DigitalOcean Holdings, Inc. (NYSE:DOCN) Receives $41.50 Average Price Target from Brokerages

DigitalOcean Holdings, Inc. (NYSE:DOCN) has been assigned an average recommendation of “Hold” from the nine brokerages that are presently covering the company, MarketBeat.com reports. Five analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $41.50.

Several equities analysts recently commented on DOCN shares. Canaccord Genuity Group increased their target price on shares of DigitalOcean from $42.00 to $48.00 and gave the company a “buy” rating in a report on Friday, October 4th. JPMorgan Chase & Co. increased their price target on shares of DigitalOcean from $32.00 to $40.00 and gave the company a “neutral” rating in a research report on Friday, October 25th. Barclays increased their price target on shares of DigitalOcean from $38.00 to $48.00 and gave the company an “overweight” rating in a research report on Friday, October 11th. Needham & Company LLC reissued a “hold” rating on shares of DigitalOcean in a research report on Tuesday, November 5th. Finally, UBS Group dropped their price target on shares of DigitalOcean from $40.00 to $34.00 and set a “neutral” rating for the company in a research report on Friday, August 9th.

Institutional Trading of DigitalOcean

A number of institutional investors and hedge funds have recently bought and sold shares of DOCN. Vanguard Group Inc. grew its position in DigitalOcean by 11.5% during the first quarter. Vanguard Group Inc. now owns 6,728,563 shares of the company’s stock valued at $256,897,000 after buying an additional 696,426 shares during the period. Geode Capital Management LLC lifted its holdings in shares of DigitalOcean by 7.9% in the third quarter. Geode Capital Management LLC now owns 1,464,333 shares of the company’s stock worth $59,156,000 after buying an additional 106,636 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its holdings in shares of DigitalOcean by 32.8% in the third quarter. Jacobs Levy Equity Management Inc. now owns 1,397,588 shares of the company’s stock worth $56,449,000 after buying an additional 345,119 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of DigitalOcean by 10.4% in the third quarter. Principal Financial Group Inc. now owns 1,301,499 shares of the company’s stock worth $52,568,000 after buying an additional 122,651 shares in the last quarter. Finally, Van Berkom & Associates Inc. lifted its holdings in shares of DigitalOcean by 1.6% in the second quarter. Van Berkom & Associates Inc. now owns 1,273,103 shares of the company’s stock worth $44,240,000 after buying an additional 19,731 shares in the last quarter. 49.77% of the stock is currently owned by institutional investors.

DigitalOcean Stock Performance

DOCN stock opened at $36.40 on Friday. DigitalOcean has a 52 week low of $26.63 and a 52 week high of $44.80. The firm’s fifty day moving average is $40.62 and its 200 day moving average is $36.98. The firm has a market cap of $3.36 billion, a P/E ratio of 42.82, a P/E/G ratio of 2.37 and a beta of 1.83.

DigitalOcean (NYSE:DOCN) last released its earnings results on Monday, November 4th. The company reported $0.52 EPS for the quarter, beating the consensus estimate of $0.40 by $0.12. DigitalOcean had a net margin of 10.86% and a negative return on equity of 43.11%. The company had revenue of $198.50 million for the quarter, compared to analyst estimates of $196.64 million. During the same quarter last year, the firm earned $0.17 EPS. The firm’s quarterly revenue was up 12.1% compared to the same quarter last year. As a group, analysts forecast that DigitalOcean will post 1.01 EPS for the current year.

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).