DigitalOcean Holdings, Inc. (NASDAQ:DOCN) Given Average Recommendation of “Hold” by Brokerages

DigitalOcean Holdings, Inc. (NASDAQ:DOCN) has earned an average rating of “Hold” from the eleven research firms that are presently covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating on the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $36.78.

A number of equities research analysts have commented on the stock. JMP Securities reissued a “market outperform” rating and set a $47.00 price objective on shares of DigitalOcean in a report on Thursday, March 21st. Barclays increased their price target on shares of DigitalOcean from $37.00 to $43.00 and gave the company an “overweight” rating in a research note on Friday, January 12th. Piper Sandler raised their price target on shares of DigitalOcean from $35.00 to $38.00 and gave the company a “neutral” rating in a report on Thursday, February 22nd. Finally, Oppenheimer upped their price objective on DigitalOcean from $37.00 to $46.00 and gave the stock an “outperform” rating in a report on Thursday, February 22nd.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Wolf Hill Capital Management LP bought a new stake in DigitalOcean in the fourth quarter valued at about $86,834,000. Alliancebernstein L.P. increased its stake in shares of DigitalOcean by 38.3% in the 2nd quarter. Alliancebernstein L.P. now owns 3,422,743 shares of the company’s stock valued at $137,389,000 after acquiring an additional 948,674 shares during the last quarter. First Trust Advisors LP raised its position in shares of DigitalOcean by 29.4% in the 1st quarter. First Trust Advisors LP now owns 3,241,162 shares of the company’s stock valued at $187,501,000 after acquiring an additional 735,924 shares during the period. Mubadala Investment Co PJSC bought a new position in DigitalOcean during the 4th quarter worth approximately $21,881,000. Finally, Norges Bank acquired a new position in DigitalOcean during the fourth quarter valued at approximately $17,660,000. Institutional investors and hedge funds own 49.77% of the company’s stock.

DigitalOcean Price Performance

Shares of DOCN opened at $36.77 on Friday. The company has a market capitalization of $3.34 billion, a P/E ratio of 3,680.68, a PEG ratio of 3.19 and a beta of 1.80. DigitalOcean has a one year low of $19.39 and a one year high of $51.69. The business’s 50 day simple moving average is $37.91 and its 200-day simple moving average is $32.03.

DigitalOcean (NASDAQ:DOCN) last posted its quarterly earnings data on Wednesday, February 21st. The company reported $0.31 EPS for the quarter, topping analysts’ consensus estimates of $0.08 by $0.23. The company had revenue of $180.87 million for the quarter, compared to analyst estimates of $178.26 million. DigitalOcean had a negative return on equity of 19.85% and a net margin of 0.12%. On average, sell-side analysts anticipate that DigitalOcean will post 0.77 EPS for the current fiscal year.

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).