DigitalOcean (NYSE:DOCN – Free Report) had its price target boosted by JPMorgan Chase & Co. from $32.00 to $40.00 in a research report sent to investors on Friday, Benzinga reports. The brokerage currently has a neutral rating on the stock.
A number of other analysts have also issued reports on the stock. UBS Group cut their price target on shares of DigitalOcean from $40.00 to $34.00 and set a “neutral” rating on the stock in a research note on Friday, August 9th. Stifel Nicolaus upped their target price on shares of DigitalOcean from $32.00 to $35.00 and gave the stock a “hold” rating in a research note on Friday, August 9th. Barclays raised 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. Canaccord Genuity Group upped their price objective on DigitalOcean from $42.00 to $48.00 and gave the stock a “buy” rating in a research report on Friday, October 4th. Finally, Piper Sandler decreased their target price on DigitalOcean from $38.00 to $34.00 and set a “neutral” rating for the company in a report on Monday, July 15th. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $40.56.
Check Out Our Latest Analysis on DigitalOcean
DigitalOcean Price Performance
DigitalOcean (NYSE:DOCN – Get Free Report) last announced its earnings results on Thursday, August 8th. The company reported $0.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.39 by $0.09. DigitalOcean had a negative return on equity of 31.71% and a net margin of 9.30%. The company had revenue of $192.00 million for the quarter, compared to analyst estimates of $188.63 million. During the same quarter in the previous year, the company earned $0.11 earnings per share. The firm’s quarterly revenue was up 13.1% compared to the same quarter last year. As a group, sell-side analysts expect that DigitalOcean will post 0.86 earnings per share for the current fiscal year.
Institutional Trading of DigitalOcean
A number of institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in DigitalOcean by 11.5% during the first quarter. Vanguard Group Inc. now owns 6,728,563 shares of the company’s stock worth $256,897,000 after purchasing an additional 696,426 shares in the last quarter. Van Berkom & Associates Inc. boosted its stake in DigitalOcean by 1.6% in the second quarter. Van Berkom & Associates Inc. now owns 1,273,103 shares of the company’s stock valued at $44,240,000 after acquiring an additional 19,731 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of DigitalOcean by 27.9% during the second quarter. Principal Financial Group Inc. now owns 1,178,848 shares of the company’s stock worth $40,965,000 after purchasing an additional 257,229 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of DigitalOcean by 23.4% during the second quarter. Dimensional Fund Advisors LP now owns 1,079,579 shares of the company’s stock worth $37,512,000 after purchasing an additional 205,007 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. lifted its holdings in shares of DigitalOcean by 8.0% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 864,514 shares of the company’s stock valued at $33,007,000 after purchasing an additional 63,771 shares during the last quarter. 49.77% of the stock is owned by hedge funds and other institutional investors.
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).
See Also
- Five stocks we like better than DigitalOcean
- Golden Cross Stocks: Pattern, Examples and Charts
- Real Estate Sector Outperforms: 3 Stocks to Gain Exposure
- 2 Fintech Stocks to Buy Now and 1 to Avoid
- Lam Research Proves Analysts Wrong with a Strong Earnings Report
- How to Use Stock Screeners to Find Stocks
- PureCycle: Up 250% in 2024 – Is This Materials Stock Still a Buy?
Receive News & Ratings for DigitalOcean Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for DigitalOcean and related companies with MarketBeat.com's FREE daily email newsletter.