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DigitalOcean Holdings, Inc. (DOCN) 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. Its users include software engineers, researchers, data scientists, system administrators, students, and hobbyists.
The company's customers use its platform in various industry verticals and for a range of use cases, such as web and mobile applications, website hosting, e-commerce, media and gaming, personal web projects, managed services, and others.
Shares have formed a bullish "flag" following it's latest earnings report. On May 9th, DOCN reported 1st Quarter March 2023 earnings of $0.26 per share on revenue of $165.1 million. Revenue grew 29.7% on a year-over-year basis.
The company said it expects second quarter non-GAAP earnings of $0.40 to $0.41 per share on revenue of $169.50 million to $170.50 million. The prior consensus earnings estimate was $0.38 per share on revenue of $169.79 million for the quarter ending June 30, 2023. The company also said it now expects 2023 non-GAAP earnings of $1.70 to $1.73 per share and continues to expect revenue of $700.0 million to $720.0 million.
Entry Point: $47.00
Stop Loss: $43.00
Trading Range: $23.375 to $53.88
Target Price: $51.70
