DigitalOcean (NASDAQ:DOCN) Issues FY 2024 Earnings Guidance

DigitalOcean (NASDAQ:DOCN) updated its FY 2024 earnings guidance on Friday. The company provided EPS guidance of 1.600-1.670 for the period, compared to the consensus EPS estimate of 1.630. The company issued revenue guidance of $760.0 million-$775.0 million, compared to the consensus revenue estimate of $766.4 million. DigitalOcean also updated its FY24 guidance to $1.60-$1.67 EPS.

Wall Street Analyst Weigh In

DOCN has been the topic of a number of recent research reports. Oppenheimer lifted their target price on DigitalOcean from $37.00 to $46.00 and gave the company an outperform rating in a research report on Thursday, February 22nd. JMP Securities reissued a market outperform rating and issued a $47.00 price objective on shares of DigitalOcean in a research report on Thursday, March 21st. Barclays increased their target price on shares of DigitalOcean from $37.00 to $43.00 and gave the stock an overweight rating in a report on Friday, January 12th. Finally, Piper Sandler boosted their price target on shares of DigitalOcean from $35.00 to $38.00 and gave the stock a neutral rating in a research report on Thursday, February 22nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company. According to MarketBeat, DigitalOcean has a consensus rating of Hold and an average price target of $36.78.

DigitalOcean Trading Down 3.3 %

Shares of NASDAQ DOCN opened at $32.58 on Friday. DigitalOcean has a 12 month low of $19.39 and a 12 month high of $51.69. The stock has a 50 day moving average of $36.58 and a 200-day moving average of $33.90. The company has a market capitalization of $2.97 billion, a P/E ratio of 3,260.76, a P/E/G ratio of 2.94 and a beta of 1.83.

DigitalOcean (NASDAQ:DOCN) last released its quarterly earnings data on Wednesday, February 21st. The company reported $0.31 EPS for the quarter, beating the consensus estimate of $0.08 by $0.23. The firm had revenue of $180.87 million for 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%. Analysts predict that DigitalOcean will post 0.77 EPS for the current fiscal year.

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).