DigitalOcean (NYSE:DOCN) PT Raised to $48.00 at Canaccord Genuity Group

DigitalOcean (NYSE:DOCN) had its price target increased by analysts at Canaccord Genuity Group from $42.00 to $48.00 in a note issued to investors on Friday, Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s target price indicates a potential upside of 11.89% from the company’s previous close.

Several other analysts have also recently commented on DOCN. Barclays decreased their target price on DigitalOcean from $43.00 to $38.00 and set an “overweight” rating for the company in a research report on Friday, August 9th. UBS Group lowered their target price on DigitalOcean from $40.00 to $34.00 and set a “neutral” rating on the stock in a research note on Friday, August 9th. Stifel Nicolaus upped their target price on DigitalOcean from $32.00 to $35.00 and gave the company a “hold” rating in a report on Friday, August 9th. Finally, Piper Sandler decreased their price target on shares of 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 issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $38.33.

DigitalOcean Trading Up 8.5 %

Shares of DOCN opened at $42.90 on Friday. DigitalOcean has a 1-year low of $19.39 and a 1-year high of $43.88. The stock has a market capitalization of $3.91 billion, a P/E ratio of 80.94, a P/E/G ratio of 3.26 and a beta of 1.83. The business’s 50-day moving average price is $36.96 and its 200 day moving average price is $35.97.

DigitalOcean (NYSE:DOCN) last released its quarterly earnings results on Thursday, August 8th. The company reported $0.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.39 by $0.09. DigitalOcean had a net margin of 9.30% and a negative return on equity of 31.71%. The business had revenue of $192.00 million for the quarter, compared to analyst estimates of $188.63 million. During the same quarter in the previous year, the business earned $0.11 earnings per share. The firm’s revenue was up 13.1% compared to the same quarter last year. On average, research analysts predict that DigitalOcean will post 0.86 earnings per share for the current year.

Institutional Trading of DigitalOcean

Institutional investors have recently added to or reduced their stakes in the business. Mubadala Investment Co PJSC bought a new position in shares of DigitalOcean during the 4th quarter valued at $21,881,000. Point72 Hong Kong Ltd bought a new position in DigitalOcean during the second quarter valued at about $877,000. Private Advisor Group LLC lifted its position in shares of DigitalOcean by 637.6% in the first quarter. Private Advisor Group LLC now owns 48,378 shares of the company’s stock worth $1,847,000 after buying an additional 41,819 shares during the last quarter. Public Sector Pension Investment Board bought a new stake in shares of DigitalOcean during the 2nd quarter worth about $4,108,000. Finally, University of Texas Texas AM Investment Management Co. acquired a new position in shares of DigitalOcean during the 2nd quarter valued at about $11,712,000. 49.77% of the stock is currently owned by institutional investors and hedge funds.

DigitalOcean Company Profile

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).