DigitalOcean Holdings, Inc. (NASDAQ:DOCN) Receives $38.00 Consensus PT from Analysts

DigitalOcean Holdings, Inc. (NASDAQ:DOCN) has received an average recommendation of “Hold” from the eleven brokerages that are presently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, five have given a hold recommendation and five have assigned a buy recommendation to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $38.00.

Several research analysts have recently issued reports on DOCN shares. Canaccord Genuity Group upped their price objective on DigitalOcean from $41.00 to $42.00 and gave the company a “buy” rating in a research note on Monday, May 13th. JMP Securities reaffirmed a “market outperform” rating and issued a $47.00 price objective on shares of DigitalOcean in a research note on Monday, May 13th. Needham & Company LLC reaffirmed a “hold” rating on shares of DigitalOcean in a research note on Monday, May 13th. Finally, UBS Group started coverage on DigitalOcean in a research note on Wednesday, May 22nd. They issued a “neutral” rating and a $40.00 price objective for the company.

Insider Transactions at DigitalOcean

In other news, Director Amy Butte sold 5,220 shares of DigitalOcean stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $37.46, for a total value of $195,541.20. Following the sale, the director now directly owns 36,417 shares in the company, valued at approximately $1,364,180.82. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.74% of the company’s stock.

Institutional Investors Weigh In On DigitalOcean

Several hedge funds have recently added to or reduced their stakes in DOCN. Assetmark Inc. lifted its holdings in DigitalOcean by 16.7% in the fourth quarter. Assetmark Inc. now owns 2,809 shares of the company’s stock valued at $103,000 after acquiring an additional 403 shares during the period. Householder Group Estate & Retirement Specialist LLC raised its stake in shares of DigitalOcean by 41.0% in the fourth quarter. Householder Group Estate & Retirement Specialist LLC now owns 2,399 shares of the company’s stock worth $88,000 after buying an additional 698 shares during the period. Empowered Funds LLC raised its stake in shares of DigitalOcean by 10.0% in the first quarter. Empowered Funds LLC now owns 7,852 shares of the company’s stock worth $300,000 after buying an additional 711 shares during the period. Global Retirement Partners LLC bought a new position in shares of DigitalOcean in the first quarter worth about $34,000. Finally, Tennessee Valley Asset Management Partners bought a new position in shares of DigitalOcean in the fourth quarter worth about $35,000. 49.77% of the stock is owned by institutional investors.

DigitalOcean Stock Performance

Shares of DigitalOcean stock opened at $33.85 on Wednesday. The firm has a 50-day moving average of $35.60 and a 200-day moving average of $36.26. The stock has a market cap of $3.08 billion, a PE ratio of 63.87, a PEG ratio of 3.40 and a beta of 1.85. DigitalOcean has a 52-week low of $19.39 and a 52-week high of $51.69.

DigitalOcean (NASDAQ:DOCN) last announced its earnings results on Friday, May 10th. The company reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.18 by $0.06. The company had revenue of $184.73 million during the quarter, compared to analysts’ expectations of $182.70 million. DigitalOcean had a net margin of 7.01% and a negative return on equity of 26.29%. Equities research analysts predict that DigitalOcean will post 0.78 earnings per share 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).