DigitalOcean (NYSE:DOCN) Price Target Increased to $48.00 by Analysts at Canaccord Genuity Group

DigitalOcean (NYSE:DOCN) had its target price upped by analysts at Canaccord Genuity Group from $42.00 to $48.00 in a research note issued to investors on Friday, Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective points to a potential upside of 15.38% from the company’s previous close.

Several other equities analysts also recently commented on the company. Piper Sandler lowered their price objective on DigitalOcean from $38.00 to $34.00 and set a “neutral” rating on the stock in a research report on Monday, July 15th. Stifel Nicolaus lifted their target price on DigitalOcean from $32.00 to $35.00 and gave the stock a “hold” rating in a report on Friday, August 9th. Barclays reduced their target price on 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 reduced their price objective on DigitalOcean from $40.00 to $34.00 and set a “neutral” rating on the stock in a research note on Friday, August 9th. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $38.33.

DigitalOcean Price Performance

NYSE DOCN traded up $2.07 during trading on Friday, reaching $41.60. The company’s stock had a trading volume of 278,333 shares, compared to its average volume of 1,283,822. The stock has a market capitalization of $3.79 billion, a PE ratio of 78.51, a P/E/G ratio of 3.26 and a beta of 1.83. The firm has a fifty day moving average of $36.74 and a 200 day moving average of $35.96. DigitalOcean has a one year low of $19.39 and a one year high of $43.88.

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

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. FinTrust Capital Advisors LLC acquired a new stake in shares of DigitalOcean in the first quarter valued at approximately $36,000. Covestor Ltd grew its position in shares of DigitalOcean by 571.4% in the first quarter. Covestor Ltd now owns 1,947 shares of the company’s stock valued at $74,000 after purchasing an additional 1,657 shares during the last quarter. Scarborough Advisors LLC acquired a new stake in shares of DigitalOcean in the fourth quarter valued at approximately $98,000. Ables Iannone Moore & Associates Inc. acquired a new stake in shares of DigitalOcean in the fourth quarter valued at approximately $102,000. Finally, Quest Partners LLC grew its position in shares of DigitalOcean by 11,041.9% in the second quarter. Quest Partners LLC now owns 3,454 shares of the company’s stock valued at $120,000 after purchasing an additional 3,423 shares during the last quarter. 49.77% of the stock is owned by hedge funds and other institutional investors.

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).