DigitalOcean (NYSE:DOCN – Get Free Report) updated its FY24 earnings guidance on Monday. The company provided earnings per share guidance of $1.70-1.75 for the period, compared to the consensus earnings per share estimate of $1.67. The company issued revenue guidance of $775-777 million, compared to the consensus revenue estimate of $773.92 million. DigitalOcean also updated its FY 2024 guidance to 1.700-1.750 EPS.
Analyst Ratings Changes
A number of equities analysts have recently weighed in on DOCN shares. 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 report on Friday, October 25th. Canaccord Genuity Group boosted their target price on 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 target on DigitalOcean from $32.00 to $35.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. Barclays lifted their price objective on DigitalOcean from $38.00 to $48.00 and gave the company an “overweight” rating in a report on Friday, October 11th. Finally, Piper Sandler lowered their price objective on shares of DigitalOcean from $38.00 to $34.00 and set a “neutral” rating for the company in a research report on Monday, July 15th. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $40.56.
View Our Latest Analysis on DOCN
DigitalOcean Trading Down 1.4 %
DigitalOcean (NYSE:DOCN – Get Free Report) last announced its quarterly earnings data on Monday, November 4th. The company reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.40 by $0.12. DigitalOcean had a net margin of 9.30% and a negative return on equity of 31.71%. The company had revenue of $198.50 million during the quarter, compared to the consensus estimate of $196.64 million. During the same quarter last year, the firm posted $0.17 EPS. The company’s quarterly revenue was up 12.1% on a year-over-year basis. As a group, sell-side analysts predict that DigitalOcean will post 0.86 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).
Featured Stories
- Five stocks we like better than DigitalOcean
- How to Invest in Insurance Companies: A Guide
- NXP Semiconductors Nears Rock Bottom: A Buy Signal Is Expected
- What is the S&P/TSX Index?
- NVIDIA, Sherwin-Williams Join the Dow: What Investors Should Know
- Utilities Stocks Explained – How and Why to Invest in Utilities
- 2 Stocks Spinning Off Divisions to Boost Shareholder Value
Receive News & Ratings for DigitalOcean Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for DigitalOcean and related companies with MarketBeat.com's FREE daily email newsletter.