DigitalOcean (NASDAQ:DOCN) Issues FY22 Earnings Guidance

DigitalOcean (NASDAQ:DOCNGet Rating) updated its FY22 earnings guidance on Monday. The company provided EPS guidance of $0.74-0.75 for the period, compared to the consensus EPS estimate of $0.66. The company issued revenue guidance of $564-568 million, compared to the consensus revenue estimate of $566.32 million. DigitalOcean also updated its Q3 guidance to $0.22-0.23 EPS.

Wall Street Analyst Weigh In

Several research firms recently issued reports on DOCN. Morgan Stanley lowered shares of DigitalOcean from an equal weight rating to an underweight rating and set a $45.00 price target on the stock. in a research report on Monday, July 11th. The Goldman Sachs Group lowered shares of DigitalOcean from a buy rating to a sell rating and cut their target price for the company from $54.00 to $40.00 in a research report on Wednesday, July 13th. KeyCorp cut their target price 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. Piper Sandler cut their target price on shares of DigitalOcean from $59.00 to $56.00 and set an overweight rating on the stock in a research report on Wednesday, July 13th. Finally, JMP Securities cut their target price on shares of DigitalOcean from $94.00 to $63.00 in a research report on Thursday, May 5th. Two research analysts have rated the stock with a sell rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of $63.80.

DigitalOcean Trading Up 4.5 %

NASDAQ DOCN traded up $2.06 during mid-day trading on Monday, reaching $47.87. 2,030,914 shares of the stock were exchanged, compared to its average volume of 2,266,625. DigitalOcean has a one year low of $30.05 and a one year high of $133.40. The stock has a 50 day simple moving average of $42.83 and a 200-day simple moving average of $48.14. The stock has a market cap of $5.08 billion, a P/E ratio of -149.59, a P/E/G ratio of 9.60 and a beta of 1.49. The company has a debt-to-equity ratio of 3.42, a current ratio of 25.81 and a quick ratio of 25.81.

Insider Buying and Selling

In related news, CMO Carly D. Brantz sold 16,610 shares of DigitalOcean stock in a transaction on Thursday, June 16th. The shares were sold at an average price of $40.40, for a total transaction of $671,044.00. Following the completion of the transaction, the chief marketing officer now owns 102,671 shares of the company’s stock, valued at $4,147,908.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, General Counsel Alan Shapiro sold 14,107 shares of DigitalOcean stock in a transaction dated Tuesday, May 31st. The shares were sold at an average price of $49.99, for a total transaction of $705,208.93. Following the completion of the transaction, the general counsel now directly owns 282,048 shares in the company, valued at $14,099,579.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CMO Carly D. Brantz sold 16,610 shares of the business’s stock in a transaction dated Thursday, June 16th. The stock was sold at an average price of $40.40, for a total transaction of $671,044.00. Following the transaction, the chief marketing officer now owns 102,671 shares in the company, valued at $4,147,908.40. The disclosure for this sale can be found here. 4.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Advisors Asset Management Inc. purchased a new position in DigitalOcean in the first quarter valued at about $42,000. Geneos Wealth Management Inc. boosted its stake in DigitalOcean by 253.4% in the first quarter. Geneos Wealth Management Inc. now owns 1,258 shares of the company’s stock valued at $72,000 after acquiring an additional 902 shares during the last quarter. Citigroup Inc. boosted its stake in DigitalOcean by 2.4% in the first quarter. Citigroup Inc. now owns 55,300 shares of the company’s stock valued at $3,198,000 after acquiring an additional 1,287 shares during the last quarter. Cambridge Investment Research Advisors Inc. boosted its stake in DigitalOcean by 20.1% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 7,978 shares of the company’s stock valued at $462,000 after acquiring an additional 1,333 shares during the last quarter. Finally, Rhumbline Advisers raised its position in shares of DigitalOcean by 2.7% in the first quarter. Rhumbline Advisers now owns 53,557 shares of the company’s stock valued at $3,098,000 after purchasing an additional 1,416 shares during the period. 61.99% of the stock is currently owned by hedge funds and other institutional investors.

DigitalOcean Company Profile

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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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Earnings History and Estimates for DigitalOcean (NASDAQ:DOCN)

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