UBS Group started coverage on shares of DigitalOcean (NASDAQ:DOCN – Free Report) in a research report report published on Wednesday, Marketbeat.com reports. The brokerage issued a neutral rating and a $40.00 price objective on the stock.
A number of other research firms have also recently weighed in on DOCN. JMP Securities reissued a market outperform rating and issued a $47.00 target price on shares of DigitalOcean in a research note on Monday, May 13th. Needham & Company LLC reaffirmed a hold rating on shares of DigitalOcean in a research note on Monday, May 13th. Piper Sandler upped their price objective on shares of DigitalOcean from $35.00 to $38.00 and gave the stock a neutral rating in a research note on Thursday, February 22nd. Oppenheimer upped their price objective on shares of DigitalOcean from $37.00 to $46.00 and gave the stock an outperform rating in a research note on Thursday, February 22nd. Finally, Canaccord Genuity Group upped their price objective on shares of DigitalOcean from $41.00 to $42.00 and gave the stock a buy rating in a research note on Monday, May 13th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, DigitalOcean has a consensus rating of Hold and an average price target of $38.00.
Check Out Our Latest Analysis on DOCN
DigitalOcean Stock Down 0.5 %
DigitalOcean (NASDAQ:DOCN – Get Free Report) last posted its earnings results on Wednesday, February 21st. The company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.23. The business had revenue of $180.87 million for the quarter, compared to analysts’ expectations of $178.26 million. DigitalOcean had a net margin of 7.01% and a negative return on equity of 26.29%. Research analysts anticipate that DigitalOcean will post 0.77 earnings per share for the current year.
Hedge Funds Weigh In On DigitalOcean
A number of large investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in shares of DigitalOcean by 11.5% during the first quarter. Vanguard Group Inc. now owns 6,728,563 shares of the company’s stock worth $256,897,000 after purchasing an additional 696,426 shares in the last quarter. Wolf Hill Capital Management LP acquired a new position in DigitalOcean in the fourth quarter valued at approximately $86,834,000. Van Berkom & Associates Inc. lifted its holdings in DigitalOcean by 25.2% in the third quarter. Van Berkom & Associates Inc. now owns 1,431,401 shares of the company’s stock valued at $34,397,000 after buying an additional 288,500 shares during the period. Principal Financial Group Inc. lifted its holdings in DigitalOcean by 7.0% in the first quarter. Principal Financial Group Inc. now owns 921,619 shares of the company’s stock valued at $35,187,000 after buying an additional 60,600 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in DigitalOcean by 36.6% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 901,325 shares of the company’s stock valued at $33,070,000 after buying an additional 241,706 shares during the period. 49.77% of the stock is currently owned by institutional investors and hedge funds.
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).
Featured Articles
- Five stocks we like better than DigitalOcean
- 3 Grocery Stocks That Can Help Take a Bite Out of Inflation
- NASDAQ 100 vs. NASDAQ Composite: A Detailed Breakdown of NASDAQ
- 3 Natural Gas Stocks That Offer Great Dividend Yields
- These 2 Retail Traders Favorites are Nearing Major Breakouts
- What is a buyback in stocks? A comprehensive guide for investors
- Snowflake is Melting… Up, With a Double-Digit Upside Potential
Receive News & Ratings for DigitalOcean Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for DigitalOcean and related companies with MarketBeat.com's FREE daily email newsletter.