DigitalOcean (DOCN) to Release Earnings on Thursday

DigitalOcean (NASDAQ:DOCN) will be issuing its quarterly earnings data after the market closes on Thursday, August 8th. Analysts expect the company to announce earnings of $0.39 per share for the quarter. Parties interested in registering for the company’s conference call can do so using this link.

DigitalOcean (NASDAQ:DOCN) last announced its quarterly earnings results on Friday, May 10th. The company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.06. DigitalOcean had a negative return on equity of 26.29% and a net margin of 7.01%. The business had revenue of $184.73 million during the quarter, compared to the consensus estimate of $182.70 million. On average, analysts expect DigitalOcean to post $1 EPS for the current fiscal year and $1 EPS for the next fiscal year.

DigitalOcean Trading Up 2.0 %

Shares of DigitalOcean stock opened at $27.82 on Wednesday. The stock has a fifty day simple moving average of $34.01 and a 200 day simple moving average of $35.74. DigitalOcean has a 12-month low of $19.39 and a 12-month high of $41.58. The company has a market capitalization of $2.53 billion, a P/E ratio of 52.49, a price-to-earnings-growth ratio of 3.01 and a beta of 1.81.

Wall Street Analyst Weigh In

DOCN has been the subject of a number of recent analyst reports. Canaccord Genuity Group upped their price objective on DigitalOcean from $41.00 to $42.00 and gave the company a “buy” rating in a research note on Monday, May 13th. Piper Sandler reduced their price objective on DigitalOcean from $38.00 to $34.00 and set a “neutral” rating for the company in a research note on Monday, July 15th. UBS Group initiated coverage on DigitalOcean in a research note on Wednesday, May 22nd. They issued a “neutral” rating and a $40.00 price objective for the company. Needham & Company LLC restated a “hold” rating on shares of DigitalOcean in a research note on Monday, May 13th. Finally, JMP Securities restated a “market outperform” rating and issued a $47.00 price objective on shares of DigitalOcean in a research note on Monday, May 13th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, DigitalOcean currently has a consensus rating of “Hold” and an average price target of $37.78.

Insider Buying and Selling

In related news, Director Amy Butte sold 5,220 shares of the stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $37.46, for a total transaction of $195,541.20. Following the sale, the director now owns 36,417 shares of the company’s stock, valued at approximately $1,364,180.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.74% of the stock is currently owned by insiders.

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).