DigitalOcean (NASDAQ:DOCN – Get Free Report) updated its third quarter earnings guidance on Thursday. The company provided earnings per share guidance of $0.39-$0.41 for the period, compared to the consensus earnings per share estimate of $0.41. The company issued revenue guidance of $196-$197 million, compared to the consensus revenue estimate of $195.21 million. DigitalOcean also updated its FY 2024 guidance to 1.600-1.700 EPS.
DigitalOcean Stock Up 11.9 %
DOCN stock opened at $32.57 on Friday. DigitalOcean has a twelve month low of $19.39 and a twelve month high of $41.58. The firm has a market cap of $2.97 billion, a price-to-earnings ratio of 61.45, a PEG ratio of 3.01 and a beta of 1.81. The business’s fifty day simple moving average is $33.59 and its two-hundred day simple moving average is $35.63.
DigitalOcean (NASDAQ:DOCN – Get Free Report) last announced its quarterly earnings results on Friday, May 10th. The company reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.18 by $0.06. The firm had revenue of $184.73 million during the quarter, compared to analyst estimates of $182.70 million. DigitalOcean had a negative return on equity of 26.29% and a net margin of 7.01%. Research analysts expect that DigitalOcean will post 0.78 EPS for the current year.
Analyst Upgrades and Downgrades
View Our Latest Stock Analysis on DOCN
Insider Buying and Selling
In other news, Director Amy Butte sold 5,220 shares of DigitalOcean stock in a transaction that occurred on Friday, June 7th. The shares were 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 transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.74% of the stock is owned by company insiders.
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).
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