Analysts Set DigitalOcean Holdings, Inc. (NASDAQ:DOCN) PT at $70.10

DigitalOcean Holdings, Inc. (NASDAQ:DOCNGet Rating) has been given an average recommendation of “Buy” by the twelve research firms that are presently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $70.10.

Several research firms recently weighed in on DOCN. Morgan Stanley reduced their price target on shares of DigitalOcean from $72.00 to $67.00 and set an “equal weight” rating for the company in a research report on Friday, February 25th. Barclays reduced their price target on shares of DigitalOcean from $70.00 to $55.00 in a research report on Thursday. KeyCorp reduced their price target on shares of DigitalOcean from $69.00 to $54.00 and set an “overweight” rating for the company in a research report on Monday, April 25th. JMP Securities reduced their price target on shares of DigitalOcean from $94.00 to $63.00 in a research report on Thursday. Finally, Zacks Investment Research lowered shares of DigitalOcean from a “hold” rating to a “strong sell” rating in a research report on Tuesday, April 26th.

Shares of DOCN stock opened at $35.82 on Friday. The firm has a 50-day moving average of $51.68 and a 200-day moving average of $69.78. 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 has a one year low of $33.16 and a one year high of $133.40.

DigitalOcean (NASDAQ:DOCNGet Rating) last announced its earnings results on Wednesday, May 4th. The company reported $0.07 EPS for the quarter, missing the consensus estimate of $0.12 by ($0.05). The firm had revenue of $127.33 million during the quarter, compared to analysts’ expectations of $126.22 million. DigitalOcean had a negative net margin of 7.42% and a negative return on equity of 4.43%. The business’s revenue for the quarter was up 35.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.06 EPS. On average, sell-side analysts forecast that DigitalOcean will post -0.02 EPS for the current year.

In other news, Director Amy Butte sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 5th. The shares were sold at an average price of $57.66, for a total value of $288,300.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel Alan Shapiro sold 40,456 shares of the firm’s stock in a transaction that occurred on Wednesday, March 2nd. The shares were sold at an average price of $60.80, for a total transaction of $2,459,724.80. The disclosure for this sale can be found here. Insiders sold 75,456 shares of company stock valued at $4,575,625 over the last 90 days.

A number of institutional investors and hedge funds have recently made changes to their positions in DOCN. Morgan Stanley purchased a new stake in DigitalOcean in the first quarter valued at approximately $296,000. Royal Bank of Canada raised its stake in DigitalOcean by 577.2% in the second quarter. Royal Bank of Canada now owns 2,499 shares of the company’s stock valued at $139,000 after purchasing an additional 2,130 shares in the last quarter. Bank of America Corp DE raised its stake in DigitalOcean by 8,441.0% in the second quarter. Bank of America Corp DE now owns 8,541 shares of the company’s stock valued at $475,000 after purchasing an additional 8,441 shares in the last quarter. SG Americas Securities LLC purchased a new stake in DigitalOcean in the third quarter valued at approximately $716,000. Finally, New York State Common Retirement Fund raised its stake in shares of DigitalOcean by 212.7% during the third quarter. New York State Common Retirement Fund now owns 34,709 shares of the company’s stock worth $2,694,000 after acquiring an additional 23,609 shares in the last quarter. 61.99% of the stock is currently owned by institutional investors and hedge funds.

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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