DigitalOcean (NASDAQ:DOCN) Trading Down 4.4%

DigitalOcean Holdings, Inc. (NASDAQ:DOCN)’s share price fell 4.4% during trading on Monday . The company traded as low as $41.15 and last traded at $41.31. 598,734 shares were traded during mid-day trading, a decline of 53% from the average session volume of 1,275,540 shares. The stock had previously closed at $43.23.

Wall Street Analysts Forecast Growth

DOCN has been the topic of a number of recent analyst reports. Stifel Nicolaus raised their price target on shares of DigitalOcean from $32.00 to $35.00 and gave the company a “hold” rating in a report on Friday, August 9th. Piper Sandler lowered their target price on shares of DigitalOcean from $38.00 to $34.00 and set a “neutral” rating for the company in a research note on Monday, July 15th. Barclays cut their price target on shares of DigitalOcean from $43.00 to $38.00 and set an “overweight” rating on the stock in a report on Friday, August 9th. Finally, UBS Group lowered their price objective on DigitalOcean from $40.00 to $34.00 and set a “neutral” rating for the company in a research report on Friday, August 9th. 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 MarketBeat.com, DigitalOcean has a consensus rating of “Moderate Buy” and an average target price of $37.67.

DigitalOcean Stock Down 6.6 %

The stock has a 50-day moving average of $35.39 and a 200 day moving average of $35.85. The stock has a market cap of $3.68 billion, a PE ratio of 76.23, a price-to-earnings-growth ratio of 3.15 and a beta of 1.83.

DigitalOcean (NASDAQ:DOCN) last posted its 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. The company had revenue of $192.00 million during the quarter, compared to the consensus estimate of $188.63 million. DigitalOcean had a net margin of 9.30% and a negative return on equity of 31.71%. The firm’s quarterly revenue was up 13.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.11 earnings per share. On average, equities analysts anticipate that DigitalOcean Holdings, Inc. will post 0.86 EPS for the current year.

Hedge Funds Weigh In On DigitalOcean

Several large investors have recently made changes to their positions in DOCN. 180 Wealth Advisors LLC grew its position in DigitalOcean by 4.4% during the second quarter. 180 Wealth Advisors LLC now owns 7,120 shares of the company’s stock valued at $237,000 after buying an additional 297 shares during the period. Harbor Capital Advisors Inc. boosted its stake in shares of DigitalOcean by 4.5% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 8,426 shares of the company’s stock worth $293,000 after acquiring an additional 359 shares in the last quarter. Assetmark Inc. grew its position in shares of DigitalOcean by 16.7% during the 4th 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. Sei Investments Co. increased its stake in shares of DigitalOcean by 1.5% in the 2nd quarter. Sei Investments Co. now owns 30,834 shares of the company’s stock valued at $1,071,000 after purchasing an additional 468 shares in the last quarter. Finally, Empowered Funds LLC raised its holdings in DigitalOcean by 10.0% in the 1st quarter. Empowered Funds LLC now owns 7,852 shares of the company’s stock worth $300,000 after purchasing an additional 711 shares during the period. 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).