DigitalOcean (NASDAQ:DOCN) Given New $63.00 Price Target at JMP Securities

DigitalOcean (NASDAQ:DOCNGet Rating) had its price target cut by JMP Securities from $94.00 to $63.00 in a note issued to investors on Thursday, The Fly reports. JMP Securities’ target price would indicate a potential upside of 75.88% from the company’s current price.

A number of other brokerages have also recently issued reports on DOCN. Piper Sandler assumed coverage on shares of DigitalOcean in a research note on Monday, April 4th. They issued an “overweight” rating and a $72.00 price objective on the stock. Stifel Nicolaus reduced their price objective on shares of DigitalOcean from $85.00 to $60.00 in a research note on Thursday, February 24th. Zacks Investment Research cut shares of DigitalOcean from a “hold” rating to a “strong sell” rating in a research note on Tuesday, April 26th. Morgan Stanley reduced 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 report on Friday, February 25th. Finally, KeyCorp reduced their price target on shares of DigitalOcean from $69.00 to $54.00 and set an “overweight” rating on the stock in a research report on Monday, April 25th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, DigitalOcean has a consensus rating of “Buy” and a consensus target price of $71.36.

DOCN opened at $35.82 on Thursday. DigitalOcean has a one year low of $33.16 and a one year high of $133.40. The company has a debt-to-equity ratio of 2.53, a current ratio of 30.39 and a quick ratio of 30.39. The company’s 50 day simple moving average is $51.68 and its 200-day simple moving average is $70.10. The stock has a market capitalization of $3.80 billion, a P/E ratio of -111.93 and a beta of 1.89.

DigitalOcean (NASDAQ:DOCNGet Rating) last announced its quarterly earnings data on Wednesday, May 4th. The company reported $0.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.05). DigitalOcean had a negative net margin of 7.42% and a negative return on equity of 4.43%. The business had revenue of $127.33 million during the quarter, compared to the consensus estimate of $126.22 million. During the same period in the previous year, the business posted $0.06 earnings per share. DigitalOcean’s revenue was up 35.9% compared to the same quarter last year. As a group, analysts anticipate that DigitalOcean will post -0.02 EPS for the current year.

In related news, Director Amy Butte sold 5,000 shares of the firm’s stock in a transaction on 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 document filed with the SEC, which can be accessed through this hyperlink. Also, CFO William G. Sorenson sold 30,000 shares of the firm’s stock in a transaction on 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. Over the last 90 days, insiders have sold 75,456 shares of company stock worth $4,575,625.

Hedge funds have recently modified their holdings of the business. CWM LLC acquired a new stake in DigitalOcean in the 4th quarter valued at $25,000. Point72 Hong Kong Ltd acquired a new stake in DigitalOcean in the 4th quarter valued at $30,000. Rockefeller Capital Management L.P. increased its stake in DigitalOcean by 515.4% in the 3rd quarter. Rockefeller Capital Management L.P. now owns 400 shares of the company’s stock valued at $31,000 after buying an additional 335 shares during the last quarter. Newbridge Financial Services Group Inc. acquired a new stake in DigitalOcean in the 4th quarter valued at $36,000. Finally, AdvisorNet Financial Inc acquired a new stake in DigitalOcean in the 4th quarter valued at $38,000. Hedge funds and other institutional investors own 61.99% of the company’s stock.

About DigitalOcean (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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