DigitalOcean (NYSE:DOCN) PT Raised to $40.00 at JPMorgan Chase & Co.

DigitalOcean (NYSE:DOCN) had its target price increased by equities research analysts at JPMorgan Chase & Co. from $32.00 to $40.00 in a research report issued on Friday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target would suggest a potential downside of 2.53% from the stock’s previous close.

Several other equities research analysts have also weighed in on the stock. Piper Sandler dropped their price objective on shares of DigitalOcean from $38.00 to $34.00 and set a “neutral” rating on the stock in a research note on Monday, July 15th. Stifel Nicolaus increased their price target on DigitalOcean from $32.00 to $35.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. Canaccord Genuity Group boosted their price objective on DigitalOcean from $42.00 to $48.00 and gave the company a “buy” rating in a research report on Friday, October 4th. Barclays increased their target price on DigitalOcean from $38.00 to $48.00 and gave the stock an “overweight” rating in a research report on Friday, October 11th. Finally, UBS Group lowered their price target on shares of DigitalOcean from $40.00 to $34.00 and set a “neutral” rating for the company in a research report on Friday, August 9th. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, DigitalOcean presently has a consensus rating of “Moderate Buy” and a consensus price target of $40.56.

DigitalOcean Stock Down 0.4 %

Shares of NYSE DOCN opened at $41.04 on Friday. The stock’s 50 day moving average price is $40.12 and its two-hundred day moving average price is $36.42. DigitalOcean has a 52-week low of $19.39 and a 52-week high of $44.80. The stock has a market capitalization of $3.74 billion, a P/E ratio of 77.43, a PEG ratio of 3.38 and a beta of 1.83.

DigitalOcean (NYSE:DOCN) last posted its quarterly earnings results on Thursday, August 8th. The company reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.09. The business had revenue of $192.00 million for the quarter, compared to analyst estimates of $188.63 million. DigitalOcean had a negative return on equity of 31.71% and a net margin of 9.30%. The business’s revenue was up 13.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.11 EPS. On average, analysts anticipate that DigitalOcean will post 0.86 EPS for the current year.

Institutional Investors Weigh In On DigitalOcean

Several institutional investors have recently bought and sold shares of DOCN. FinTrust Capital Advisors LLC acquired a new stake in shares of DigitalOcean in the 1st quarter worth approximately $36,000. Blue Trust Inc. lifted its position in DigitalOcean by 380.6% in the third quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock worth $49,000 after purchasing an additional 959 shares during the period. Nisa Investment Advisors LLC boosted its stake in DigitalOcean by 56.4% during the 3rd quarter. Nisa Investment Advisors LLC now owns 1,340 shares of the company’s stock valued at $54,000 after purchasing an additional 483 shares in the last quarter. Covestor Ltd increased its position in shares of DigitalOcean by 571.4% during the 1st quarter. Covestor Ltd now owns 1,947 shares of the company’s stock valued at $74,000 after purchasing an additional 1,657 shares during the period. Finally, Quest Partners LLC raised its stake in shares of DigitalOcean by 11,041.9% in the 2nd quarter. Quest Partners LLC now owns 3,454 shares of the company’s stock worth $120,000 after buying an additional 3,423 shares in the last quarter. 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).