DigitalOcean Holdings, Inc. (NYSE:DOCN) Given Consensus Rating of “Hold” by Analysts

Shares of DigitalOcean Holdings, Inc. (NYSE:DOCN) have received an average recommendation of “Hold” from the nine ratings firms that are currently covering the firm, Marketbeat.com reports. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $41.50.

Several equities analysts have commented on DOCN shares. Canaccord Genuity Group raised their target price on shares of DigitalOcean from $42.00 to $48.00 and gave the company a “buy” rating in a research note on Friday, October 4th. Stifel Nicolaus raised their price objective on shares of DigitalOcean from $32.00 to $35.00 and gave the company a “hold” rating in a research report on Friday, August 9th. Barclays raised their price objective on shares of DigitalOcean from $38.00 to $48.00 and gave the company an “overweight” rating in a research report on Friday, October 11th. UBS Group reduced their price objective on shares of DigitalOcean from $40.00 to $34.00 and set a “neutral” rating for the company in a research report on Friday, August 9th. Finally, JPMorgan Chase & Co. raised their price objective on shares of DigitalOcean from $32.00 to $40.00 and gave the company a “neutral” rating in a research report on Friday, October 25th.

DigitalOcean Stock Down 3.9 %

DOCN stock opened at $36.85 on Friday. The stock has a market cap of $3.40 billion, a PE ratio of 43.35, a price-to-earnings-growth ratio of 2.44 and a beta of 1.83. The firm’s 50-day simple moving average is $40.67 and its 200 day simple moving average is $36.93. DigitalOcean has a fifty-two week low of $26.10 and a fifty-two week high of $44.80.

DigitalOcean (NYSE:DOCN) last released its earnings results on Monday, November 4th. The company reported $0.52 EPS for the quarter, beating the consensus estimate of $0.40 by $0.12. The firm had revenue of $198.50 million for the quarter, compared to analysts’ expectations of $196.64 million. DigitalOcean had a net margin of 10.86% and a negative return on equity of 43.11%. DigitalOcean’s quarterly revenue was up 12.1% on a year-over-year basis. During the same quarter last year, the company earned $0.17 EPS. Equities analysts forecast that DigitalOcean will post 1.01 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in DOCN. Vanguard Group Inc. boosted its holdings in shares of DigitalOcean by 11.5% during the first quarter. Vanguard Group Inc. now owns 6,728,563 shares of the company’s stock worth $256,897,000 after purchasing an additional 696,426 shares during the period. Jacobs Levy Equity Management Inc. boosted its holdings in shares of DigitalOcean by 32.8% during the third quarter. Jacobs Levy Equity Management Inc. now owns 1,397,588 shares of the company’s stock worth $56,449,000 after purchasing an additional 345,119 shares during the period. University of Texas Texas AM Investment Management Co. acquired a new stake in shares of DigitalOcean during the second quarter worth approximately $11,712,000. Bank of New York Mellon Corp boosted its holdings in shares of DigitalOcean by 66.9% during the second quarter. Bank of New York Mellon Corp now owns 766,043 shares of the company’s stock worth $26,620,000 after purchasing an additional 307,162 shares during the period. Finally, Principal Financial Group Inc. boosted its holdings in shares of DigitalOcean by 27.9% during the second quarter. Principal Financial Group Inc. now owns 1,178,848 shares of the company’s stock worth $40,965,000 after purchasing an additional 257,229 shares during the period. 49.77% of the stock is currently owned by institutional investors and hedge funds.

DigitalOcean Company Profile

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).