KeyCorp Weighs in on DigitalOcean Holdings, Inc.’s Q2 2023 Earnings (NASDAQ:DOCN)

DigitalOcean Holdings, Inc. (NASDAQ:DOCNGet Rating) – Equities researchers at KeyCorp dropped their Q2 2023 earnings estimates for DigitalOcean in a note issued to investors on Tuesday, August 2nd. KeyCorp analyst M. Turits now anticipates that the company will post earnings of $0.04 per share for the quarter, down from their previous forecast of $0.05. KeyCorp currently has a “Overweight” rating and a $54.00 target price on the stock. The consensus estimate for DigitalOcean’s current full-year earnings is $0.01 per share.

A number of other analysts have also weighed in on DOCN. Oppenheimer decreased their target price on shares of DigitalOcean from $96.00 to $80.00 in a report on Thursday, May 5th. JMP Securities decreased their target price on shares of DigitalOcean from $94.00 to $63.00 in a report on Thursday, May 5th. Barclays decreased their target price on shares of DigitalOcean from $70.00 to $55.00 in a report on Thursday, May 5th. Morgan Stanley lowered shares of DigitalOcean from an “equal weight” rating to an “underweight” rating and set a $45.00 target price on the stock. in a report on Monday, July 11th. Finally, Piper Sandler decreased their target price on shares of DigitalOcean from $59.00 to $56.00 and set an “overweight” rating on the stock in a report on Wednesday, July 13th. Two analysts have rated the stock with a sell rating and eight have assigned a buy rating to the company. According to MarketBeat, DigitalOcean presently has an average rating of “Moderate Buy” and an average target price of $63.91.

DigitalOcean Stock Performance

DigitalOcean stock opened at $45.26 on Wednesday. The firm’s 50 day simple moving average is $42.97 and its 200 day simple moving average is $48.46. The company has a current ratio of 25.81, a quick ratio of 25.81 and a debt-to-equity ratio of 3.42. The firm has a market capitalization of $4.80 billion, a PE ratio of -141.43, a price-to-earnings-growth ratio of 71.28 and a beta of 1.48. DigitalOcean has a 1-year low of $30.05 and a 1-year high of $133.40.

DigitalOcean (NASDAQ:DOCNGet Rating) last posted its quarterly earnings results on Wednesday, May 4th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.12). DigitalOcean had a negative net margin of 7.42% and a negative return on equity of 5.00%. The business had revenue of $127.33 million during the quarter, compared to the consensus estimate of $126.22 million. During the same period last year, the firm earned $0.06 EPS. The business’s revenue for the quarter was up 35.9% on a year-over-year basis.

Institutional Investors Weigh In On DigitalOcean

Several institutional investors have recently added to or reduced their stakes in the company. CWM LLC bought a new position in DigitalOcean in the 4th quarter worth $25,000. Point72 Hong Kong Ltd bought a new position in DigitalOcean in the 4th quarter worth $30,000. Signaturefd LLC raised its holdings in DigitalOcean by 706.7% in the 1st quarter. Signaturefd LLC now owns 484 shares of the company’s stock worth $28,000 after purchasing an additional 424 shares in the last quarter. Northwestern Mutual Wealth Management Co. bought a new position in DigitalOcean in the 4th quarter worth $50,000. Finally, CENTRAL TRUST Co bought a new position in DigitalOcean in the 4th quarter worth $54,000. Hedge funds and other institutional investors own 61.99% of the company’s stock.

Insider Activity

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

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.

See Also

Earnings History and Estimates for DigitalOcean (NASDAQ:DOCN)

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