DigitalOcean (NYSE:DOCN) Releases FY24 Earnings Guidance

DigitalOcean (NYSE:DOCN) updated its FY24 earnings guidance on Monday. The company provided earnings per share guidance of $1.70-1.75 for the period, compared to the consensus earnings per share estimate of $1.67. The company issued revenue guidance of $775-777 million, compared to the consensus revenue estimate of $773.92 million. DigitalOcean also updated its FY 2024 guidance to 1.700-1.750 EPS.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the company. UBS Group reduced their price target on DigitalOcean from $40.00 to $34.00 and set a “neutral” rating for the company in a report on Friday, August 9th. Barclays upped their target price on DigitalOcean from $38.00 to $48.00 and gave the stock an “overweight” rating in a research note on Friday, October 11th. JPMorgan Chase & Co. lifted their price target on shares of DigitalOcean from $32.00 to $40.00 and gave the company a “neutral” rating in a research note on Friday, October 25th. Piper Sandler reduced their price objective on shares of DigitalOcean from $38.00 to $34.00 and set a “neutral” rating for the company in a research report on Monday, July 15th. Finally, Stifel Nicolaus lifted their target price on shares of DigitalOcean from $32.00 to $35.00 and gave the company a “hold” rating in a research report on Friday, August 9th. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $40.56.

DigitalOcean Stock Performance

NYSE:DOCN opened at $40.83 on Monday. DigitalOcean has a one year low of $20.21 and a one year high of $44.80. The stock has a market cap of $3.76 billion, a PE ratio of 56.71, a P/E/G ratio of 3.14 and a beta of 1.83. The stock has a 50 day moving average price of $40.45 and a 200 day moving average price of $36.64.

DigitalOcean (NYSE:DOCN) last announced its quarterly earnings data on Thursday, August 8th. The company reported $0.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.39 by $0.09. DigitalOcean had a net margin of 9.30% and a negative return on equity of 31.71%. The firm had revenue of $192.00 million during the quarter, compared to analyst estimates of $188.63 million. During the same quarter in the prior year, the firm posted $0.11 earnings per share. DigitalOcean’s quarterly revenue was up 13.1% on a year-over-year basis. As a group, analysts predict that DigitalOcean will post 0.86 earnings per share for the current fiscal year.

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).