DigitalOcean Holdings, Inc. (NYSE:DOCN) Receives Average Recommendation of “Hold” from Brokerages

DigitalOcean Holdings, Inc. (NYSE:DOCN) has received a consensus rating of “Hold” from the nine brokerages that are presently covering the stock, MarketBeat Ratings reports. Five investment analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $41.50.

Several brokerages have recently weighed in on DOCN. Barclays upped their target price on shares of DigitalOcean from $38.00 to $48.00 and gave the company an “overweight” rating in a research note on Friday, October 11th. UBS Group decreased their target price on shares of DigitalOcean from $40.00 to $34.00 and set a “neutral” rating for the company in a research note on Friday, August 9th. JPMorgan Chase & Co. upped their target price on shares of DigitalOcean from $32.00 to $40.00 and gave the company a “neutral” rating in a research note on Friday, October 25th. Canaccord Genuity Group upped their target price on shares of DigitalOcean from $42.00 to $48.00 and gave the company a “buy” rating in a research note on Friday, October 4th. Finally, Stifel Nicolaus upped their target price on shares of DigitalOcean from $32.00 to $35.00 and gave the company a “hold” rating in a research note on Friday, August 9th.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of DOCN. Farther Finance Advisors LLC bought a new position in shares of DigitalOcean in the 3rd quarter worth about $30,000. Advisors Asset Management Inc. increased its holdings in shares of DigitalOcean by 150.4% in the 3rd quarter. Advisors Asset Management Inc. now owns 974 shares of the company’s stock worth $39,000 after acquiring an additional 585 shares during the period. Blue Trust Inc. increased its holdings in shares of DigitalOcean by 380.6% in the 3rd quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock worth $49,000 after acquiring an additional 959 shares during the period. Nisa Investment Advisors LLC increased its holdings in shares of DigitalOcean by 56.4% in the 3rd quarter. Nisa Investment Advisors LLC now owns 1,340 shares of the company’s stock worth $54,000 after acquiring an additional 483 shares during the period. Finally, Covestor Ltd increased its holdings in shares of DigitalOcean by 571.4% in the 1st quarter. Covestor Ltd now owns 1,947 shares of the company’s stock worth $74,000 after acquiring an additional 1,657 shares during the period. 49.77% of the stock is currently owned by institutional investors.

DigitalOcean Stock Down 3.9 %

DigitalOcean stock opened at $36.85 on Friday. DigitalOcean has a 52-week low of $26.10 and a 52-week high of $44.80. The firm has a fifty day moving average of $40.67 and a 200-day moving average of $36.93. The firm has a market capitalization of $3.40 billion, a P/E ratio of 43.35, a PEG ratio of 2.44 and a beta of 1.83.

DigitalOcean (NYSE:DOCN) last released its quarterly earnings data on Monday, November 4th. The company reported $0.52 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analyst estimates of $196.64 million. During the same quarter in the prior year, the business earned $0.17 earnings per share. The business’s quarterly revenue was up 12.1% compared to the same quarter last year. On average, research analysts expect that DigitalOcean will post 1.01 EPS 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).