Brokerages Set DigitalOcean Holdings, Inc. (NASDAQ:DOCN) PT at $79.33

Shares of DigitalOcean Holdings, Inc. (NASDAQ:DOCNGet Rating) have received an average recommendation of “Buy” from the fourteen brokerages that are covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and nine have given a buy recommendation to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $79.33.

Several research analysts have recently weighed in on DOCN shares. Stifel Nicolaus dropped their price target on shares of DigitalOcean from $85.00 to $60.00 in a research note on Thursday, February 24th. Piper Sandler started coverage on shares of DigitalOcean in a research note on Monday, April 4th. They set an “overweight” rating and a $72.00 target price on the stock. Morgan Stanley decreased their price target on shares of DigitalOcean from $72.00 to $67.00 and set an “equal weight” rating on the stock in a research note on Friday, February 25th. Canaccord Genuity Group decreased their price target on shares of DigitalOcean from $115.00 to $70.00 in a research note on Friday, February 25th. Finally, Barclays reduced their target price on shares of DigitalOcean from $120.00 to $85.00 in a report on Wednesday, January 12th.

Shares of DigitalOcean stock opened at $54.30 on Monday. The company’s fifty day simple moving average is $56.27 and its 200-day simple moving average is $74.82. DigitalOcean has a 1-year low of $35.35 and a 1-year high of $133.40. The company has a current ratio of 30.39, a quick ratio of 30.39 and a debt-to-equity ratio of 2.53.

DigitalOcean (NASDAQ:DOCNGet Rating) last issued its quarterly earnings results on Thursday, February 24th. The company reported ($0.11) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.02) by ($0.09). The business had revenue of $119.66 million for the quarter, compared to analysts’ expectations of $119.02 million. DigitalOcean had a negative return on equity of 2.30% and a negative net margin of 4.55%. The company’s revenue was up 36.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.21) EPS. As a group, research analysts predict that DigitalOcean will post -0.02 EPS for the current year.

In other DigitalOcean news, Director Amy Butte sold 5,000 shares of DigitalOcean stock in a transaction dated Tuesday, April 5th. The shares were sold at an average price of $57.66, for a total transaction of $288,300.00. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO William G. Sorenson sold 30,000 shares of DigitalOcean stock in a transaction dated Wednesday, March 2nd. The stock was sold at an average price of $60.92, for a total transaction of $1,827,600.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 75,456 shares of company stock worth $4,575,625.

Several hedge funds have recently made changes to their positions in the stock. IA Venture Strategies Fund II LP acquired a new position in shares of DigitalOcean in the fourth quarter valued at approximately $594,802,000. BlackRock Inc. grew its holdings in shares of DigitalOcean by 23.6% during the fourth quarter. BlackRock Inc. now owns 3,872,055 shares of the company’s stock worth $311,043,000 after purchasing an additional 739,826 shares during the last quarter. Alliancebernstein L.P. grew its holdings in shares of DigitalOcean by 1.0% during the fourth quarter. Alliancebernstein L.P. now owns 1,740,733 shares of the company’s stock worth $139,833,000 after purchasing an additional 16,899 shares during the last quarter. Victory Capital Management Inc. grew its holdings in shares of DigitalOcean by 35.2% during the third quarter. Victory Capital Management Inc. now owns 1,358,821 shares of the company’s stock worth $105,485,000 after purchasing an additional 353,665 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in shares of DigitalOcean by 10.9% during the fourth quarter. Goldman Sachs Group Inc. now owns 931,601 shares of the company’s stock worth $74,836,000 after purchasing an additional 91,353 shares during the last quarter. Hedge funds and other institutional investors own 46.00% of the company’s stock.

DigitalOcean Company Profile (Get Rating)

DigitalOcean Holdings, Inc, through its subsidiaries, operates a cloud computing platform in North America, Europe, Asia, and internationally. Its platform provides on-demand infrastructure and platform tools for developers, start-ups, and small and medium size businesses. The company offers infrastructure solutions across compute, storage, and networking, as well as enables developers to extend the native capabilities of its cloud with fully managed application, container, and database offerings.

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Analyst Recommendations for DigitalOcean (NASDAQ:DOCN)

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