Brokerages Set DigitalOcean Holdings, Inc. (NYSE:DOCN) Price Target at $40.63

DigitalOcean Holdings, Inc. (NYSE:DOCN) has been given a consensus recommendation of “Moderate Buy” by the ten analysts that are currently covering the firm, MarketBeat reports. Five research analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $40.56.

Several research analysts recently weighed in on DOCN shares. Stifel Nicolaus lifted their price objective on shares of DigitalOcean from $32.00 to $35.00 and gave the stock a “hold” rating in a research note on Friday, August 9th. Piper Sandler reduced their price objective on shares of DigitalOcean from $38.00 to $34.00 and set a “neutral” rating on the stock in a research note on Monday, July 15th. UBS Group reduced their price objective on shares of DigitalOcean from $40.00 to $34.00 and set a “neutral” rating on the stock in a research note on Friday, August 9th. Canaccord Genuity Group lifted their price objective on shares of DigitalOcean from $42.00 to $48.00 and gave the stock a “buy” rating in a research note on Friday, October 4th. Finally, Barclays lifted their price objective on shares of DigitalOcean from $38.00 to $48.00 and gave the stock an “overweight” rating in a research note on Friday, October 11th.

DigitalOcean Price Performance

Shares of NYSE:DOCN opened at $40.89 on Tuesday. DigitalOcean has a one year low of $19.39 and a one year high of $44.80. The company has a 50 day moving average of $40.18 and a 200-day moving average of $36.46. The stock has a market cap of $3.72 billion, a price-to-earnings ratio of 77.15, a P/E/G ratio of 3.38 and a beta of 1.83.

DigitalOcean (NYSE:DOCN) last issued its quarterly earnings results on Thursday, August 8th. The company reported $0.48 EPS for the quarter, topping 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 quarter in the previous year, the company earned $0.11 EPS. DigitalOcean’s revenue was up 13.1% on a year-over-year basis. Equities research analysts anticipate that DigitalOcean will post 0.86 earnings per share for the current year.

Institutional Investors Weigh In On DigitalOcean

Several institutional investors have recently bought and sold shares of the company. Creative Financial Designs Inc. ADV lifted its position in shares of DigitalOcean by 17.8% in the third quarter. Creative Financial Designs Inc. ADV now owns 3,744 shares of the company’s stock worth $151,000 after purchasing an additional 566 shares in the last quarter. US Bancorp DE increased its stake in DigitalOcean by 16.2% in the 3rd quarter. US Bancorp DE now owns 14,995 shares of the company’s stock valued at $606,000 after buying an additional 2,087 shares during the last quarter. New York State Teachers Retirement System lifted its position in DigitalOcean by 42.7% during the 3rd quarter. New York State Teachers Retirement System now owns 25,197 shares of the company’s stock worth $1,018,000 after buying an additional 7,535 shares in the last quarter. Nisa Investment Advisors LLC boosted its stake in shares of DigitalOcean by 56.4% during the 3rd quarter. Nisa Investment Advisors LLC now owns 1,340 shares of the company’s stock worth $54,000 after buying an additional 483 shares during the last quarter. Finally, State of Alaska Department of Revenue grew its holdings in shares of DigitalOcean by 14.5% in the 3rd quarter. State of Alaska Department of Revenue now owns 36,114 shares of the company’s stock valued at $1,458,000 after acquiring an additional 4,561 shares in the last quarter. 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).