DigitalOcean (NASDAQ:DOCN – Get Rating) issued an update on its FY22 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $0.70 to $0.71 for the period, compared to the Thomson Reuters consensus estimate of $0.67. The company issued revenue guidance of $564 million to $568 million, compared to the consensus revenue estimate of $565.87 million.DigitalOcean also updated its Q2 guidance to $0.09 to $0.10 EPS.
A number of brokerages have issued reports on DOCN. Zacks Investment Research cut DigitalOcean from a hold rating to a strong sell rating in a report on Tuesday, April 26th. Piper Sandler began coverage on shares of DigitalOcean in a research report on Monday, April 4th. They issued an overweight rating and a $72.00 price target for the company. Morgan Stanley reduced their price target on DigitalOcean from $72.00 to $67.00 and set an equal weight rating on the stock in a research report on Friday, February 25th. Stifel Nicolaus lowered their price objective on DigitalOcean from $85.00 to $60.00 in a research report on Thursday, February 24th. Finally, KeyCorp reduced their target price on DigitalOcean from $69.00 to $54.00 and set an overweight rating on the stock in a report on Monday, April 25th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Buy and a consensus target price of $79.09.
Shares of NASDAQ DOCN opened at $43.56 on Thursday. The company has a debt-to-equity ratio of 2.53, a current ratio of 30.39 and a quick ratio of 30.39. The company has a 50-day moving average price of $52.63 and a 200-day moving average price of $70.88. The stock has a market capitalization of $4.62 billion, a P/E ratio of -198.00 and a beta of 1.89. DigitalOcean has a 1 year low of $35.35 and a 1 year high of $133.40.
DigitalOcean (NASDAQ:DOCN – Get Rating) last posted its earnings results on Wednesday, May 4th. The company reported $0.07 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.12 by ($0.05). DigitalOcean had a negative net margin of 4.55% and a negative return on equity of 2.30%. The company had revenue of $127.33 million during the quarter, compared to the consensus estimate of $126.22 million. During the same quarter in the prior year, the business earned $0.06 EPS. The firm’s revenue for the quarter was up 35.9% compared to the same quarter last year. As a group, equities research analysts anticipate that DigitalOcean will post -0.02 earnings per share for the current fiscal year.
In related news, Director Amy Butte sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, April 5th. The shares were sold at an average price of $57.66, for a total transaction of $288,300.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Alan Shapiro sold 40,456 shares of DigitalOcean stock in a transaction dated Wednesday, March 2nd. The stock was sold at an average price of $60.80, for a total transaction of $2,459,724.80. The disclosure for this sale can be found here. Insiders sold a total of 75,456 shares of company stock worth $4,575,625 in the last 90 days.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Morgan Stanley bought a new stake in shares of DigitalOcean during the 1st quarter valued at $296,000. Royal Bank of Canada grew its holdings in DigitalOcean by 577.2% during the 2nd quarter. Royal Bank of Canada now owns 2,499 shares of the company’s stock valued at $139,000 after buying an additional 2,130 shares in the last quarter. Bank of America Corp DE grew its holdings in DigitalOcean by 8,441.0% during the 2nd quarter. Bank of America Corp DE now owns 8,541 shares of the company’s stock valued at $475,000 after buying an additional 8,441 shares in the last quarter. Dimensional Fund Advisors LP bought a new stake in shares of DigitalOcean during the third quarter valued at about $331,000. Finally, Bank of New York Mellon Corp lifted its holdings in shares of DigitalOcean by 349.7% in the third quarter. Bank of New York Mellon Corp now owns 179,547 shares of the company’s stock worth $13,938,000 after buying an additional 139,623 shares in the last quarter. 61.99% of the stock is currently owned by institutional investors.
DigitalOcean Company Profile (Get Rating)
DigitalOcean Holdings, Inc, through its subsidiaries, operates a cloud computing platform in North America, Europe, Asia, and internationally. Its platform provides on-demand infrastructure and platform tools for developers, start-ups, and small and medium size businesses. The company offers infrastructure solutions across compute, storage, and networking, as well as enables developers to extend the native capabilities of its cloud with fully managed application, container, and database offerings.
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