DigitalOcean (NYSE:DOCN) Issues FY 2024 Earnings Guidance

DigitalOcean (NYSE:DOCN) updated its FY 2024 earnings guidance on Monday. The company provided earnings per share guidance of 1.700-1.750 for the period, compared to the consensus earnings per share estimate of 1.670. The company issued revenue guidance of $775.0 million-$777.0 million, compared to the consensus revenue estimate of $773.9 million. DigitalOcean also updated its FY24 guidance to $1.70-1.75 EPS.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on DOCN. Barclays lifted their price objective on shares of DigitalOcean from $38.00 to $48.00 and gave the company an “overweight” rating in a report on Friday, October 11th. UBS Group cut their price target on DigitalOcean from $40.00 to $34.00 and set a “neutral” rating for the company in a research note on Friday, August 9th. Piper Sandler lowered 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. Canaccord Genuity Group lifted their target price on DigitalOcean from $42.00 to $48.00 and gave the company a “buy” rating in a research report on Friday, October 4th. Finally, Needham & Company LLC reissued a “hold” rating on shares of DigitalOcean in a research report on Tuesday. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $40.56.

DigitalOcean Stock Up 8.3 %

DOCN stock opened at $38.82 on Thursday. The business has a 50 day moving average of $40.37 and a 200-day moving average of $36.69. The firm has a market cap of $3.57 billion, a PE ratio of 53.92, a P/E/G ratio of 3.24 and a beta of 1.83. DigitalOcean has a 12-month low of $24.07 and a 12-month high of $44.80.

DigitalOcean (NYSE:DOCN) last announced its earnings results on Monday, November 4th. The company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.12. The firm had revenue of $198.50 million during the quarter, compared to analyst estimates of $196.64 million. DigitalOcean had a negative return on equity of 31.71% and a net margin of 9.30%. The business’s revenue was up 12.1% compared to the same quarter last year. During the same period last year, the firm posted $0.17 EPS. On average, research analysts expect that DigitalOcean will post 0.86 earnings per share for the current year.

DigitalOcean Company Profile

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).