DigitalOcean (NYSE:DOCN) Releases Earnings Results, Beats Estimates By $0.12 EPS

DigitalOcean (NYSE:DOCN) posted its quarterly earnings data on Monday. The company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.12, Briefing.com reports. The company had revenue of $198.50 million during the quarter, compared to analysts’ expectations of $196.64 million. DigitalOcean had a net margin of 9.30% and a negative return on equity of 31.71%. DigitalOcean’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.17 earnings per share.

DigitalOcean Trading Up 5.4 %

Shares of DigitalOcean stock opened at $37.77 on Wednesday. The firm has a market capitalization of $3.48 billion, a P/E ratio of 49.81, a price-to-earnings-growth ratio of 3.24 and a beta of 1.83. The business’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 $24.07 and a 12 month high of $44.80.

Wall Street Analysts Forecast Growth

DOCN has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. boosted their price objective on DigitalOcean from $32.00 to $40.00 and gave the company a “neutral” rating in a research note on Friday, October 25th. Piper Sandler cut their price target on DigitalOcean from $38.00 to $34.00 and set a “neutral” rating on the stock in a report on Monday, July 15th. Stifel Nicolaus increased their target price on shares of DigitalOcean from $32.00 to $35.00 and gave the stock a “hold” rating in a research note on Friday, August 9th. UBS Group dropped their price objective on shares of DigitalOcean from $40.00 to $34.00 and set a “neutral” rating on the stock in a research note on Friday, August 9th. Finally, Barclays boosted their target price on shares of DigitalOcean from $38.00 to $48.00 and gave the stock an “overweight” rating in a research 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 data from MarketBeat.com, DigitalOcean presently 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).