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

DigitalOcean (NYSE:DOCNGet Free Report) issued its quarterly earnings results on Monday. The company reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.40 by $0.12, Briefing.com reports. The firm had revenue of $198.50 million for the quarter, compared to analysts’ expectations of $196.64 million. DigitalOcean had a negative return on equity of 43.11% and a net margin of 10.86%. The business’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.17 EPS.

DigitalOcean Stock Up 1.0 %

Shares of DOCN stock opened at $39.21 on Thursday. The company’s fifty day simple moving average is $40.43 and its two-hundred 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 stock has a market cap of $3.61 billion, a P/E ratio of 45.67, a PEG ratio of 2.80 and a beta of 1.83.

Analyst Ratings Changes

Several brokerages have recently weighed in on DOCN. Piper Sandler reduced 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. raised their price objective 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. Stifel Nicolaus upped their target price on shares of DigitalOcean from $32.00 to $35.00 and gave the stock a “hold” rating in a research note on Friday, August 9th. Barclays increased their price target on shares of DigitalOcean from $38.00 to $48.00 and gave the company an “overweight” rating in a report on Friday, October 11th. Finally, Canaccord Genuity Group upped 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. Five equities research 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 stock presently has an average rating of “Moderate Buy” and a consensus target price of $40.56.

Read Our Latest Report on DigitalOcean

About DigitalOcean

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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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Earnings History for DigitalOcean (NYSE:DOCN)

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