DigitalOcean (NASDAQ:DOCN) Shares Gap Up to $32.86

DigitalOcean Holdings, Inc. (NASDAQ:DOCN)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $32.86, but opened at $35.68. DigitalOcean shares last traded at $35.49, with a volume of 627,145 shares.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on DOCN. Piper Sandler raised their price target on DigitalOcean from $35.00 to $38.00 and gave the stock a “neutral” rating in a research report on Thursday, February 22nd. Barclays raised their price target on DigitalOcean from $37.00 to $43.00 and gave the stock an “overweight” rating in a research report on Friday, January 12th. Oppenheimer raised their price target 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 restated a “market outperform” rating and set a $47.00 price objective on shares of DigitalOcean in a report on Thursday, March 21st. One research analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $36.78.

DigitalOcean Stock Down 0.5 %

The stock has a market cap of $3.22 billion, a price-to-earnings ratio of 3,537.54, a PEG ratio of 2.82 and a beta of 1.83. The stock has a fifty day moving average of $36.97 and a two-hundred day moving average of $33.51.

DigitalOcean (NASDAQ:DOCN) last issued its quarterly earnings data on Wednesday, February 21st. The company reported $0.31 EPS for the quarter, topping analysts’ consensus estimates of $0.08 by $0.23. The company had revenue of $180.87 million for the quarter, compared to analysts’ expectations of $178.26 million. DigitalOcean had a negative return on equity of 19.85% and a net margin of 0.12%. Equities research analysts anticipate that DigitalOcean Holdings, Inc. will post 0.77 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of DOCN. Assetmark Inc. increased its position in shares of DigitalOcean by 16.7% during the fourth quarter. Assetmark Inc. now owns 2,809 shares of the company’s stock worth $103,000 after acquiring an additional 403 shares during the last quarter. Householder Group Estate & Retirement Specialist LLC increased its position in shares of DigitalOcean by 41.0% during the fourth quarter. Householder Group Estate & Retirement Specialist LLC now owns 2,399 shares of the company’s stock worth $88,000 after acquiring an additional 698 shares during the last quarter. Global Retirement Partners LLC purchased a new stake in shares of DigitalOcean during the first quarter worth about $34,000. Tennessee Valley Asset Management Partners purchased a new stake in shares of DigitalOcean during the fourth quarter worth about $35,000. Finally, FinTrust Capital Advisors LLC purchased a new stake in shares of DigitalOcean during the first quarter worth about $36,000. Institutional investors and hedge funds own 49.77% of the company’s stock.

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).