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

DigitalOcean (NYSE:DOCN) issued its quarterly earnings data on Monday. The company reported $0.52 EPS for the quarter, topping the consensus estimate of $0.40 by $0.12, Briefing.com reports. DigitalOcean had a negative return on equity of 31.71% and a net margin of 9.30%. The business had revenue of $198.50 million for the quarter, compared to the consensus estimate of $196.64 million. During the same quarter last year, the business posted $0.17 EPS. The firm’s revenue was up 12.1% compared to the same quarter last year.

DigitalOcean Stock Performance

Shares of DOCN opened at $37.77 on Wednesday. The business’s fifty day moving average is $40.40 and its 200-day moving average is $36.66. The firm has a market cap of $3.48 billion, a price-to-earnings ratio of 49.81, a PEG ratio of 3.24 and a beta of 1.83. DigitalOcean has a 52-week low of $24.07 and a 52-week high of $44.80.

Analysts Set New Price Targets

DOCN has been the subject of a number of research reports. UBS Group lowered their target price on DigitalOcean from $40.00 to $34.00 and set a “neutral” rating for the company in a report on Friday, August 9th. Needham & Company LLC reissued a “hold” rating on shares of DigitalOcean in a research report on Tuesday. Piper Sandler reduced their price target on DigitalOcean from $38.00 to $34.00 and set a “neutral” rating for the company in a research report on Monday, July 15th. JPMorgan Chase & Co. lifted their price target on shares of DigitalOcean from $32.00 to $40.00 and gave the company a “neutral” rating in a research note on Friday, October 25th. Finally, Canaccord Genuity Group raised their price objective on DigitalOcean from $42.00 to $48.00 and gave the company a “buy” rating in a report on Friday, October 4th. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, DigitalOcean has a consensus 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).