DigitalOcean (NYSE:DOCN) Releases Earnings Results, Beats Expectations By $0.12 EPS

DigitalOcean (NYSE:DOCN) released its quarterly earnings data on Monday. The company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.12, Briefing.com reports. DigitalOcean had a net margin of 10.86% and a negative return on equity of 43.11%. The business had revenue of $198.50 million for the quarter, compared to analyst estimates of $196.64 million. During the same quarter last year, the firm earned $0.17 EPS. DigitalOcean’s quarterly revenue was up 12.1% compared to the same quarter last year.

DigitalOcean Stock Performance

NYSE:DOCN opened at $39.21 on Thursday. The stock’s 50-day simple moving average is $40.43 and its 200 day simple moving average is $36.70. DigitalOcean has a 52-week low of $24.07 and a 52-week high of $44.80. The company has a market cap of $3.61 billion, a P/E ratio of 45.67, a P/E/G ratio of 2.80 and a beta of 1.83.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on DOCN. Stifel Nicolaus lifted their price target on shares of DigitalOcean from $32.00 to $35.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. Needham & Company LLC reiterated a “hold” rating on shares of DigitalOcean in a report on Tuesday. Piper Sandler lowered their price target on DigitalOcean from $38.00 to $34.00 and set a “neutral” rating for the company in a report on Monday, July 15th. JPMorgan Chase & Co. lifted their price objective on DigitalOcean from $32.00 to $40.00 and gave the company a “neutral” rating in a report on Friday, October 25th. 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 research note on Friday, August 9th. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $40.56.

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).