DigitalOcean (NASDAQ:DOCN) Updates Q4 2022 Earnings Guidance

DigitalOcean (NASDAQ:DOCNGet Rating) issued an update on its fourth quarter 2022 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of $0.18-$0.19 for the period, compared to the consensus estimate of $0.26. The company issued revenue guidance of $160.00 million-$162.00 million, compared to the consensus revenue estimate of $164.06 million. DigitalOcean also updated its FY 2022 guidance to $0.79-$0.80 EPS.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. Piper Sandler increased their price objective on shares of DigitalOcean from $56.00 to $57.00 and gave the company an overweight rating in a research report on Tuesday, August 9th. JPMorgan Chase & Co. lowered DigitalOcean from an overweight rating to a neutral rating and dropped their target price for the company from $50.00 to $27.00 in a report on Tuesday, November 8th. Oppenheimer cut their price target on DigitalOcean from $65.00 to $40.00 and set an outperform rating on the stock in a research note on Tuesday, November 8th. Morgan Stanley lowered their price objective on DigitalOcean from $41.00 to $28.00 and set an underweight rating for the company in a research report on Tuesday, November 8th. Finally, Barclays cut their target price on DigitalOcean from $45.00 to $37.00 in a research report on Tuesday, November 8th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of Hold and a consensus price target of $42.42.

DigitalOcean Stock Performance

Shares of DOCN stock opened at $26.91 on Wednesday. The stock’s 50-day moving average is $35.67 and its two-hundred day moving average is $40.14. The company has a quick ratio of 9.19, a current ratio of 9.19 and a debt-to-equity ratio of 48.59. DigitalOcean has a 1 year low of $26.00 and a 1 year high of $106.40.

Insider Activity at DigitalOcean

In other DigitalOcean news, insider Gabriel Monroy sold 3,495 shares of DigitalOcean stock in a transaction that occurred on Tuesday, October 4th. The stock was sold at an average price of $40.10, for a total transaction of $140,149.50. Following the transaction, the insider now owns 84,791 shares of the company’s stock, valued at $3,400,119.10. The transaction was disclosed in a filing with the SEC, which is available at this link. In other DigitalOcean news, CMO Carly D. Brantz sold 1,773 shares of DigitalOcean stock in a transaction on Wednesday, November 16th. The shares were sold at an average price of $31.60, for a total value of $56,026.80. Following the transaction, the chief marketing officer now directly owns 85,916 shares in the company, valued at $2,714,945.60. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Gabriel Monroy sold 3,495 shares of the company’s stock in a transaction dated Tuesday, October 4th. The shares were sold at an average price of $40.10, for a total transaction of $140,149.50. Following the completion of the sale, the insider now directly owns 84,791 shares of the company’s stock, valued at $3,400,119.10. The disclosure for this sale can be found here. Insiders own 4.10% of the company’s stock.

Hedge Funds Weigh In On DigitalOcean

Several institutional investors have recently added to or reduced their stakes in DOCN. Teacher Retirement System of Texas grew its stake in shares of DigitalOcean by 33.5% in the 2nd quarter. Teacher Retirement System of Texas now owns 7,566 shares of the company’s stock valued at $313,000 after purchasing an additional 1,898 shares during the last quarter. US Bancorp DE acquired a new stake in shares of DigitalOcean during the first quarter worth $308,000. B. Riley Wealth Advisors Inc. purchased a new position in DigitalOcean in the 3rd quarter valued at $298,000. Blair William & Co. IL acquired a new position in DigitalOcean in the 1st quarter valued at $289,000. Finally, Alpha Paradigm Partners LLC acquired a new position in DigitalOcean in the 3rd quarter valued at $271,000. Institutional investors and hedge funds own 52.00% of the company’s stock.

DigitalOcean Company Profile

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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 size businesses. The company offers infrastructure solutions across compute, storage, and networking, as well as enables developers to extend the native capabilities of its cloud with fully managed application, container, and database offerings.

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Earnings History and Estimates for DigitalOcean (NASDAQ:DOCN)

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