DigitalOcean (NYSE:DOCN) Issues Q1 Earnings Guidance

DigitalOcean (NYSE:DOCN) updated its first quarter earnings guidance on Friday. The company provided EPS guidance of $0.41-0.46 for the period, compared to the consensus EPS estimate of $0.44. The company issued revenue guidance of $207-209 million, compared to the consensus revenue estimate of $208.63 million. DigitalOcean also updated its FY25 guidance to $1.85-1.95 EPS.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Needham & Company LLC restated a “hold” rating on shares of DigitalOcean in a research report on Wednesday, February 26th. JMP Securities increased their price target on DigitalOcean from $47.00 to $55.00 and gave the stock a “market outperform” rating in a research report on Monday, January 27th. The Goldman Sachs Group reiterated a “buy” rating on shares of DigitalOcean in a research report on Saturday, March 1st. Bank of America increased their target price on DigitalOcean from $28.00 to $31.00 and gave the stock an “underperform” rating in a report on Wednesday, February 26th. Finally, Canaccord Genuity Group raised their target price on DigitalOcean from $48.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, February 26th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, DigitalOcean presently has an average rating of “Hold” and a consensus price target of $43.27.

DigitalOcean Stock Down 8.3 %

DOCN stock traded down $2.59 during midday trading on Friday, reaching $28.64. The stock had a trading volume of 3,024,792 shares, compared to its average volume of 1,254,801. The firm has a market cap of $2.64 billion, a price-to-earnings ratio of 33.69, a PEG ratio of 3.12 and a beta of 1.80. The business has a fifty day simple moving average of $39.86 and a two-hundred day simple moving average of $39.11. DigitalOcean has a twelve month low of $26.63 and a twelve month high of $47.02.

Insider Buying and Selling at DigitalOcean

In other news, insider Bratin Saha sold 3,948 shares of the company’s stock in a transaction dated Tuesday, March 18th. The stock was sold at an average price of $36.63, for a total value of $144,615.24. Following the completion of the sale, the insider now directly owns 358,696 shares of the company’s stock, valued at $13,139,034.48. This represents a 1.09 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.74% 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).