DigitalOcean (NASDAQ:DOCN – Get Free Report) issued an update on its third quarter 2024 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of 0.390-0.410 for the period, compared to the consensus estimate of 0.410. The company issued revenue guidance of $196.0 million-$197.0 million, compared to the consensus revenue estimate of $195.2 million. DigitalOcean also updated its FY 2024 guidance to 1.600-1.700 EPS.
DigitalOcean Trading Up 11.9 %
Shares of DOCN traded up $3.47 during trading hours on Friday, reaching $32.57. The company had a trading volume of 5,162,423 shares, compared to its average volume of 1,272,406. DigitalOcean has a 12-month low of $19.39 and a 12-month high of $41.58. The firm has a 50 day simple moving average of $33.59 and a 200-day simple moving average of $35.62. The company has a market capitalization of $2.97 billion, a price-to-earnings ratio of 61.45, a PEG ratio of 3.01 and a beta of 1.81.
DigitalOcean (NASDAQ:DOCN – Get Free Report) last released its quarterly earnings results on Friday, May 10th. The company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.06. DigitalOcean had a negative return on equity of 26.29% and a net margin of 7.01%. The business had revenue of $184.73 million during the quarter, compared to the consensus estimate of $182.70 million. Sell-side analysts forecast that DigitalOcean will post 0.78 earnings per share for the current year.
Wall Street Analyst Weigh In
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Insider Buying and Selling
In other DigitalOcean news, Director Amy Butte sold 5,220 shares of the company’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $37.46, for a total value of $195,541.20. Following the completion of the transaction, the director now owns 36,417 shares in the company, valued at approximately $1,364,180.82. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.74% of the stock is owned by company insiders.
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).
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