Digi International (NASDAQ:DGII) Price Target Raised to $33.00 at Piper Sandler

Key Points

• Piper Sandler has raised the price target for Digi International stock from $30.00 to $33.00, indicating a potential upside of 4.74% from its last close.
• Wall Street Zen upgraded Digi International's rating from "buy" to "strong-buy" following its recent earnings report, which exceeded analyst expectations.
• Institutional investors have significantly increased their stakes in Digi International, with hedge funds holding approximately 95.90% of the company's stock.

Digi International (NASDAQ:DGII - Free Report) had its price objective boosted by Piper Sandler from $30.00 to $33.00 in a research note issued to investors on Thursday,Benzinga reports. Piper Sandler currently has a neutral rating on the technology company's stock.

Separately, Wall Street Zen raised shares of Digi International from a "buy" rating to a "strong-buy" rating in a research report on Tuesday, May 20th. Two equities 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's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $37.50.

Digi International Trading Down 0.8%

Shares of Digi International stock traded down $0.25 during trading on Thursday, hitting $31.85. The stock had a trading volume of 196,239 shares, compared to its average volume of 160,983. The stock has a 50 day simple moving average of $33.69 and a 200 day simple moving average of $31.32. The company has a market capitalization of $1.18 billion, a PE ratio of 27.94, a P/E/G ratio of 1.11 and a beta of 0.89. The company has a quick ratio of 1.12, a current ratio of 1.43 and a debt-to-equity ratio of 0.06. Digi International has a 1 year low of $22.39 and a 1 year high of $37.06.

Digi International (NASDAQ:DGII - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The technology company reported $0.53 EPS for the quarter, beating analysts' consensus estimates of $0.51 by $0.02. Digi International had a net margin of 10.14% and a return on equity of 10.96%. The firm had revenue of $107.51 million for the quarter, compared to the consensus estimate of $106.23 million. During the same period in the previous year, the firm posted $0.50 earnings per share. The firm's revenue was up 2.2% on a year-over-year basis. On average, research analysts expect that Digi International will post 1.68 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in DGII. Sterling Capital Management LLC grew its position in Digi International by 868.6% during the fourth quarter. Sterling Capital Management LLC now owns 1,143 shares of the technology company's stock valued at $35,000 after purchasing an additional 1,025 shares in the last quarter. MetLife Investment Management LLC lifted its stake in Digi International by 7.2% in the fourth quarter. MetLife Investment Management LLC now owns 21,655 shares of the technology company's stock valued at $655,000 after acquiring an additional 1,451 shares during the last quarter. Ameriprise Financial Inc. lifted its stake in Digi International by 8.8% in the fourth quarter. Ameriprise Financial Inc. now owns 359,893 shares of the technology company's stock valued at $10,880,000 after acquiring an additional 29,026 shares during the last quarter. BNP Paribas Financial Markets lifted its stake in Digi International by 16.3% in the fourth quarter. BNP Paribas Financial Markets now owns 28,054 shares of the technology company's stock valued at $848,000 after acquiring an additional 3,925 shares during the last quarter. Finally, Bearing Point Capital LLC acquired a new stake in Digi International in the fourth quarter valued at approximately $212,000. 95.90% of the stock is owned by hedge funds and other institutional investors.

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.