DigitalOcean (DOCN) Scheduled to Post Earnings on Thursday

Posted by Defense World Staff on Oct 26th, 2023

DigitalOcean (NASDAQ:DOCN – Get Free Report) will be releasing its earnings data after the market closes on Thursday, November 2nd. Analysts expect DigitalOcean to post earnings of $0.36 per share for the quarter. Persons that are interested in participating in the company’s earnings conference call can do so using this link.

DigitalOcean (NASDAQ:DOCN – Get Free Report) last issued its quarterly earnings results on Friday, August 11th. The company reported $0.11 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.11. The business had revenue of $169.81 million for the quarter, compared to the consensus estimate of $169.75 million. DigitalOcean had a negative net margin of 5.27% and a negative return on equity of 32.38%. On average, analysts expect DigitalOcean to post $0 EPS for the current fiscal year and $0 EPS for the next fiscal year.

DigitalOcean Stock Down 5.4 %

Shares of NASDAQ DOCN opened at $21.03 on Thursday. The firm’s 50-day simple moving average is $25.67 and its 200 day simple moving average is $34.53. The company has a market cap of $1.87 billion, a price-to-earnings ratio of -58.42, a price-to-earnings-growth ratio of 4.31 and a beta of 1.38. DigitalOcean has a 12-month low of $20.83 and a 12-month high of $51.69.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on DOCN. Piper Sandler upgraded shares of DigitalOcean from an “underweight” rating to a “neutral” rating and reduced their price target for the stock from $30.00 to $22.00 in a research report on Monday. JMP Securities cut their target price on shares of DigitalOcean from $59.00 to $47.00 and set a “market outperform” rating on the stock in a research report on Friday, September 1st. Morgan Stanley cut their target price on shares of DigitalOcean from $36.00 to $30.00 and set an “equal weight” rating on the stock in a research report on Friday, October 13th. Barclays cut their target price on shares of DigitalOcean from $42.00 to $30.00 and set an “overweight” rating on the stock in a research report on Thursday, October 12th. Finally, Bank of America downgraded shares of DigitalOcean from a “buy” rating to an “underperform” rating and cut their target price for the company from $47.00 to $25.00 in a research report on Friday, September 8th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, DigitalOcean presently has a consensus rating of “Hold” and an average target price of $34.64.

Read Our Latest Analysis on DigitalOcean

Insider Buying and Selling

In related news, COO Jeffrey Scott Guy sold 20,584 shares of the stock in a transaction that occurred on Thursday, September 7th. The stock was sold at an average price of $25.21, for a total transaction of $518,922.64. Following the completion of the sale, the chief operating officer now directly owns 108,040 shares of the company’s stock, valued at approximately $2,723,688.40. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other DigitalOcean news, Director Warren Jenson purchased 4,000 shares of the firm’s stock in a transaction dated Thursday, September 7th. The stock was bought at an average cost of $25.74 per share, with a total value of $102,960.00. Following the purchase, the director now directly owns 15,632 shares of the company’s stock, valued at $402,367.68. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Jeffrey Scott Guy sold 20,584 shares of the firm’s stock in a transaction that occurred on Thursday, September 7th. The stock was sold at an average price of $25.21, for a total transaction of $518,922.64. Following the transaction, the chief operating officer now directly owns 108,040 shares of the company’s stock, valued at $2,723,688.40. The disclosure for this sale can be found here. In the last three months, insiders sold 36,584 shares of company stock valued at $1,056,083. 4.48% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On DigitalOcean

Hedge funds have recently made changes to their positions in the business. Advisors Asset Management Inc. bought a new position in shares of DigitalOcean during the 1st quarter worth approximately $42,000. Geneos Wealth Management Inc. grew its stake in shares of DigitalOcean by 253.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,258 shares of the company’s stock worth $72,000 after acquiring an additional 902 shares in the last quarter. Macquarie Group Ltd. grew its stake in shares of DigitalOcean by 48.1% during the 2nd quarter. Macquarie Group Ltd. now owns 1,747 shares of the company’s stock worth $72,000 after acquiring an additional 567 shares in the last quarter. State of Wyoming grew its stake in shares of DigitalOcean by 42.4% during the 2nd quarter. State of Wyoming now owns 1,988 shares of the company’s stock worth $80,000 after acquiring an additional 592 shares in the last quarter. Finally, Lazard Asset Management LLC boosted its holdings in shares of DigitalOcean by 215.1% in the 1st quarter. Lazard Asset Management LLC now owns 2,382 shares of the company’s stock valued at $137,000 after buying an additional 1,626 shares during the last quarter. 56.53% of the stock is owned by institutional investors.

About DigitalOcean

(Get Free Report)

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.