DigitalOcean (NASDAQ:DOCN) Shares Gap Up to $32.86

DigitalOcean Holdings, Inc. (NASDAQ:DOCN)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $32.86, but opened at $35.68. DigitalOcean shares last traded at $35.49, with a volume of 627,145 shares changing hands.

Analysts Set New Price Targets

A number of research firms have issued reports on DOCN. Oppenheimer boosted their target price on shares of DigitalOcean from $37.00 to $46.00 and gave the company an “outperform” rating in a research note on Thursday, February 22nd. Piper Sandler boosted their target price on shares of DigitalOcean from $35.00 to $38.00 and gave the company a “neutral” rating in a research note on Thursday, February 22nd. Barclays boosted their target price on shares of DigitalOcean from $37.00 to $43.00 and gave the company an “overweight” rating in a research note on Friday, January 12th. Finally, JMP Securities reissued a “market outperform” rating and set a $47.00 target price on shares of DigitalOcean in a research note on Thursday, March 21st. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $36.78.

DigitalOcean Stock Up 8.4 %

The firm has a market capitalization of $3.25 billion, a price-to-earnings ratio of 3,549.00, a price-to-earnings-growth ratio of 2.92 and a beta of 1.80. The firm’s 50 day moving average is $36.98 and its 200 day moving average is $33.50.

DigitalOcean (NASDAQ:DOCN) last issued its quarterly earnings results on Wednesday, February 21st. The company reported $0.31 EPS for the quarter, beating the consensus estimate of $0.08 by $0.23. The business had revenue of $180.87 million during the quarter, compared to the consensus estimate of $178.26 million. DigitalOcean had a net margin of 0.12% and a negative return on equity of 19.85%. On average, sell-side analysts predict that DigitalOcean Holdings, Inc. will post 0.77 earnings per share for the current year.

Institutional Investors Weigh In On DigitalOcean

Several hedge funds have recently made changes to their positions in the company. Global Retirement Partners LLC purchased a new stake in DigitalOcean in the 1st quarter worth approximately $34,000. Tennessee Valley Asset Management Partners purchased a new stake in DigitalOcean in the 4th quarter worth approximately $35,000. Headlands Technologies LLC purchased a new stake in DigitalOcean in the 4th quarter worth approximately $67,000. Geneos Wealth Management Inc. lifted its position in DigitalOcean by 107.5% in the 4th quarter. Geneos Wealth Management Inc. now owns 2,123 shares of the company’s stock worth $78,000 after buying an additional 1,100 shares in the last quarter. Finally, Householder Group Estate & Retirement Specialist LLC lifted its position in DigitalOcean by 41.0% in the 4th quarter. Householder Group Estate & Retirement Specialist LLC now owns 2,399 shares of the company’s stock worth $88,000 after buying an additional 698 shares in the last quarter. Hedge funds and other institutional investors own 49.77% of the company’s stock.

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).