UBS Group Begins Coverage on DigitalOcean (NASDAQ:DOCN)

UBS Group assumed coverage on shares of DigitalOcean (NASDAQ:DOCN) in a research note issued to investors on Wednesday, Marketbeat Ratings reports. The firm issued a neutral rating and a $40.00 target price on the stock.

DOCN has been the subject of a number of other reports. JMP Securities reaffirmed a market outperform rating and set a $47.00 price target on shares of DigitalOcean in a report on Monday, May 13th. Piper Sandler lifted their price target on DigitalOcean from $35.00 to $38.00 and gave the stock a neutral rating in a report on Thursday, February 22nd. Canaccord Genuity Group lifted their price target on DigitalOcean from $41.00 to $42.00 and gave the stock a buy rating in a report on Monday, May 13th. Oppenheimer lifted their price target on DigitalOcean from $37.00 to $46.00 and gave the stock an outperform rating in a report on Thursday, February 22nd. Finally, Needham & Company LLC reiterated a hold rating on shares of DigitalOcean in a research report on Monday, May 13th. One analyst has rated the stock with a sell rating, five have given 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 Hold and an average price target of $38.00.

DigitalOcean Trading Down 0.5 %

NASDAQ:DOCN opened at $36.18 on Wednesday. The firm has a market cap of $3.30 billion, a PE ratio of 68.27, a price-to-earnings-growth ratio of 3.74 and a beta of 1.83. The stock has a fifty day moving average price of $36.22 and a 200 day moving average price of $35.13. DigitalOcean has a 12-month low of $19.39 and a 12-month high of $51.69.

DigitalOcean (NASDAQ:DOCN) last released its earnings results on Wednesday, February 21st. The company reported $0.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.23. The firm had revenue of $180.87 million during the quarter, compared to analyst estimates of $178.26 million. DigitalOcean had a negative return on equity of 26.29% and a net margin of 7.01%. Equities analysts forecast that DigitalOcean will post 0.77 EPS for the current year.

Hedge Funds Weigh In On DigitalOcean

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in DigitalOcean by 3.3% in the 3rd quarter. Vanguard Group Inc. now owns 6,391,293 shares of the company’s stock valued at $153,583,000 after acquiring an additional 202,179 shares during the period. Hillsdale Investment Management Inc. purchased a new stake in DigitalOcean in the 4th quarter valued at approximately $3,133,000. K.J. Harrison & Partners Inc purchased a new stake in DigitalOcean in the 4th quarter valued at approximately $2,091,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in DigitalOcean by 36.6% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 901,325 shares of the company’s stock valued at $33,070,000 after purchasing an additional 241,706 shares in the last quarter. Finally, Schroder Investment Management Group purchased a new stake in DigitalOcean in the 3rd quarter valued at approximately $7,029,000. Institutional investors and hedge funds own 49.77% of the company’s stock.

DigitalOcean Company Profile

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).