DigitalOcean (NYSE:DOCN) Hits New 52-Week High – Here’s What Happened

DigitalOcean Holdings, Inc. (NYSE:DOCN) reached a new 52-week high during trading on Friday . The stock traded as high as $44.80 and last traded at $44.06, with a volume of 133587 shares trading hands. The stock had previously closed at $43.81.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. UBS Group decreased their price target on shares of DigitalOcean from $40.00 to $34.00 and set a “neutral” rating on the stock in a research report on Friday, August 9th. Barclays lifted their price objective on DigitalOcean from $38.00 to $48.00 and gave the company an “overweight” rating in a research report on Friday, October 11th. Piper Sandler reduced their target price on shares of DigitalOcean from $38.00 to $34.00 and set a “neutral” rating for the company in a report on Monday, July 15th. Stifel Nicolaus upped their price target on shares of DigitalOcean from $32.00 to $35.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. Finally, Canaccord Genuity Group raised their price objective on shares of DigitalOcean from $42.00 to $48.00 and gave the company a “buy” rating in a research report on Friday, October 4th. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $40.63.

DigitalOcean Stock Down 0.7 %

The business’s fifty day moving average is $39.36 and its two-hundred day moving average is $36.24. The stock has a market capitalization of $3.96 billion, a PE ratio of 82.68, a price-to-earnings-growth ratio of 3.38 and a beta of 1.83.

DigitalOcean (NYSE:DOCN) last posted its earnings results on Thursday, August 8th. The company reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates of $0.39 by $0.09. The firm had revenue of $192.00 million for the quarter, compared to the consensus estimate of $188.63 million. DigitalOcean had a net margin of 9.30% and a negative return on equity of 31.71%. The business’s quarterly revenue was up 13.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.11 EPS. Sell-side analysts expect that DigitalOcean Holdings, Inc. will post 0.86 EPS for the current fiscal year.

Institutional Investors Weigh In On DigitalOcean

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Blue Trust Inc. increased its stake in shares of DigitalOcean by 380.6% during the third quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock valued at $49,000 after buying an additional 959 shares during the period. Vontobel Holding Ltd. bought a new position in DigitalOcean during the 3rd quarter worth about $765,000. Creative Planning boosted its stake in shares of DigitalOcean by 1,253.4% during the third quarter. Creative Planning now owns 73,867 shares of the company’s stock valued at $2,983,000 after purchasing an additional 68,409 shares in the last quarter. Watts Gwilliam & Co. LLC purchased a new stake in shares of DigitalOcean during the third quarter valued at about $297,000. Finally, University of Texas Texas AM Investment Management Co. purchased a new stake in shares of DigitalOcean during the 2nd quarter valued at $11,712,000. 49.77% of the stock is owned by institutional investors.

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).