DigitalOcean (NYSE:DOCN – Get Free Report) updated its FY 2024 earnings guidance on Monday. The company provided EPS guidance of 1.700-1.750 for the period, compared to the consensus EPS estimate of 1.670. The company issued revenue guidance of $775.0 million-$777.0 million, compared to the consensus revenue estimate of $773.9 million. DigitalOcean also updated its FY24 guidance to $1.70-1.75 EPS.
Analyst Upgrades and Downgrades
A number of research firms have recently weighed in on DOCN. Stifel Nicolaus increased their price target on DigitalOcean from $32.00 to $35.00 and gave the stock a “hold” rating in a report on Friday, August 9th. Canaccord Genuity Group boosted their target price on DigitalOcean from $42.00 to $48.00 and gave the stock a “buy” rating in a research note on Friday, October 4th. Barclays upped their price target on DigitalOcean from $38.00 to $48.00 and gave the stock an “overweight” rating in a report on Friday, October 11th. Piper Sandler cut their target price on shares of DigitalOcean from $38.00 to $34.00 and set a “neutral” rating on the stock in a research note on Monday, July 15th. Finally, JPMorgan Chase & Co. lifted their price target on shares of DigitalOcean from $32.00 to $40.00 and gave the stock a “neutral” rating in a research note on Friday, October 25th. Five analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $40.56.
Get Our Latest Stock Analysis on DigitalOcean
DigitalOcean Stock Down 13.5 %
DigitalOcean (NYSE:DOCN – Get Free Report) last issued its quarterly earnings results on Thursday, August 8th. The company reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.09. DigitalOcean had a negative return on equity of 31.71% and a net margin of 9.30%. The firm had revenue of $192.00 million during the quarter, compared to the consensus estimate of $188.63 million. During the same period last year, the company earned $0.11 earnings per share. The company’s revenue for the quarter was up 13.1% on a year-over-year basis. As a group, sell-side analysts anticipate that DigitalOcean will post 0.86 EPS for the current fiscal year.
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).
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