DigitalOcean Holdings, Inc. (NYSE:DOCN – Get Free Report)’s stock price traded up 5.1% on Friday after Canaccord Genuity Group raised their price target on the stock from $42.00 to $48.00. Canaccord Genuity Group currently has a buy rating on the stock. DigitalOcean traded as high as $41.75 and last traded at $41.56. 190,375 shares changed hands during trading, a decline of 85% from the average session volume of 1,282,993 shares. The stock had previously closed at $39.53.
A number of other equities analysts have also commented on DOCN. UBS Group lowered 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. Barclays dropped their price target on shares of DigitalOcean from $43.00 to $38.00 and set an “overweight” rating for the company in a research report on Friday, August 9th. Stifel Nicolaus boosted their price target on DigitalOcean from $32.00 to $35.00 and gave the company a “hold” rating in a research note on Friday, August 9th. Finally, 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 note on Monday, July 15th. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $38.33.
View Our Latest Report on DOCN
Institutional Investors Weigh In On DigitalOcean
DigitalOcean Stock Up 8.5 %
The company has a market cap of $3.91 billion, a P/E ratio of 80.94, a price-to-earnings-growth ratio of 3.26 and a beta of 1.83. The company’s 50-day moving average is $36.96 and its two-hundred day moving average is $35.97.
DigitalOcean (NYSE:DOCN – Get Free Report) last announced its quarterly earnings data 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. The company had revenue of $192.00 million during the quarter, compared to analyst estimates of $188.63 million. DigitalOcean had a negative return on equity of 31.71% and a net margin of 9.30%. The firm’s revenue for the quarter was up 13.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.11 EPS. On average, analysts anticipate that DigitalOcean Holdings, Inc. will post 0.86 EPS for the current fiscal year.
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).
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