B. Riley Boosts Digi International (NASDAQ:DGII) Price Target to $40.00

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 objective boosted by equities research analysts at B. Riley from $35.00 to $40.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the technology company's stock. B. Riley's price target indicates a potential upside of 23.08% from the company's previous close.

A number of other equities analysts have also recently issued reports on DGII. Wall Street Zen upgraded shares of Digi International from a "buy" rating to a "strong-buy" rating in a research report on Tuesday, May 20th. Piper Sandler upped their price objective on shares of Digi International from $30.00 to $33.00 and gave the stock a "neutral" rating in a research report on Thursday. Two research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $37.50.

Digi International Price Performance

Shares of NASDAQ:DGII traded up $0.65 during midday trading on Thursday, hitting $32.50. The stock had a trading volume of 436,594 shares, compared to its average volume of 195,796. The company's 50-day moving average price is $33.69 and its 200-day moving average price is $31.30. The company has a market capitalization of $1.21 billion, a P/E ratio of 28.51, a price-to-earnings-growth ratio of 1.10 and a beta of 0.89. The company has a quick ratio of 1.03, a current ratio of 1.43 and a debt-to-equity ratio of 0.06. Digi International has a fifty-two week low of $22.39 and a fifty-two week high of $37.06.

Digi International (NASDAQ:DGII - Get Free Report) last issued its earnings results on Wednesday, August 6th. The technology company reported $0.53 EPS for the quarter, beating the consensus estimate of $0.51 by $0.02. The company had revenue of $107.51 million during the quarter, compared to analysts' expectations of $106.23 million. Digi International had a net margin of 10.14% and a return on equity of 10.96%. The business's revenue for the quarter was up 2.2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.50 EPS. As a group, equities research analysts predict that Digi International will post 1.68 EPS for the current fiscal year.

Institutional Investors Weigh In On Digi International

A number of institutional investors have recently added to or reduced their stakes in DGII. Sterling Capital Management LLC grew its holdings in Digi International by 868.6% during the 4th quarter. Sterling Capital Management LLC now owns 1,143 shares of the technology company's stock worth $35,000 after acquiring an additional 1,025 shares during the last quarter. MetLife Investment Management LLC boosted its stake in shares of Digi International by 7.2% in the 4th quarter. MetLife Investment Management LLC now owns 21,655 shares of the technology company's stock valued at $655,000 after purchasing an additional 1,451 shares during the last quarter. Ameriprise Financial Inc. boosted its stake in shares of Digi International by 8.8% in the 4th quarter. Ameriprise Financial Inc. now owns 359,893 shares of the technology company's stock valued at $10,880,000 after purchasing an additional 29,026 shares during the last quarter. BNP Paribas Financial Markets boosted its stake in shares of 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 purchasing an additional 3,925 shares during the last quarter. Finally, Bearing Point Capital LLC bought a new stake in shares of Digi International in the 4th quarter valued at $212,000. 95.90% of the stock is owned by institutional investors.

About Digi International

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.