Domo (NASDAQ:DOMO) Downgraded to Equal Weight Rating by Stephens

Key Points

• Stephens downgraded Domo from “overweight” to “equal weight” and set a $4.00 price target, implying upside from the prior close but a more cautious view on the stock.
• Other analysts have also been mixed on Domo, with recent moves including price target cuts and neutral/hold ratings. Overall, MarketBeat shows the stock with an average rating of “Reduce” and an average price target of $4.17.
• Domo shares were trading at $3.15, below both the 50-day average of $3.31 and the 200-day average of $4.11. Insider selling has also been notable, with executives and related entities selling shares over the past three months.

Domo (NASDAQ:DOMO - Get Free Report) was downgraded by analysts at Stephens from an "overweight" rating to an "equal weight" rating in a research note issued on Thursday. They presently have a $4.00 price target on the stock. Stephens' target price suggests a potential upside of 26.98% from the company's previous close.

DOMO has been the topic of a number of other reports. Cantor Fitzgerald decreased their price objective on Domo from $8.00 to $5.00 and set an "overweight" rating on the stock in a research note on Tuesday, June 16th. UBS Group restated a "neutral" rating on shares of Domo in a research note on Tuesday, June 16th. Weiss Ratings raised Domo from a "sell (e+)" rating to a "sell (d-)" rating in a report on Wednesday, July 1st. DA Davidson reiterated a "neutral" rating and set a $3.50 price target on shares of Domo in a research report on Tuesday, June 16th. Finally, Wall Street Zen downgraded shares of Domo from a "buy" rating to a "hold" rating in a report on Sunday, March 29th. One equities research analyst has rated the stock with a Buy rating, five have issued a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat, Domo presently has an average rating of "Reduce" and an average price target of $4.17.

Domo Price Performance

Shares of DOMO stock opened at $3.15 on Thursday. The stock has a market capitalization of $142.22 million, a price-to-earnings ratio of -2.37 and a beta of 1.79. The company's fifty day simple moving average is $3.31 and its two-hundred day simple moving average is $4.11. Domo has a 1 year low of $1.84 and a 1 year high of $18.49.

Insiders Place Their Bets

In related news, EVP Daren Thayne sold 52,365 shares of the company's stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $2.38, for a total value of $124,628.70. Following the transaction, the executive vice president directly owned 498,051 shares in the company, valued at approximately $1,185,361.38. This represents a 9.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Rpd Fund Management Llc sold 39,034 shares of Domo stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $4.46, for a total transaction of $174,091.64. Following the sale, the insider owned 4,187,809 shares of the company's stock, valued at approximately $18,677,628.14. The trade was a 0.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 466,662 shares of company stock worth $1,483,488 over the last three months. Corporate insiders own 13.25% of the company's stock.

Institutional Trading of Domo

Institutional investors and hedge funds have recently made changes to their positions in the stock. Bank of America Corp DE grew its position in Domo by 41.1% in the first quarter. Bank of America Corp DE now owns 55,048 shares of the company's stock worth $168,000 after acquiring an additional 16,029 shares in the last quarter. Quantinno Capital Management LP raised its position in Domo by 362.4% during the first quarter. Quantinno Capital Management LP now owns 61,535 shares of the company's stock valued at $188,000 after purchasing an additional 48,226 shares in the last quarter. RPD Fund Management LLC lifted its stake in Domo by 27.3% during the first quarter. RPD Fund Management LLC now owns 4,613,726 shares of the company's stock worth $14,118,000 after purchasing an additional 990,326 shares during the last quarter. Rangeley Capital LLC bought a new stake in Domo during the first quarter worth about $80,000. Finally, Public Employees Retirement System of Ohio boosted its holdings in shares of Domo by 316.7% in the 1st quarter. Public Employees Retirement System of Ohio now owns 45,420 shares of the company's stock worth $139,000 after purchasing an additional 34,520 shares in the last quarter. Hedge funds and other institutional investors own 76.64% of the company's stock.

About Domo

Domo, Inc NASDAQ: DOMO is a cloud-based software company that specializes in business intelligence and data analytics. The company's flagship product, the Domo Business Cloud, provides organizations with an end-to-end platform to integrate, visualize and analyze data from a wide array of sources. By unifying disparate data feeds into interactive dashboards and custom applications, Domo enables real-time insights that inform decision-making across all levels of an enterprise.

Founded in 2010 by Josh James, Domo is headquartered in American Fork, Utah, and operates offices across North America, Europe and Asia Pacific.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.