JPMorgan Chase & Co. Boosts DigitalOcean (NYSE:DOCN) Price Target to $40.00

DigitalOcean (NYSE:DOCN) had its price target lifted by JPMorgan Chase & Co. from $32.00 to $40.00 in a report released on Friday, Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

Other equities research analysts also recently issued research reports about the company. Canaccord Genuity Group raised 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. Barclays raised their price objective on shares of DigitalOcean from $38.00 to $48.00 and gave the company an “overweight” rating in a research note on Friday, October 11th. UBS Group lowered their target price on shares of DigitalOcean from $40.00 to $34.00 and set a “neutral” rating on the stock in a research report on Friday, August 9th. Stifel Nicolaus lifted their price target on shares of DigitalOcean from $32.00 to $35.00 and gave the company a “hold” rating in a research report on Friday, August 9th. Finally, Piper Sandler lowered their price target on DigitalOcean from $38.00 to $34.00 and set a “neutral” rating on the stock in a report on Monday, July 15th. Five investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $40.56.

DigitalOcean Stock Performance

Shares of DOCN opened at $41.04 on Friday. The company has a market capitalization of $3.74 billion, a price-to-earnings ratio of 77.43, a price-to-earnings-growth ratio of 3.38 and a beta of 1.83. DigitalOcean has a fifty-two week low of $19.39 and a fifty-two week high of $44.80. The firm has a 50-day simple moving average of $40.12 and a 200-day simple moving average of $36.43.

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

Institutional Trading of DigitalOcean

A number of large investors have recently made changes to their positions in the stock. Point72 Hong Kong Ltd acquired a new stake in shares of DigitalOcean during the 2nd quarter worth about $877,000. Private Advisor Group LLC boosted its position in DigitalOcean by 637.6% during the first quarter. Private Advisor Group LLC now owns 48,378 shares of the company’s stock worth $1,847,000 after acquiring an additional 41,819 shares during the last quarter. Public Sector Pension Investment Board purchased a new stake in DigitalOcean in the 2nd quarter worth approximately $4,108,000. University of Texas Texas AM Investment Management Co. purchased a new position in shares of DigitalOcean during the 2nd quarter worth $11,712,000. Finally, Vanguard Group Inc. lifted its stake in shares of DigitalOcean by 11.5% during the 1st quarter. Vanguard Group Inc. now owns 6,728,563 shares of the company’s stock worth $256,897,000 after purchasing an additional 696,426 shares during the period. Institutional investors and hedge funds own 49.77% of the company’s stock.

About DigitalOcean

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).