DigitalOcean (NYSE:DOCN) Announces Quarterly Earnings Results, Beats Estimates By $0.12 EPS

DigitalOcean (NYSE:DOCNGet Free Report) released its quarterly earnings data on Monday. The company reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.12, Briefing.com reports. The firm had revenue of $198.50 million during the quarter, compared to the consensus estimate of $196.64 million. DigitalOcean had a negative return on equity of 31.71% and a net margin of 9.30%. DigitalOcean’s quarterly revenue was up 12.1% on a year-over-year basis. During the same period last year, the business posted $0.17 EPS.

DigitalOcean Stock Performance

Shares of DOCN traded down $0.01 during trading hours on Tuesday, hitting $35.32. The stock had a trading volume of 797,228 shares, compared to its average volume of 1,254,366. The firm has a market cap of $3.25 billion, a P/E ratio of 49.31, a P/E/G ratio of 3.24 and a beta of 1.83. The company’s fifty day simple moving average is $40.40 and its 200 day simple moving average is $36.66. DigitalOcean has a 12-month low of $23.65 and a 12-month high of $44.80.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Piper Sandler lowered their target price on DigitalOcean from $38.00 to $34.00 and set a “neutral” rating on the stock in a report on Monday, July 15th. Needham & Company LLC reiterated a “hold” rating on shares of DigitalOcean in a report on Tuesday. Stifel Nicolaus increased their target price on DigitalOcean from $32.00 to $35.00 and gave the company a “hold” rating in a report on Friday, August 9th. Canaccord Genuity Group increased their target price on DigitalOcean from $42.00 to $48.00 and gave the company a “buy” rating in a report on Friday, October 4th. Finally, Barclays increased their target price on DigitalOcean from $38.00 to $48.00 and gave the company an “overweight” rating in a report on Friday, October 11th. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, DigitalOcean has an average rating of “Moderate Buy” and an average target price of $40.56.

Get Our Latest Analysis on DOCN

DigitalOcean Company Profile

(Get Free Report)

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).

See Also

Earnings History for DigitalOcean (NYSE:DOCN)

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