DigitalOcean (NASDAQ:DOCN) Releases FY24 Earnings Guidance

DigitalOcean (NASDAQ:DOCNGet Free Report) updated its FY24 earnings guidance on Friday. The company provided earnings per share (EPS) guidance of $1.60-$1.67 for the period, compared to the consensus estimate of $1.64. The company issued revenue guidance of $760-$775 million, compared to the consensus revenue estimate of $766.79 million. DigitalOcean also updated its FY 2024 guidance to 1.600-1.670 EPS.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on DOCN. Piper Sandler lifted their price objective on shares of DigitalOcean from $35.00 to $38.00 and gave the stock a neutral rating in a research note on Thursday, February 22nd. JMP Securities reaffirmed a market outperform rating and issued a $47.00 price objective on shares of DigitalOcean in a research note on Thursday, March 21st. Finally, Oppenheimer lifted their target price on shares of DigitalOcean from $37.00 to $46.00 and gave the stock an outperform rating in a research report on Thursday, February 22nd. One investment 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. Based on data from MarketBeat.com, the stock currently has an average rating of Hold and an average price target of $36.78.

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DigitalOcean Price Performance

DigitalOcean stock opened at $35.91 on Monday. The firm’s 50 day simple moving average is $36.53 and its 200-day simple moving average is $34.18. The company has a market cap of $3.27 billion, a P/E ratio of 43.26, a price-to-earnings-growth ratio of 3.08 and a beta of 1.83. DigitalOcean has a fifty-two week low of $19.39 and a fifty-two week high of $51.69.

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

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. 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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