DigitalOcean (NASDAQ:DOCN) Issues FY 2024 Earnings Guidance

DigitalOcean (NASDAQ:DOCNGet Free Report) issued an update on its FY 2024 earnings guidance on Friday morning. The company provided earnings per share (EPS) guidance of 1.600-1.670 for the period, compared to the consensus 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.

DigitalOcean Price Performance

Shares of DigitalOcean stock opened at $35.91 on Monday. The business has a fifty day simple moving average of $36.53 and a two-hundred day simple moving average of $34.18. DigitalOcean has a 1 year low of $19.39 and a 1 year high of $51.69. The company has a market capitalization of $3.27 billion, a price-to-earnings ratio of 43.26, a P/E/G ratio of 3.08 and a beta of 1.83.

DigitalOcean (NASDAQ:DOCNGet Free Report) last announced its quarterly earnings results on Wednesday, February 21st. The company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.23. DigitalOcean had a negative return on equity of 25.71% and a net margin of 7.01%. The business had revenue of $180.87 million during the quarter, compared to the consensus estimate of $178.26 million. As a group, equities analysts anticipate that DigitalOcean will post 0.77 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

DOCN has been the subject of several research reports. JMP Securities reaffirmed a market outperform rating and set a $47.00 price target on shares of DigitalOcean in a report on Thursday, March 21st. Piper Sandler lifted their target price on DigitalOcean from $35.00 to $38.00 and gave the stock a neutral rating in a report on Thursday, February 22nd. Finally, Oppenheimer lifted their target price on DigitalOcean from $37.00 to $46.00 and gave the stock an outperform rating in a report on Thursday, February 22nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company’s stock. Based on data from, the company presently has a consensus rating of Hold and an average target price of $36.78.

View Our Latest Research Report on DOCN

About DigitalOcean

(Get Free Report)

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).

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