Barclays Boosts DigitalOcean (NYSE:DOCN) Price Target to $48.00

DigitalOcean (NYSE:DOCN) had its price objective boosted by Barclays from $38.00 to $48.00 in a report issued on Friday morning, Benzinga reports. Barclays currently has an overweight rating on the stock.

DOCN has been the topic of several other reports. UBS Group reduced their price objective on DigitalOcean from $40.00 to $34.00 and set a neutral rating on the stock in a research note on Friday, August 9th. Piper Sandler cut their target price on DigitalOcean from $38.00 to $34.00 and set a neutral rating on the stock in a research note on Monday, July 15th. Canaccord Genuity Group raised their target price on DigitalOcean from $42.00 to $48.00 and gave the company a buy rating in a research note on Friday, October 4th. Finally, Stifel Nicolaus raised their price target on DigitalOcean from $32.00 to $35.00 and gave the company a hold rating in a report on Friday, August 9th. Four equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of Moderate Buy and an average target price of $40.63.

DigitalOcean Trading Up 1.0 %

DOCN stock opened at $43.96 on Friday. DigitalOcean has a twelve month low of $19.39 and a twelve month high of $44.45. The company has a market capitalization of $4.05 billion, a P/E ratio of 61.06, a PEG ratio of 3.38 and a beta of 1.83. The firm has a 50 day simple moving average of $38.09 and a 200-day simple moving average of $36.05.

DigitalOcean (NYSE:DOCN) last released its quarterly earnings results on Thursday, August 8th. The company reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates of $0.39 by $0.09. DigitalOcean had a net margin of 9.30% and a negative return on equity of 31.71%. The business had revenue of $192.00 million during the quarter, compared to the consensus estimate of $188.63 million. During the same quarter last year, the company earned $0.11 earnings per share. The business’s quarterly revenue was up 13.1% compared to the same quarter last year. On average, research analysts predict that DigitalOcean will post 0.86 EPS for the current year.

Hedge Funds Weigh In On DigitalOcean

Institutional investors have recently bought and sold shares of the stock. FinTrust Capital Advisors LLC purchased a new position in DigitalOcean in the 1st quarter worth about $36,000. Covestor Ltd boosted its position in DigitalOcean by 571.4% during the 1st quarter. Covestor Ltd now owns 1,947 shares of the company’s stock worth $74,000 after acquiring an additional 1,657 shares during the period. Scarborough Advisors LLC acquired a new stake in DigitalOcean during the 4th quarter worth about $98,000. Ables Iannone Moore & Associates Inc. acquired a new stake in shares of DigitalOcean during the 4th quarter valued at about $102,000. Finally, Quest Partners LLC lifted its holdings in shares of DigitalOcean by 11,041.9% during the 2nd quarter. Quest Partners LLC now owns 3,454 shares of the company’s stock valued at $120,000 after buying an additional 3,423 shares during the last quarter. Hedge funds and other institutional investors 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).