DigitalOcean Holdings, Inc. (NASDAQ:DOCN) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

DigitalOcean Holdings, Inc. (NASDAQ:DOCN) has been assigned a consensus rating of “Moderate Buy” from the ten brokerages that are currently covering the company, MarketBeat reports. One analyst has rated the stock with a sell recommendation, three have given a hold recommendation and six have issued a buy recommendation on the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $36.78.

A number of brokerages recently issued reports on DOCN. Oppenheimer lifted their price target on shares of DigitalOcean from $37.00 to $46.00 and gave the stock an “outperform” rating in a research note on Thursday, February 22nd. Barclays lifted their price objective on shares of DigitalOcean from $37.00 to $43.00 and gave the stock an “overweight” rating in a research report on Friday, January 12th. Piper Sandler increased their target price on DigitalOcean from $35.00 to $38.00 and gave the company a “neutral” rating in a report on Thursday, February 22nd. Finally, JMP Securities restated a “market outperform” rating and issued a $47.00 price target on shares of DigitalOcean in a research note on Thursday, March 21st.

DigitalOcean Trading Up 1.6 %

Shares of NASDAQ DOCN opened at $34.05 on Tuesday. The stock has a market cap of $3.11 billion, a P/E ratio of 3,408.41, a PEG ratio of 2.87 and a beta of 1.80. The business’s fifty day simple moving average is $37.06 and its 200-day simple moving average is $33.43. DigitalOcean has a 12-month low of $19.39 and a 12-month high of $51.69.

DigitalOcean (NASDAQ:DOCN) last posted its quarterly earnings results on Wednesday, February 21st. The company reported $0.31 earnings per share (EPS) for the quarter, beating 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, equities analysts forecast that DigitalOcean will post 0.77 EPS for the current fiscal year.

Institutional Trading of DigitalOcean

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Global Retirement Partners LLC acquired a new position in DigitalOcean during the first quarter worth approximately $34,000. Tennessee Valley Asset Management Partners acquired a new position in shares of DigitalOcean in the 4th quarter valued at $35,000. Headlands Technologies LLC purchased a new stake in DigitalOcean in the 4th quarter valued at $67,000. Geneos Wealth Management Inc. boosted its stake in DigitalOcean by 107.5% during the 4th quarter. Geneos Wealth Management Inc. now owns 2,123 shares of the company’s stock worth $78,000 after purchasing an additional 1,100 shares during the period. Finally, Householder Group Estate & Retirement Specialist LLC grew its position in DigitalOcean by 41.0% during the 4th quarter. Householder Group Estate & Retirement Specialist LLC now owns 2,399 shares of the company’s stock worth $88,000 after purchasing an additional 698 shares during the last quarter. 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).