DigitalOcean Holdings, Inc. (NYSE:DOCN) Receives Consensus Rating of “Hold” from Analysts

Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) have earned a consensus recommendation of “Hold” from the thirteen research firms that are covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, six have issued a hold recommendation and six have assigned a buy recommendation to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $39.83.

Several analysts have recently weighed in on the stock. Stifel Nicolaus lowered their target price on shares of DigitalOcean from $40.00 to $33.00 and set a “hold” rating on the stock in a report on Monday, April 7th. Needham & Company LLC reaffirmed a “hold” rating on shares of DigitalOcean in a report on Tuesday, May 6th. Barclays lowered their price objective on DigitalOcean from $48.00 to $38.00 and set an “overweight” rating on the stock in a report on Monday, April 21st. Cantor Fitzgerald lifted their price target on DigitalOcean from $39.00 to $43.00 and gave the company a “neutral” rating in a research note on Wednesday, February 26th. Finally, Citigroup decreased their price target on DigitalOcean from $50.00 to $40.00 and set a “buy” rating on the stock in a research note on Wednesday, May 7th.

DigitalOcean Stock Performance

Shares of DigitalOcean stock opened at $30.06 on Wednesday. DigitalOcean has a 1 year low of $25.45 and a 1 year high of $47.02. The company has a market capitalization of $2.74 billion, a P/E ratio of 35.36, a PEG ratio of 3.12 and a beta of 1.88. The company’s fifty day moving average is $29.64 and its two-hundred day moving average is $35.48.

DigitalOcean (NYSE:DOCN) last released its quarterly earnings results on Tuesday, May 6th. The company reported $0.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.45 by $0.11. The firm had revenue of $210.70 million for the quarter, compared to analyst estimates of $208.63 million. DigitalOcean had a negative return on equity of 43.11% and a net margin of 10.86%. The business’s revenue was up 14.1% on a year-over-year basis. During the same quarter last year, the company posted $0.43 earnings per share. As a group, equities analysts expect that DigitalOcean will post 1.01 earnings per share for the current year.

Insider Buying and Selling at DigitalOcean

In related news, insider Bratin Saha sold 3,948 shares of the stock in a transaction on Tuesday, March 18th. The stock was sold at an average price of $36.63, for a total transaction of $144,615.24. Following the sale, the insider now owns 358,696 shares of the company’s stock, valued at $13,139,034.48. This trade represents a 1.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.96% of the stock is owned by insiders.

Institutional Trading of DigitalOcean

Hedge funds have recently added to or reduced their stakes in the business. KBC Group NV boosted its position in shares of DigitalOcean by 37.6% in the fourth quarter. KBC Group NV now owns 2,884 shares of the company’s stock worth $98,000 after acquiring an additional 788 shares during the last quarter. Pacer Advisors Inc. boosted its position in shares of DigitalOcean by 33.1% in the fourth quarter. Pacer Advisors Inc. now owns 5,712 shares of the company’s stock worth $195,000 after acquiring an additional 1,419 shares during the last quarter. Strategic Financial Concepts LLC acquired a new position in shares of DigitalOcean in the 4th quarter valued at $580,000. Allspring Global Investments Holdings LLC boosted its holdings in shares of DigitalOcean by 29.8% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 96,306 shares of the company’s stock valued at $3,284,000 after purchasing an additional 22,100 shares during the last quarter. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new position in shares of DigitalOcean in the 4th quarter valued at $5,382,000. 49.77% of the stock is owned by institutional investors and hedge funds.

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).