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DigitalOcean Holdings, Inc. (DOCN) Dips More Than Broader Markets: What You Should Know
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In the latest trading session, DigitalOcean Holdings, Inc. (DOCN - Free Report) closed at $51.06, marking a -0.74% move from the previous day. This move lagged the S&P 500's daily loss of 0.15%. Meanwhile, the Dow lost 0.38%, and the Nasdaq, a tech-heavy index, lost 0.05%.
Coming into today, shares of the company had lost 36.08% in the past month. In that same time, the Computer and Technology sector lost 14.1%, while the S&P 500 lost 7.66%.
DigitalOcean Holdings, Inc. will be looking to display strength as it nears its next earnings release.
It is also important to note the recent changes to analyst estimates for DigitalOcean Holdings, Inc.These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. DigitalOcean Holdings, Inc. is currently a Zacks Rank #3 (Hold).
In terms of valuation, DigitalOcean Holdings, Inc. is currently trading at a Forward P/E ratio of 91.58. Its industry sports an average Forward P/E of 44.82, so we one might conclude that DigitalOcean Holdings, Inc. is trading at a premium comparatively.
The Internet - Software industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 160, putting it in the bottom 38% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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DigitalOcean Holdings, Inc. (DOCN) Dips More Than Broader Markets: What You Should Know
In the latest trading session, DigitalOcean Holdings, Inc. (DOCN - Free Report) closed at $51.06, marking a -0.74% move from the previous day. This move lagged the S&P 500's daily loss of 0.15%. Meanwhile, the Dow lost 0.38%, and the Nasdaq, a tech-heavy index, lost 0.05%.
Coming into today, shares of the company had lost 36.08% in the past month. In that same time, the Computer and Technology sector lost 14.1%, while the S&P 500 lost 7.66%.
DigitalOcean Holdings, Inc. will be looking to display strength as it nears its next earnings release.
It is also important to note the recent changes to analyst estimates for DigitalOcean Holdings, Inc.These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. DigitalOcean Holdings, Inc. is currently a Zacks Rank #3 (Hold).
In terms of valuation, DigitalOcean Holdings, Inc. is currently trading at a Forward P/E ratio of 91.58. Its industry sports an average Forward P/E of 44.82, so we one might conclude that DigitalOcean Holdings, Inc. is trading at a premium comparatively.
The Internet - Software industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 160, putting it in the bottom 38% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.