DigitalOcean (NYSE:DOCN – Get 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.
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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