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

Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) have been assigned a consensus rating of “Hold” from the thirteen ratings firms that are presently covering the company, MarketBeat reports. One analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $39.83.

A number of equities research analysts have recently weighed in on DOCN shares. Needham & Company LLC reiterated a “hold” rating on shares of DigitalOcean in a research report on Tuesday. Canaccord Genuity Group dropped their price objective on DigitalOcean from $50.00 to $45.00 and set a “buy” rating for the company in a report on Monday, April 7th. JPMorgan Chase & Co. raised their price target on DigitalOcean from $40.00 to $45.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 26th. JMP Securities boosted their price target on DigitalOcean from $47.00 to $55.00 and gave the company a “market outperform” rating in a research note on Monday, January 27th. Finally, Stifel Nicolaus decreased 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.

DigitalOcean Price Performance

Shares of NYSE DOCN opened at $29.17 on Friday. The firm has a market cap of $2.66 billion, a price-to-earnings ratio of 34.32, a P/E/G ratio of 3.12 and a beta of 1.88. The stock’s fifty day moving average price is $32.25 and its two-hundred day moving average price is $36.63. DigitalOcean has a one year low of $25.45 and a one year high of $47.02.

DigitalOcean (NYSE:DOCN) last released its quarterly earnings results on Tuesday, May 6th. The company reported $0.56 EPS for the quarter, beating the consensus estimate of $0.45 by $0.11. DigitalOcean had a net margin of 10.86% and a negative return on equity of 43.11%. The business had revenue of $210.70 million for the quarter, compared to the consensus estimate of $208.63 million. During the same period in the prior year, the company posted $0.43 earnings per share. DigitalOcean’s revenue was up 14.1% compared to the same quarter last year. On average, equities analysts anticipate that DigitalOcean will post 1.01 earnings per share for the current fiscal year.

Insider Buying and Selling at DigitalOcean

In other 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 value of $144,615.24. Following the completion of the transaction, the insider now directly owns 358,696 shares in the company, valued at approximately $13,139,034.48. This represents a 1.09 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.74% of the company’s stock.

Hedge Funds Weigh In On DigitalOcean

A number of institutional investors and hedge funds have recently bought and sold shares of DOCN. Harbor Investment Advisory LLC grew its holdings in shares of DigitalOcean by 380.0% during the fourth quarter. Harbor Investment Advisory LLC now owns 720 shares of the company’s stock worth $25,000 after purchasing an additional 570 shares during the last quarter. GAMMA Investing LLC boosted its position in DigitalOcean by 336.1% during the 1st quarter. GAMMA Investing LLC now owns 1,064 shares of the company’s stock worth $36,000 after buying an additional 820 shares during the period. JTC Employer Solutions Trustee Ltd bought a new stake in DigitalOcean during the 4th quarter worth approximately $45,000. Farther Finance Advisors LLC increased its position in DigitalOcean by 135,100.0% in the 1st quarter. Farther Finance Advisors LLC now owns 1,352 shares of the company’s stock valued at $46,000 after acquiring an additional 1,351 shares during the period. Finally, SBI Securities Co. Ltd. bought a new position in shares of DigitalOcean during the fourth quarter valued at $66,000. Institutional investors and hedge funds own 49.77% of the company’s stock.

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).