Brokerages Set DigitalOcean Holdings, Inc. (NASDAQ:DOCN) Price Target at $36.78

Shares of DigitalOcean Holdings, Inc. (NASDAQ:DOCN - Get Free Report) have received a consensus rating of "Moderate Buy" from the ten brokerages that are currently covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and six have assigned a buy recommendation to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $36.78.

Several research analysts have recently commented on the stock. Barclays lifted their price target on shares of DigitalOcean from $37.00 to $43.00 and gave the company an "overweight" rating in a report on Friday, January 12th. JMP Securities restated a "market outperform" rating and issued a $47.00 target price on shares of DigitalOcean in a research note on Thursday, March 21st. Piper Sandler increased their price target on DigitalOcean from $35.00 to $38.00 and gave the stock a "neutral" rating in a research report on Thursday, February 22nd. Finally, Oppenheimer increased their target price on DigitalOcean from $37.00 to $46.00 and gave the stock an "outperform" rating in a research report on Thursday, February 22nd.

Institutional Trading of DigitalOcean

Institutional investors have recently made changes to their positions in the stock. Principal Financial Group Inc. raised its holdings in DigitalOcean by 7.0% during the first quarter. Principal Financial Group Inc. now owns 921,619 shares of the company's stock worth $35,187,000 after purchasing an additional 60,600 shares in the last quarter. Global Retirement Partners LLC acquired a new position in shares of DigitalOcean during the 1st quarter valued at $34,000. Wealth Effects LLC boosted its stake in DigitalOcean by 3.6% during the first quarter. Wealth Effects LLC now owns 48,050 shares of the company's stock valued at $1,835,000 after buying an additional 1,685 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. bought a new position in DigitalOcean during the first quarter valued at about $291,000. Finally, Allspring Global Investments Holdings LLC acquired a new position in DigitalOcean during the first quarter worth about $2,045,000. 49.77% of the stock is owned by institutional investors and hedge funds.

DigitalOcean Stock Performance

Shares of DOCN stock traded down $1.17 during trading hours on Tuesday, hitting $32.87. 998,802 shares of the company were exchanged, compared to its average volume of 992,918. The stock has a market capitalization of $3.00 billion, a price-to-earnings ratio of 3,408.41, a P/E/G ratio of 2.87 and a beta of 1.80. DigitalOcean has a one year low of $19.39 and a one year high of $51.69. The business's 50-day simple moving average is $37.06 and its two-hundred day simple moving average is $33.43.

DigitalOcean (NASDAQ:DOCN - Get Free Report) last released its earnings results on Wednesday, February 21st. The company reported $0.31 EPS for the quarter, topping analysts' consensus estimates of $0.08 by $0.23. DigitalOcean had a negative return on equity of 19.85% and a net margin of 0.12%. The company had revenue of $180.87 million for the quarter, compared to the consensus estimate of $178.26 million. As a group, analysts anticipate that DigitalOcean will post 0.77 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).