B. Riley Issues Positive Forecast for Digi International (NASDAQ:DGII) Stock Price

Key Points

• B. Riley raised its price target for Digi International (NASDAQ:DGII) from $35.00 to $40.00, indicating a potential upside of 24.19% from the current price and maintaining a "buy" rating on the stock.
• In addition to B. Riley's optimistic outlook, Piper Sandler has also increased its price target from $30.00 to $33.00 and assigned a "neutral" rating.
• Digi International reported earnings of $0.53 per share, surpassing analysts' expectations, with a revenue of $107.51 million for the quarter, showing a year-over-year growth of 2.2%.

Digi International (NASDAQ:DGII - Get Free Report) had its price target lifted by B. Riley from $35.00 to $40.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a "buy" rating on the technology company's stock. B. Riley's price target would indicate a potential upside of 24.19% from the company's current price.

DGII has been the topic of several other reports. Piper Sandler increased their price target on Digi International from $30.00 to $33.00 and gave the company a "neutral" rating in a report on Thursday. Wall Street Zen raised shares of Digi International from a "buy" rating to a "strong-buy" rating in a report on Tuesday, May 20th. Two investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Digi International has an average rating of "Moderate Buy" and an average target price of $37.50.

Digi International Stock Up 0.8%

Shares of NASDAQ:DGII traded up $0.26 during trading on Thursday, reaching $32.21. 59,097 shares of the stock were exchanged, compared to its average volume of 193,199. Digi International has a 1-year low of $22.39 and a 1-year high of $37.06. The firm has a market cap of $1.19 billion, a price-to-earnings ratio of 28.53, a price-to-earnings-growth ratio of 1.09 and a beta of 0.89. The stock has a fifty day moving average of $33.72 and a two-hundred day moving average of $31.31. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.57 and a quick ratio of 1.12.

Digi International (NASDAQ:DGII - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The technology company reported $0.53 EPS for the quarter, beating analysts' consensus estimates of $0.51 by $0.02. The firm had revenue of $107.51 million for the quarter, compared to analysts' expectations of $106.23 million. Digi International had a return on equity of 11.00% and a net margin of 10.07%. The business's revenue for the quarter was up 2.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.50 EPS. Research analysts anticipate that Digi International will post 1.68 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Ameriprise Financial Inc. increased its position in shares of Digi International by 8.8% during the 4th quarter. Ameriprise Financial Inc. now owns 359,893 shares of the technology company's stock worth $10,880,000 after purchasing an additional 29,026 shares during the last quarter. GAMMA Investing LLC increased its stake in Digi International by 2,467.2% during the first quarter. GAMMA Investing LLC now owns 28,136 shares of the technology company's stock worth $783,000 after purchasing an additional 27,040 shares during the period. Lazard Asset Management LLC acquired a new stake in shares of Digi International during the fourth quarter worth about $45,000. Pacer Advisors Inc. grew its holdings in shares of Digi International by 2,297.0% in the first quarter. Pacer Advisors Inc. now owns 238,019 shares of the technology company's stock valued at $6,624,000 after purchasing an additional 228,089 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its position in Digi International by 16.3% in the 4th quarter. BNP Paribas Financial Markets now owns 28,054 shares of the technology company's stock valued at $848,000 after buying an additional 3,925 shares during the period. Institutional investors and hedge funds own 95.90% of the company's stock.

Digi International Company Profile

Digi International Inc provides business and mission-critical Internet of Things (IoT) products, services, and solutions in the United States, Europe, the Middle East, Africa, and internationally. The company operates in two segments, IoT Products & Services, and IoT Solutions. It offers cellular routers for mission-critical wireless connectivity; cellular modules to embed cellular communications abilities into the products to deploy and manage intelligent and secure cellular connected products; console servers to provide secure and remote access to network equipment in data centers and at edge locations; and radio frequency products, including embedded wireless modules, off-the-shelf gateways, modems, and adapters under the Digi XBee brand.

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