DigitalOcean (NASDAQ:DOCN) Updates Q2 Earnings Guidance

DigitalOcean (NASDAQ:DOCNGet Free Report) issued an update on its second quarter earnings guidance on Friday morning. The company provided earnings per share guidance of $0.38-$0.40 for the period, compared to the consensus earnings per share estimate of $0.39. The company issued revenue guidance of $188-$189 million, compared to the consensus revenue estimate of $187.07 million. DigitalOcean also updated its FY 2024 guidance to 1.600-1.670 EPS.

DigitalOcean Stock Performance

NASDAQ:DOCN opened at $35.91 on Monday. The stock has a 50-day simple moving average of $36.53 and a two-hundred day simple moving average of $34.18. DigitalOcean has a 52-week low of $19.39 and a 52-week high of $51.69. The firm has a market capitalization of $3.27 billion, a PE ratio of 43.26, a P/E/G ratio of 3.08 and a beta of 1.83.

DigitalOcean (NASDAQ:DOCNGet Free Report) last released 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 analyst estimates of $178.26 million. Equities analysts forecast that DigitalOcean will post 0.77 earnings per share for the current fiscal year.

Analyst Ratings Changes

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

Get Our Latest Research Report on DigitalOcean

DigitalOcean Company Profile

(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).

Recommended Stories

Receive News & Ratings for DigitalOcean Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for DigitalOcean and related companies with MarketBeat.com's FREE daily email newsletter.