Barclays Boosts DigitalOcean (NYSE:DOCN) Price Target to $48.00

DigitalOcean (NYSE:DOCN) had its price objective boosted by Barclays from $38.00 to $48.00 in a research note issued to investors on Friday, Benzinga reports. Barclays currently has an overweight rating on the stock.

Several other research firms have also recently commented on DOCN. Canaccord Genuity Group lifted their target price on DigitalOcean from $42.00 to $48.00 and gave the company a buy rating in a research note on Friday, October 4th. Piper Sandler decreased their price objective on DigitalOcean from $38.00 to $34.00 and set a neutral rating for the company in a research note on Monday, July 15th. Stifel Nicolaus lifted their price objective on DigitalOcean from $32.00 to $35.00 and gave the stock a hold rating in a research note on Friday, August 9th. Finally, UBS Group decreased their price objective on DigitalOcean from $40.00 to $34.00 and set a neutral rating for the company in a research note on Friday, August 9th. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average target price of $40.63.

DigitalOcean Price Performance

DigitalOcean stock opened at $43.87 on Friday. The company has a market capitalization of $4.00 billion, a PE ratio of 82.77, a price-to-earnings-growth ratio of 3.38 and a beta of 1.83. DigitalOcean has a one year low of $19.39 and a one year high of $44.48. The business has a 50 day simple moving average of $38.42 and a 200 day simple moving average of $36.09.

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

Hedge Funds Weigh In On DigitalOcean

A number of institutional investors have recently bought and sold shares of the business. 180 Wealth Advisors LLC grew its position in shares of DigitalOcean by 4.4% in the second quarter. 180 Wealth Advisors LLC now owns 7,120 shares of the company’s stock valued at $237,000 after purchasing an additional 297 shares during the last quarter. Harbor Capital Advisors Inc. boosted its stake in shares of DigitalOcean by 4.5% in the second quarter. Harbor Capital Advisors Inc. now owns 8,426 shares of the company’s stock valued at $293,000 after buying an additional 359 shares during the period. Sei Investments Co. boosted its stake in shares of DigitalOcean by 1.5% in the second quarter. Sei Investments Co. now owns 30,834 shares of the company’s stock valued at $1,071,000 after buying an additional 468 shares during the period. Empowered Funds LLC boosted 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 valued at $300,000 after buying an additional 711 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its stake in shares of DigitalOcean by 1.6% in the second quarter. Allspring Global Investments Holdings LLC now owns 54,425 shares of the company’s stock valued at $1,891,000 after buying an additional 865 shares during the period. Institutional investors and hedge funds 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).