Domo (NASDAQ:DOMO) Sets New 12-Month High After Analyst Upgrade

Key Points

• Domo, Inc. shares reached a new 52-week high of $16.95 after Cowen upgraded the stock from a hold rating to a buy rating, marking a significant increase from its previous close of $13.84.
• Analysts have varying ratings on Domo, with an average rating of "Moderate Buy" and a target price of $14.71, reflecting overall positive sentiment among investors.
• Company insiders, including CEO Joshua G. James, are showing confidence in the company's future by increasing their shareholdings, with James purchasing over 13,000 shares recently.

Shares of Domo, Inc. (NASDAQ:DOMO - Get Free Report) reached a new 52-week high during trading on Tuesday after Cowen upgraded the stock from a hold rating to a buy rating. The company traded as high as $16.95 and last traded at $16.77, with a volume of 297457 shares traded. The stock had previously closed at $13.84.

DOMO has been the subject of a number of other research reports. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $17.00 target price on shares of Domo in a report on Wednesday, June 25th. JMP Securities upped their target price on shares of Domo from $16.00 to $20.00 and gave the stock a "market outperform" rating in a report on Wednesday, June 25th. TD Cowen raised shares of Domo from a "hold" rating to a "buy" rating and boosted their price target for the company from $13.00 to $21.00 in a research report on Tuesday. DA Davidson upped their target price on shares of Domo from $8.00 to $9.00 and gave the company a "neutral" rating in a research report on Thursday, May 22nd. Finally, Lake Street Capital reaffirmed a "hold" rating and issued a $9.00 target price (up previously from $8.50) on shares of Domo in a research report on Thursday, May 22nd. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Domo presently has an average rating of "Moderate Buy" and an average target price of $14.71.

Insiders Place Their Bets

In related news, CEO Joshua G. James bought 13,025 shares of the firm's stock in a transaction on Friday, June 20th. The shares were bought at an average cost of $12.74 per share, for a total transaction of $165,938.50. Following the transaction, the chief executive officer owned 1,079,972 shares of the company's stock, valued at approximately $13,758,843.28. This trade represents a 1.22% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. 15.24% of the stock is currently owned by company insiders.

Institutional Trading of Domo

Several large investors have recently bought and sold shares of DOMO. Nisa Investment Advisors LLC grew its position in shares of Domo by 53.7% during the second quarter. Nisa Investment Advisors LLC now owns 1,838 shares of the company's stock worth $26,000 after buying an additional 642 shares in the last quarter. Headlands Technologies LLC acquired a new stake in shares of Domo during the second quarter worth approximately $42,000. FNY Investment Advisers LLC acquired a new stake in shares of Domo during the second quarter worth approximately $49,000. AlphaQuest LLC grew its position in shares of Domo by 707.3% during the second quarter. AlphaQuest LLC now owns 6,604 shares of the company's stock worth $92,000 after buying an additional 5,786 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in Domo during the second quarter worth $122,000. Institutional investors and hedge funds own 76.64% of the company's stock.

Domo Stock Up 20.2%

The company has a 50 day moving average of $14.64 and a 200-day moving average of $10.98. The stock has a market capitalization of $669.39 million, a P/E ratio of -8.92 and a beta of 1.87.

Domo Company Profile

Domo, Inc, together with its subsidiaries, operates a cloud-based business intelligence platform in North America, Western Europe, Canada, Australia, and Japan. Its platform digitally connects from the chief executive officer to the frontline employee with the various people, data, and systems in an organization, as well as giving them access to real-time data and insights, and allowing them to manage business via various browsers and visualization engines accessible across laptops, TV screens, monitors, tablets, and smartphones.

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