Brokers Issue Forecasts for DigitalOcean Holdings, Inc.’s Q1 2024 Earnings (NASDAQ:DOCN)
DigitalOcean Holdings, Inc. (NASDAQ:DOCN – Free Report) – Research analysts at William Blair issued their Q1 2024 EPS estimates for shares of DigitalOcean in a note issued to investors on Thursday, February 22nd. William Blair analyst J. Ader anticipates that the company will earn $0.16 per share for the quarter. The consensus estimate for DigitalOcean’s current full-year earnings is $0.41 per share. William Blair also issued estimates for DigitalOcean’s Q2 2024 earnings at $0.16 EPS, Q3 2024 earnings at $0.18 EPS, Q4 2024 earnings at $0.21 EPS and FY2025 earnings at $0.91 EPS.
A number of other brokerages have also weighed in on DOCN. Piper Sandler upped their target price on shares of DigitalOcean from $35.00 to $38.00 and gave the stock a “neutral” rating in a research report on Thursday. The Goldman Sachs Group upgraded shares of DigitalOcean from a “sell” rating to a “buy” rating and set a $33.00 target price for the company in a research report on Tuesday, November 7th. Canaccord Genuity Group decreased their price target on shares of DigitalOcean from $52.00 to $33.00 and set a “buy” rating on the stock in a research note on Tuesday, October 31st. Barclays upped their price target on shares of DigitalOcean from $37.00 to $43.00 and gave the company an “overweight” rating in a research note on Friday, January 12th. Finally, Oppenheimer upped their price target on shares of DigitalOcean from $37.00 to $46.00 and gave the company an “outperform” rating in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat, DigitalOcean has an average rating of “Hold” and a consensus price target of $37.60.
Check Out Our Latest Research Report on DOCN
DigitalOcean Stock Down 3.7 %
Shares of NASDAQ DOCN opened at $37.51 on Monday. The firm’s 50-day moving average price is $36.31 and its 200-day moving average price is $30.18. The company has a market cap of $3.41 billion, a PE ratio of 3,754.75, a PEG ratio of 2.89 and a beta of 1.79. DigitalOcean has a 52-week low of $19.39 and a 52-week high of $51.69.
Hedge Funds Weigh In On DigitalOcean
A number of institutional investors have recently bought and sold shares of the business. Wolf Hill Capital Management LP purchased a new position in shares of DigitalOcean during the 4th quarter worth $86,834,000. Alliancebernstein L.P. increased its stake in DigitalOcean by 38.3% during the second quarter. Alliancebernstein L.P. now owns 3,422,743 shares of the company’s stock worth $137,389,000 after purchasing an additional 948,674 shares during the period. First Trust Advisors LP increased its stake in DigitalOcean by 29.4% during the first quarter. First Trust Advisors LP now owns 3,241,162 shares of the company’s stock worth $187,501,000 after purchasing an additional 735,924 shares during the period. Norges Bank purchased a new stake in DigitalOcean during the fourth quarter worth about $17,660,000. Finally, Wellington Management Group LLP increased its stake in DigitalOcean by 236.4% during the first quarter. Wellington Management Group LLP now owns 525,665 shares of the company’s stock worth $30,410,000 after purchasing an additional 369,381 shares during the period. 56.53% of the stock is owned by hedge funds and other institutional investors.
DigitalOcean Company Profile
DigitalOcean Holdings, Inc, through its subsidiaries, operates a cloud computing platform in North America, Europe, Asia, and internationally. Its platform provides on-demand infrastructure and platform tools for developers, start-ups, and small and medium size businesses. The company offers infrastructure solutions across compute, storage, and networking, as well as enables developers to extend the native capabilities of its cloud with fully managed application, container, and database offerings.
Further Reading
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