Barclays Increases DigitalOcean (NYSE:DOCN) Price Target to $48.00

DigitalOcean (NYSE:DOCN) had its price objective raised by equities research analysts at Barclays from $38.00 to $48.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Barclays‘s target price would suggest a potential upside of 9.19% from the stock’s current price.

A number of other analysts also recently issued reports on DOCN. Canaccord Genuity Group raised their target price on DigitalOcean from $42.00 to $48.00 and gave the stock a “buy” rating in a research report on Friday, October 4th. Stifel Nicolaus raised their target price 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 cut their price target on DigitalOcean from $40.00 to $34.00 and set a “neutral” rating for the company in a report on Friday, August 9th. Finally, Piper Sandler cut their price target on DigitalOcean from $38.00 to $34.00 and set a “neutral” rating for the company in a report on Monday, July 15th. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $39.44.

DigitalOcean Trading Up 1.0 %

Shares of DOCN opened at $43.96 on Friday. The company has a market capitalization of $4.05 billion, a price-to-earnings ratio of 61.06, a PEG ratio of 3.38 and a beta of 1.83. The stock has a 50 day moving average of $38.09 and a 200 day moving average of $36.07. DigitalOcean has a 12 month low of $19.39 and a 12 month high of $44.45.

DigitalOcean (NYSE:DOCN) last released its earnings results on Thursday, August 8th. The company reported $0.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.39 by $0.09. DigitalOcean had a negative return on equity of 31.71% and a net margin of 9.30%. The business had revenue of $192.00 million during the quarter, compared to the consensus estimate of $188.63 million. During the same period last year, the business posted $0.11 earnings per share. The business’s revenue for the quarter was up 13.1% on a year-over-year basis. As a group, equities research analysts predict that DigitalOcean will post 0.86 earnings per share for the current year.

Institutional Investors Weigh In On DigitalOcean

Hedge funds have recently added to or reduced their stakes in the company. Mubadala Investment Co PJSC bought a new stake in DigitalOcean during the fourth quarter worth about $21,881,000. Point72 Hong Kong Ltd bought a new stake in DigitalOcean during the second quarter worth about $877,000. Private Advisor Group LLC lifted its stake in DigitalOcean by 637.6% during the first quarter. Private Advisor Group LLC now owns 48,378 shares of the company’s stock worth $1,847,000 after purchasing an additional 41,819 shares during the last quarter. Public Sector Pension Investment Board bought a new stake in DigitalOcean during the second quarter worth about $4,108,000. Finally, University of Texas Texas AM Investment Management Co. purchased a new position in shares of DigitalOcean in the second quarter worth about $11,712,000. 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).