DigitalOcean (NYSE:DOCN - Get Free Report) announced its earnings results on Monday. The company reported $0.52 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.40 by $0.12, Briefing.com reports. The firm had revenue of $198.50 million during the quarter, compared to analysts' expectations of $196.64 million. DigitalOcean had a negative return on equity of 31.71% and a net margin of 9.30%. The business's revenue was up 12.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.17 EPS.
NYSE DOCN traded down $0.01 during mid-day trading on Tuesday, hitting $35.32. The stock had a trading volume of 797,228 shares, compared to its average volume of 1,254,366. DigitalOcean has a 52-week low of $23.65 and a 52-week high of $44.80. The company has a market cap of $3.25 billion, a price-to-earnings ratio of 49.31, a P/E/G ratio of 3.24 and a beta of 1.83. The company has a 50 day simple moving average of $40.40 and a 200 day simple moving average of $36.66.
Several analysts have commented on the company. Stifel Nicolaus upped their price objective on DigitalOcean from $32.00 to $35.00 and gave the company a "hold" rating in a research note on Friday, August 9th. Barclays upped their price objective on DigitalOcean from $38.00 to $48.00 and gave the company an "overweight" rating in a research note on Friday, October 11th. Piper Sandler reduced their price objective on DigitalOcean from $38.00 to $34.00 and set a "neutral" rating for the company in a research note on Monday, July 15th. 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 note on Friday, October 4th. Finally, UBS Group cut their target price on DigitalOcean from $40.00 to $34.00 and set a "neutral" rating for the company in a research note on Friday, August 9th. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $40.56.
Check Out Our Latest Stock Analysis on 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).
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