DigitalOcean (NYSE:DOCN) Issues Quarterly Earnings Results

DigitalOcean (NYSE:DOCN) posted its earnings results on Monday. The company reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $0.12, Briefing.com reports. The company had revenue of $198.50 million during the quarter, compared to analysts’ expectations of $196.64 million. DigitalOcean had a net margin of 10.86% and a negative return on equity of 43.11%. DigitalOcean’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.17 earnings per share.

DigitalOcean Price Performance

Shares of NYSE DOCN opened at $39.21 on Thursday. DigitalOcean has a fifty-two week low of $24.07 and a fifty-two week high of $44.80. The firm has a market capitalization of $3.61 billion, a P/E ratio of 45.67, a P/E/G ratio of 2.80 and a beta of 1.83. The company’s 50 day simple moving average is $40.43 and its 200 day simple moving average is $36.70.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on DOCN. Stifel Nicolaus increased their target price on DigitalOcean from $32.00 to $35.00 and gave the stock a “hold” rating in a report on Friday, August 9th. Needham & Company LLC reissued a “hold” rating on shares of DigitalOcean in a report on Tuesday. Canaccord Genuity Group boosted their target price on shares of DigitalOcean from $42.00 to $48.00 and gave the stock a “buy” rating in a research note on Friday, October 4th. Piper Sandler reduced their target price on shares of DigitalOcean from $38.00 to $34.00 and set a “neutral” rating on the stock in a research report on Monday, July 15th. Finally, Barclays raised their price target on shares of DigitalOcean from $38.00 to $48.00 and gave the company an “overweight” rating in a report on Friday, October 11th. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $40.56.

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).