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

DigitalOcean (NYSE:DOCN) had its target price raised by analysts at Barclays from $38.00 to $48.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Barclays‘s price target suggests a potential upside of 8.82% from the company’s previous close.

Several other equities analysts have also commented on DOCN. Stifel Nicolaus upped their target price on DigitalOcean from $32.00 to $35.00 and gave the company a “hold” rating in a report on Friday, August 9th. Canaccord Genuity Group upped their target price on DigitalOcean from $42.00 to $48.00 and gave the company a “buy” rating in a report on Friday, October 4th. Piper Sandler lowered their target price on DigitalOcean from $38.00 to $34.00 and set a “neutral” rating for the company in a report on Monday, July 15th. Finally, UBS Group lowered their target price on DigitalOcean from $40.00 to $34.00 and set a “neutral” rating for the company in a report on Friday, August 9th. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, DigitalOcean currently has an average rating of “Moderate Buy” and an average price target of $39.44.

DigitalOcean Trading Up 1.3 %

DigitalOcean stock traded up $0.57 during midday trading on Friday, hitting $44.11. The stock had a trading volume of 223,202 shares, compared to its average volume of 1,277,095. The stock has a market cap of $4.06 billion, a P/E ratio of 61.35, a P/E/G ratio of 3.38 and a beta of 1.83. DigitalOcean has a 12 month low of $19.39 and a 12 month high of $44.40. The business has a fifty day moving average price of $37.78 and a 200 day moving average price of $36.05.

DigitalOcean (NYSE:DOCN) last announced its quarterly earnings data on Thursday, August 8th. The company reported $0.48 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.09. The firm had revenue of $192.00 million during the quarter, compared to analyst estimates of $188.63 million. DigitalOcean had a negative return on equity of 31.71% and a net margin of 9.30%. DigitalOcean’s quarterly revenue was up 13.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.11 earnings per share. On average, equities analysts anticipate that DigitalOcean will post 0.86 EPS for the current fiscal year.

Institutional Investors Weigh In On DigitalOcean

Institutional investors have recently added to or reduced their stakes in the company. Mubadala Investment Co PJSC acquired a new stake in DigitalOcean in the fourth quarter worth approximately $21,881,000. Point72 Hong Kong Ltd acquired a new stake in DigitalOcean in the second quarter worth approximately $877,000. Private Advisor Group LLC lifted its position in DigitalOcean by 637.6% in the first quarter. Private Advisor Group LLC now owns 48,378 shares of the company’s stock worth $1,847,000 after purchasing an additional 41,819 shares during the period. Public Sector Pension Investment Board bought a new position in shares of DigitalOcean in the second quarter valued at $4,108,000. Finally, University of Texas Texas AM Investment Management Co. bought a new position in shares of DigitalOcean in the second quarter valued at $11,712,000. 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).