Analysts Set DigitalOcean Holdings, Inc. (NASDAQ:DOCN) PT at $38.00

DigitalOcean Holdings, Inc. (NASDAQ:DOCNGet Free Report) has received an average recommendation of “Hold” from the eleven research firms that are presently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, five have assigned a hold recommendation and five have given a buy recommendation to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $38.00.

A number of equities analysts recently issued reports on the company. Needham & Company LLC reissued a “hold” rating on shares of DigitalOcean in a report on Monday, May 13th. UBS Group started coverage on DigitalOcean in a research note on Wednesday, May 22nd. They set a “neutral” rating and a $40.00 price target for the company. JMP Securities reaffirmed a “market outperform” rating and set a $47.00 price target on shares of DigitalOcean in a research note on Monday, May 13th. Finally, Canaccord Genuity Group increased their price objective on DigitalOcean from $41.00 to $42.00 and gave the company a “buy” rating in a research report on Monday, May 13th.

Check Out Our Latest Report on DOCN

DigitalOcean Stock Performance

Shares of NASDAQ DOCN opened at $33.86 on Wednesday. DigitalOcean has a 1 year low of $19.39 and a 1 year high of $51.69. The firm has a market cap of $3.08 billion, a price-to-earnings ratio of 63.89, a PEG ratio of 3.31 and a beta of 1.85. The stock’s 50-day simple moving average is $35.57 and its 200-day simple moving average is $36.32.

DigitalOcean (NASDAQ:DOCNGet Free Report) last announced its quarterly earnings data on Friday, May 10th. The company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.18 by $0.06. DigitalOcean had a negative return on equity of 26.29% and a net margin of 7.01%. The firm had revenue of $184.73 million during the quarter, compared to analyst estimates of $182.70 million. As a group, research analysts predict that DigitalOcean will post 0.78 EPS for the current year.

Insider Activity at DigitalOcean

In related news, Director Amy Butte sold 5,220 shares of the business’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $37.46, for a total value of $195,541.20. Following the sale, the director now directly owns 36,417 shares of the company’s stock, valued at approximately $1,364,180.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.74% of the stock is currently owned by insiders.

Institutional Investors Weigh In On DigitalOcean

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Cetera Advisors LLC lifted its position in DigitalOcean by 341.3% during the 1st quarter. Cetera Advisors LLC now owns 36,253 shares of the company’s stock worth $1,384,000 after buying an additional 28,038 shares in the last quarter. Tidal Investments LLC acquired a new position in shares of DigitalOcean during the 1st quarter worth about $220,000. Grandeur Peak Global Advisors LLC increased its stake in shares of DigitalOcean by 1.6% during the 1st quarter. Grandeur Peak Global Advisors LLC now owns 462,216 shares of the company’s stock worth $17,647,000 after purchasing an additional 7,189 shares during the last quarter. Jacobs Levy Equity Management Inc. increased its stake in shares of DigitalOcean by 8.0% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 864,514 shares of the company’s stock worth $33,007,000 after purchasing an additional 63,771 shares during the last quarter. Finally, Janus Henderson Group PLC increased its stake in shares of DigitalOcean by 10.7% during the 1st quarter. Janus Henderson Group PLC now owns 205,327 shares of the company’s stock worth $7,839,000 after purchasing an additional 19,807 shares during the last quarter. 49.77% of the stock is owned by institutional investors.

About DigitalOcean

(Get Free Report

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).

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Analyst Recommendations for DigitalOcean (NASDAQ:DOCN)

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