DigitalOcean (NYSE:DOCN) Issues FY24 Earnings Guidance

DigitalOcean (NYSE:DOCN) updated its FY24 earnings guidance on Monday. The company provided earnings per share guidance of $1.70-1.75 for the period, compared to the consensus earnings per share estimate of $1.67. The company issued revenue guidance of $775-777 million, compared to the consensus revenue estimate of $773.92 million. DigitalOcean also updated its FY 2024 guidance to 1.700-1.750 EPS.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Piper Sandler reduced their price target on DigitalOcean from $38.00 to $34.00 and set a “neutral” rating on the stock in a research note on Monday, July 15th. UBS Group reduced their target price on DigitalOcean from $40.00 to $34.00 and set a “neutral” rating on the stock in a research report on Friday, August 9th. Barclays lifted their price target on DigitalOcean from $38.00 to $48.00 and gave the company an “overweight” rating in a report on Friday, October 11th. Needham & Company LLC reiterated a “hold” rating on shares of DigitalOcean in a report on Tuesday. Finally, Canaccord Genuity Group boosted 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. Five investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $40.56.

DigitalOcean Trading Up 1.5 %

Shares of DigitalOcean stock opened at $35.86 on Wednesday. The company has a fifty day moving average price of $40.40 and a 200 day moving average price of $36.66. DigitalOcean has a twelve month low of $23.65 and a twelve month high of $44.80. The stock has a market cap of $3.30 billion, a price-to-earnings ratio of 49.81, a price-to-earnings-growth ratio of 3.24 and a beta of 1.83.

DigitalOcean (NYSE:DOCN) last announced its earnings results on Monday, November 4th. The company reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.12. DigitalOcean had a net margin of 9.30% and a negative return on equity of 31.71%. The business had revenue of $198.50 million during the quarter, compared to the consensus estimate of $196.64 million. During the same period in the prior year, the firm earned $0.17 earnings per share. The business’s quarterly revenue was up 12.1% compared to the same quarter last year. Analysts forecast that DigitalOcean will post 0.86 earnings per share for the current 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).