Barclays Trims DigitalOcean (NASDAQ:DOCN) Target Price to $38.00

DigitalOcean (NASDAQ:DOCN) had its target price cut by Barclays from $43.00 to $38.00 in a research note issued to investors on Friday morning, Benzinga reports. They currently have an overweight rating on the stock.

A number of other equities analysts also recently issued reports on DOCN. UBS Group started coverage on DigitalOcean in a research report on Wednesday, May 22nd. They set a neutral rating and a $40.00 price target on the stock. Canaccord Genuity Group raised their target price on shares of DigitalOcean from $41.00 to $42.00 and gave the company a buy rating in a research report on Monday, May 13th. Piper Sandler lowered their price target on shares of DigitalOcean from $38.00 to $34.00 and set a neutral rating for the company in a research report on Monday, July 15th. Needham & Company LLC reissued a hold rating on shares of DigitalOcean in a report on Monday, May 13th. Finally, JMP Securities restated a market outperform rating and set a $47.00 target price on shares of DigitalOcean in a report on Monday, May 13th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of Hold and an average price target of $36.40.

DigitalOcean Price Performance

Shares of DOCN opened at $33.93 on Friday. The firm has a market capitalization of $3.09 billion, a price-to-earnings ratio of 64.02, a PEG ratio of 3.01 and a beta of 1.81. DigitalOcean has a 1-year low of $19.39 and a 1-year high of $41.58. The company has a 50-day moving average of $33.53 and a 200 day moving average of $35.66.

DigitalOcean (NASDAQ:DOCN) last posted its quarterly earnings results 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. DigitalOcean had a net margin of 7.01% and a negative return on equity of 26.29%. The firm had revenue of $192.00 million during the quarter, compared to the consensus estimate of $188.63 million. During the same quarter in the previous year, the firm posted $0.11 earnings per share. The company’s revenue was up 13.1% on a year-over-year basis. On average, equities analysts anticipate that DigitalOcean will post 0.78 earnings per share for the current fiscal year.

Insider Transactions at DigitalOcean

In related news, Director Amy Butte sold 5,220 shares of the company’s stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $37.46, for a total transaction of $195,541.20. Following the transaction, the director now directly owns 36,417 shares of the company’s stock, valued at approximately $1,364,180.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.74% of the company’s stock.

Institutional Trading of DigitalOcean

Institutional investors have recently bought and sold shares of the stock. 180 Wealth Advisors LLC raised its holdings in shares of DigitalOcean by 4.4% in the second quarter. 180 Wealth Advisors LLC now owns 7,120 shares of the company’s stock worth $237,000 after buying an additional 297 shares during the last quarter. Harbor Capital Advisors Inc. raised its stake in DigitalOcean by 4.5% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 8,426 shares of the company’s stock worth $293,000 after acquiring an additional 359 shares during the last quarter. Assetmark Inc. lifted its position in DigitalOcean by 16.7% during the 4th quarter. Assetmark Inc. now owns 2,809 shares of the company’s stock worth $103,000 after acquiring an additional 403 shares during the period. Empowered Funds LLC grew its stake in DigitalOcean by 10.0% during the 1st quarter. Empowered Funds LLC now owns 7,852 shares of the company’s stock valued at $300,000 after purchasing an additional 711 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its holdings in shares of DigitalOcean by 1.6% in the second quarter. Allspring Global Investments Holdings LLC now owns 54,425 shares of the company’s stock valued at $1,891,000 after purchasing an additional 865 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).