market cap of $3.63 billion, a PE ratio of 46.29, a price-to-earnings-growth ratio of 3.12 and a beta of 1.81. The business’s 50 day moving average price is $38.66 and its two-hundred day moving average price is $38.99.

Wall Street Analysts Forecast Growth

DOCN has been the topic of a number of research analyst reports. Cantor Fitzgerald initiated coverage on DigitalOcean in a research note on Friday, January 17th. They issued a “neutral” rating and a $39.00 price target on the stock. JMP Securities increased their price objective on shares of DigitalOcean from $47.00 to $55.00 and gave the company a “market outperform” rating in a research report on Monday, January 27th. Needham & Company LLC reaffirmed a “hold” rating on shares of DigitalOcean in a report on Tuesday, November 5th. Citigroup initiated coverage on shares of DigitalOcean in a report on Friday, January 24th. They issued a “buy” rating and a $45.00 price target on the stock. Finally, Morgan Stanley upgraded DigitalOcean from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $40.00 to $41.00 in a report on Thursday, January 16th. Six investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $42.40.

Insiders Place Their Bets

In other DigitalOcean news, insider Bratin Saha sold 3,468 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $38.18, for a total value of $132,408.24. Following the transaction, the insider now directly owns 379,795 shares of the company’s stock, valued at $14,500,573.10. This trade represents a 0.90 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Matt Steinfort sold 12,498 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $40.00, for a total transaction of $499,920.00. Following the completion of the transaction, the chief financial officer now directly owns 517,498 shares in the company, valued at approximately $20,699,920. This represents a 2.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,255 shares of company stock worth $790,163 in the last quarter. 0.74% of the stock is currently owned by corporate insiders.

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).