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

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 - Get Free Report) had its target price hoisted by equities researchers at Piper Sandler from $30.00 to $33.00 in a report released on Thursday, August 7th, MarketBeat.com reports. The brokerage presently has a "neutral" rating on the technology company's stock. Piper Sandler's price objective points to a potential upside of 2.36% from the company's current price.

Separately, 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. Two investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $37.50.

Digi International Stock Performance

Shares of NASDAQ:DGII opened at $32.24 on Thursday. Digi International has a 52 week low of $22.39 and a 52 week high of $37.06. The company has a quick ratio of 1.03, a current ratio of 1.43 and a debt-to-equity ratio of 0.06. The firm has a 50 day moving average of $33.69 and a 200 day moving average of $31.37. The company has a market capitalization of $1.20 billion, a price-to-earnings ratio of 28.28, a price-to-earnings-growth ratio of 1.13 and a beta of 0.89.

Digi International (NASDAQ:DGII - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The technology company reported $0.53 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $106.23 million. During the same quarter in the prior year, the firm earned $0.50 EPS. The company's revenue for the quarter was up 2.2% on a year-over-year basis. On average, sell-side analysts predict that Digi International will post 1.68 earnings per share for the current fiscal year.

Institutional Trading of Digi International

Several large investors have recently bought and sold shares of DGII. Pacer Advisors Inc. grew its stake in Digi International by 2,297.0% during the 1st quarter. Pacer Advisors Inc. now owns 238,019 shares of the technology company's stock valued at $6,624,000 after acquiring an additional 228,089 shares in the last quarter. Hillsdale Investment Management Inc. purchased a new stake in shares of Digi International in the 2nd quarter valued at approximately $4,293,000. Jones Financial Companies Lllp grew its stake in shares of Digi International by 9,344.7% in the 1st quarter. Jones Financial Companies Lllp now owns 108,614 shares of the technology company's stock valued at $3,023,000 after buying an additional 107,464 shares during the period. Geneva Capital Management LLC grew its stake in shares of Digi International by 5.9% in the 2nd quarter. Geneva Capital Management LLC now owns 1,730,417 shares of the technology company's stock valued at $60,322,000 after buying an additional 95,756 shares during the period. Finally, Herald Investment Management Ltd purchased a new stake in shares of Digi International in the 1st quarter valued at approximately $2,226,000. Hedge funds and other institutional investors own 95.90% of the company's stock.

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.