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

Needham & Company LLC reissued their hold rating on shares of DigitalOcean (NYSE:DOCN) in a report issued on Tuesday,Benzinga reports.

A number of other research firms have also issued reports on DOCN. Barclays cut their price target on shares of DigitalOcean from $48.00 to $38.00 and set an “overweight” rating on the stock in a report on Monday, April 21st. JMP Securities raised their target price on DigitalOcean from $47.00 to $55.00 and gave the stock a “market outperform” rating in a research report on Monday, January 27th. Bank of America upped their price target on DigitalOcean from $28.00 to $31.00 and gave the company an “underperform” rating in a research report on Wednesday, February 26th. JPMorgan Chase & Co. raised their price objective on DigitalOcean from $40.00 to $45.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 26th. Finally, Cantor Fitzgerald upped their target price on DigitalOcean from $39.00 to $43.00 and gave the company a “neutral” rating in a report on Wednesday, February 26th. One analyst has rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, DigitalOcean presently has an average rating of “Hold” and an average target price of $41.27.

DigitalOcean Stock Down 13.4 %

Shares of DOCN stock opened at $28.37 on Tuesday. The stock has a 50-day simple moving average of $32.97 and a 200 day simple moving average of $36.87. The stock has a market capitalization of $2.59 billion, a P/E ratio of 33.37, a P/E/G ratio of 3.12 and a beta of 1.88. DigitalOcean has a fifty-two week low of $25.45 and a fifty-two week high of $47.02.

DigitalOcean (NYSE:DOCN) last announced its quarterly earnings data on Tuesday, May 6th. The company reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.11. The company had revenue of $210.70 million for the quarter, compared to analysts’ expectations of $208.63 million. DigitalOcean had a net margin of 10.86% and a negative return on equity of 43.11%. The business’s revenue was up 14.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.43 EPS. On average, sell-side analysts anticipate that DigitalOcean will post 1.01 earnings per share for the current year.

Insider Buying and Selling

In other DigitalOcean news, insider Bratin Saha sold 3,948 shares of the business’s stock in a transaction on Tuesday, March 18th. The shares were sold at an average price of $36.63, for a total transaction of $144,615.24. Following the completion of the transaction, the insider now owns 358,696 shares of the company’s stock, valued at $13,139,034.48. The trade was a 1.09 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.74% of the stock is owned by insiders.

Hedge Funds Weigh In On DigitalOcean

Several large investors have recently made changes to their positions in DOCN. Vanguard Group Inc. increased its position in DigitalOcean by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 8,434,555 shares of the company’s stock worth $287,365,000 after buying an additional 117,133 shares during the period. Jacobs Levy Equity Management Inc. boosted its holdings in DigitalOcean by 16.6% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 1,628,995 shares of the company’s stock valued at $55,500,000 after purchasing an additional 231,407 shares during the period. Fuller & Thaler Asset Management Inc. grew its position in DigitalOcean by 7.3% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 1,545,642 shares of the company’s stock worth $52,660,000 after purchasing an additional 105,235 shares during the last quarter. First Trust Advisors LP increased its holdings in shares of DigitalOcean by 6.2% during the 4th quarter. First Trust Advisors LP now owns 1,533,699 shares of the company’s stock worth $52,253,000 after purchasing an additional 89,349 shares during the period. Finally, Geode Capital Management LLC raised its position in shares of DigitalOcean by 0.6% during the fourth quarter. Geode Capital Management LLC now owns 1,473,421 shares of the company’s stock valued at $50,211,000 after buying an additional 9,088 shares during the last quarter. Institutional investors and hedge funds own 49.77% of the company’s stock.

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).