Goldman Sachs group equity researchers initiated a hedge on the shares of DigitalOcean (NASDAQ:DOCN – Get Rating) in a report released Thursday, Briefing.com reports. The brokerage has set a “buy” rating and a price target of $49.00 on the stock. Goldman Sachs Group’s price target would suggest a potential upside of 58.78% from the company’s previous close.
DOCN has been the subject of several other reports. Stifel Nicolaus cut his price target on DigitalOcean shares from $85.00 to $60.00 in a Thursday, February 24 research report. Zacks Investment Research upgraded DigitalOcean shares from a “held” rating to a “strong sell” rating in a Tuesday, April 26 research report. Morgan Stanley cut its price target on DigitalOcean shares from $72.00 to $67.00 and set an “equal weight” rating for the company in a Friday, Feb. 25 research report. Oppenheimer lowered his price target on DigitalOcean shares from $96.00 to $80.00 in a Thursday, May 5 research report. Finally, Piper Sandler began covering DigitalOcean shares in a research report on Monday, April 4. They set an “overweight” rating and a price target of $72.00 for the company. One financial analyst assigned the stock a sell rating, another assigned a hold rating and nine assigned the company’s stock a buy rating. According to MarketBeat, DigitalOcean has a consensus rating of “Buy” and a consensus price target of $69.50.
NASDAQ DOCN shares opened at $30.86 on Thursday. The company has a debt ratio of 2.53, a quick ratio of 30.39 and a current ratio of 30.39. DigitalOcean has a 52-week low of $30.43 and a 52-week high of $133.40. The company has a 50-day moving average price of $49.93 and a two-hundred-day moving average price of $68.82. The stock has a market capitalization of $3.27 billion, a P/E ratio of -96.43 and a beta of 1.89.
DigitalOcean (NASDAQ:DOCN – Get Rating) last reported quarterly results on Wednesday, May 4. The company reported earnings per share (EPS) of $0.07 for the quarter, missing the consensus estimate of $0.12 per ($0.05). DigitalOcean had a negative net margin of 7.42% and a negative return on equity of 4.43%. The company posted revenue of $127.33 million in the quarter, compared to analyst estimates of $126.22 million. In the same quarter last year, the company posted earnings per share of $0.06. The company’s revenue increased by 35.9% compared to the same quarter last year. Analysts predict that DigitalOcean will post -0.02 earnings per share for the current fiscal year.
In other DigitalOcean news, Director Amy Butte sold 5,000 shares of the company in a trade on Tuesday, April 5. The shares were sold at an average price of $57.66, for a total value of $288,300.00. The transaction was disclosed in a filing with the SEC, which is available on the SEC’s website. Additionally, Chief Financial Officer William G. Sorenson sold 30,000 shares of the company in a trade on Wednesday, March 2. The shares were sold at an average price of $60.92, for a total transaction of $1,827,600.00. The disclosure of this sale can be found here. In the past three months, insiders have sold 75,456 shares of the company worth $4,575,625.
Institutional investors have recently increased or reduced their stake in the company. CWM LLC bought a new position in shares of DigitalOcean in the fourth quarter worth $25,000. Signaturefd LLC increased its position in shares of DigitalOcean by 706.7% during the first quarter. Signaturefd LLC now owns 484 shares of the company valued at $28,000 after purchasing an additional 424 shares in the last quarter. Point72 Hong Kong Ltd bought a new position in shares of DigitalOcean during the fourth quarter, valued at around $30,000. Rockefeller Capital Management LP increased its position in DigitalOcean shares by 515.4% during the third quarter. Rockefeller Capital Management LP now owns 400 shares of the company valued at $31,000 after buying 335 additional shares last quarter. Finally, Newbridge Financial Services Group Inc. bought a new position in shares of DigitalOcean during the fourth quarter worth approximately $36,000. 61.99% of the shares are currently held by hedge funds and other institutional investors.
Digital Ocean Company Profile (Get a 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 businesses. The company offers infrastructure solutions for compute, storage and networking, and enables developers to extend its cloud-native capabilities with fully managed application, container and database offerings.
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