DigitalOcean (NYSE:DOCN) Receives “Hold” Rating from Needham & Company LLC

DigitalOcean (NYSE:DOCN)‘s stock had its “hold” rating reaffirmed by investment analysts at Needham & Company LLC in a note issued to investors on Tuesday, Benzinga reports.

A number of other equities research analysts also recently commented on the stock. Canaccord Genuity Group increased their price objective on shares of DigitalOcean from $42.00 to $48.00 and gave the company a “buy” rating in a research report on Friday, October 4th. Piper Sandler cut their price target on DigitalOcean from $38.00 to $34.00 and set a “neutral” rating on the stock in a research note on Monday, July 15th. Barclays upped their price objective on DigitalOcean from $38.00 to $48.00 and gave the stock an “overweight” rating in a research report on Friday, October 11th. Stifel Nicolaus raised their target price on DigitalOcean from $32.00 to $35.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. Finally, JPMorgan Chase & Co. upped their price target on DigitalOcean from $32.00 to $40.00 and gave the company a “neutral” rating in a report on Friday, October 25th. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, DigitalOcean has a consensus rating of “Moderate Buy” and an average price target of $40.56.

DigitalOcean Stock Performance

Shares of NYSE:DOCN traded up $0.17 during trading on Tuesday, hitting $35.50. The company’s stock had a trading volume of 289,947 shares, compared to its average volume of 1,251,996. DigitalOcean has a fifty-two week low of $23.65 and a fifty-two week high of $44.80. The business has a 50 day moving average price of $40.40 and a two-hundred day moving average price of $36.66. The company has a market capitalization of $3.27 billion, a PE ratio of 49.67, a P/E/G ratio of 3.24 and a beta of 1.83.

DigitalOcean (NYSE:DOCN) last released its earnings results on Monday, November 4th. The company reported $0.52 EPS for the quarter, topping the consensus estimate of $0.40 by $0.12. DigitalOcean had a negative return on equity of 31.71% and a net margin of 9.30%. The firm had revenue of $198.50 million during the quarter, compared to analysts’ expectations of $196.64 million. During the same period in the previous year, the firm posted $0.17 EPS. DigitalOcean’s revenue for the quarter was up 12.1% on a year-over-year basis. As a group, equities analysts expect that DigitalOcean will post 0.86 earnings per share for the current fiscal year.

Institutional Investors Weigh In On DigitalOcean

A number of institutional investors and hedge funds have recently made changes to their positions in DOCN. Sumitomo Mitsui Trust Holdings Inc. purchased a new stake in DigitalOcean during the 1st quarter valued at approximately $291,000. Private Advisor Group LLC raised its position in DigitalOcean by 637.6% during the 1st quarter. Private Advisor Group LLC now owns 48,378 shares of the company’s stock worth $1,847,000 after buying an additional 41,819 shares during the last quarter. Empowered Funds LLC lifted its stake in shares of DigitalOcean by 10.0% in the 1st quarter. Empowered Funds LLC now owns 7,852 shares of the company’s stock worth $300,000 after acquiring an additional 711 shares during the period. Qsemble Capital Management LP purchased a new stake in shares of DigitalOcean in the first quarter valued at about $375,000. Finally, ProShare Advisors LLC boosted its holdings in shares of DigitalOcean by 8.4% in the first quarter. ProShare Advisors LLC now owns 12,743 shares of the company’s stock valued at $487,000 after acquiring an additional 986 shares in the last quarter. 49.77% of the stock is owned by hedge funds and other institutional investors.

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).