DigitalOcean (NYSE:DOCN) Price Target Increased to $40.00 by Analysts at JPMorgan Chase & Co.

DigitalOcean (NYSE:DOCN) had its target price hoisted by equities researchers at JPMorgan Chase & Co. from $32.00 to $40.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target would indicate a potential downside of 2.53% from the company’s current price.

DOCN has been the subject of several other research reports. UBS Group decreased their price objective on shares of DigitalOcean from $40.00 to $34.00 and set a “neutral” rating for the company in a research note on Friday, August 9th. Piper Sandler decreased their target price on DigitalOcean from $38.00 to $34.00 and set a “neutral” rating for the company in a research report on Monday, July 15th. Barclays lifted their price target on DigitalOcean from $38.00 to $48.00 and gave the company an “overweight” rating in a report on Friday, October 11th. Canaccord Genuity Group increased their price objective on DigitalOcean from $42.00 to $48.00 and gave the stock a “buy” rating in a research note on Friday, October 4th. Finally, Stifel Nicolaus lifted their target price on DigitalOcean from $32.00 to $35.00 and gave the company a “hold” rating in a research note on Friday, August 9th. Five 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, DigitalOcean presently has an average rating of “Moderate Buy” and an average target price of $40.56.

DigitalOcean Stock Down 0.4 %

Shares of DigitalOcean stock opened at $41.04 on Friday. DigitalOcean has a 12-month low of $19.39 and a 12-month high of $44.80. The firm has a market capitalization of $3.74 billion, a PE ratio of 77.43, a price-to-earnings-growth ratio of 3.38 and a beta of 1.83. The stock’s fifty day moving average is $40.12 and its 200-day moving average is $36.42.

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

Institutional Investors Weigh In On DigitalOcean

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of DigitalOcean by 11.5% in the 1st quarter. Vanguard Group Inc. now owns 6,728,563 shares of the company’s stock valued at $256,897,000 after buying an additional 696,426 shares in the last quarter. University of Texas Texas AM Investment Management Co. bought a new stake in DigitalOcean in the second quarter worth approximately $11,712,000. Bank of New York Mellon Corp increased its stake in shares of DigitalOcean by 66.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 766,043 shares of the company’s stock worth $26,620,000 after purchasing an additional 307,162 shares during the last quarter. Principal Financial Group Inc. raised its holdings in shares of DigitalOcean by 27.9% during the 2nd quarter. Principal Financial Group Inc. now owns 1,178,848 shares of the company’s stock valued at $40,965,000 after purchasing an additional 257,229 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its stake in shares of DigitalOcean by 152.6% in the 2nd quarter. Renaissance Technologies LLC now owns 375,600 shares of the company’s stock valued at $13,052,000 after purchasing an additional 226,900 shares during the last quarter. 49.77% of the stock is owned by hedge funds and other institutional investors.

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).