DigitalOcean (NYSE:DOCN) Price Target Raised to $60.00 at Canaccord Genuity Group
Canaccord Genuity Group has raised its price target for DigitalOcean (NYSE:DOCN) from $55.00 to $60.00, maintaining a "buy" rating. This new target suggests a potential upside of 27.67% from the current stock price. Other analysts have also increased their price targets, with an average target of $47.73. DigitalOcean's stock has seen a recent uptick, trading at $47.00, and the company reported strong earnings, exceeding expectations with $0.59 EPS and $218.70 million in revenue for the last quarter.
DigitalOcean (NYSE:DOCN - Get Free Report) had its target price increased by equities research analysts at Canaccord Genuity Group from $55.00 to $60.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Canaccord Genuity Group's target price would indicate a potential upside of 27.67% from the stock's current price.
- DigitalOcean’s Tide Has Turned: Get Ready to Ride the Wave
DOCN has been the subject of several other reports. Morgan Stanley lifted their price objective on DigitalOcean from $41.00 to $44.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 6th. UBS Group boosted their price target on DigitalOcean from $40.00 to $48.00 and gave the stock a "neutral" rating in a report on Thursday. Cantor Fitzgerald set a $47.00 price objective on DigitalOcean and gave the company a "neutral" rating in a research report on Thursday. Stifel Nicolaus set a $36.00 price objective on DigitalOcean in a research report on Tuesday, August 5th. Finally, Bank of America upgraded shares of DigitalOcean from an "underperform" rating to a "buy" rating and upped their target price for the company from $34.00 to $60.00 in a report on Thursday. Seven equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $47.73.
Check Out Our Latest Analysis on DigitalOcean
DigitalOcean Trading Up 2.6%
- How DigitalOcean's Focus Is Fueling Explosive Growth
Shares of NYSE:DOCN traded up $1.19 during midday trading on Thursday, hitting $47.00. 4,454,308 shares of the stock were exchanged, compared to its average volume of 2,025,362. DigitalOcean has a twelve month low of $25.45 and a twelve month high of $49.62. The company has a 50 day moving average price of $37.42 and a 200-day moving average price of $32.25. The stock has a market cap of $4.28 billion, a P/E ratio of 36.07, a PEG ratio of 2.21 and a beta of 1.78.
DigitalOcean (NYSE:DOCN - Get Free Report) last announced its earnings results on Tuesday, August 5th. The company reported $0.59 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.47 by $0.12. DigitalOcean had a net margin of 15.18% and a negative return on equity of 73.19%. The company had revenue of $218.70 million during the quarter, compared to analysts' expectations of $216.62 million. During the same quarter in the previous year, the business posted $0.48 earnings per share. The firm's quarterly revenue was up 13.6% compared to the same quarter last year. On average, equities research analysts expect that DigitalOcean will post 1.01 earnings per share for the current year.
Insider Transactions at DigitalOcean
- DigitalOcean Rides Cloud Wave and AI Hype to Strong Earnings
In other news, insider Bratin Saha sold 13,010 shares of the stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $31.87, for a total value of $414,628.70. Following the completion of the sale, the insider owned 269,465 shares of the company's stock, valued at $8,587,849.55. This represents a 4.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.96% of the company's stock.
Institutional Trading of DigitalOcean
Large investors have recently modified their holdings of the business. CX Institutional grew its stake in DigitalOcean by 780.5% during the 2nd quarter. CX Institutional now owns 1,039 shares of the company's stock worth $30,000 after buying an additional 921 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of DigitalOcean by 336.1% in the 1st quarter. GAMMA Investing LLC now owns 1,064 shares of the company's stock worth $36,000 after buying an additional 820 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in DigitalOcean in the 3rd quarter valued at about $37,000. SVB Wealth LLC bought a new stake in DigitalOcean during the first quarter worth approximately $48,000. Finally, Farther Finance Advisors LLC increased its holdings in shares of DigitalOcean by 42.3% in the second quarter. Farther Finance Advisors LLC now owns 1,924 shares of the company's stock valued at $55,000 after buying an additional 572 shares in the last quarter. 49.77% of the stock is currently owned by institutional investors and hedge funds.
About DigitalOcean
(Get Free Report)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).
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