Domo (NASDAQ:DOMO) Shares Up 9.2% Following Analyst Upgrade

Domo, Inc. (NASDAQ:DOMO - Get Free Report)'s share price rose 9.2% on Thursday after JMP Securities raised their price target on the stock from $16.00 to $20.00. JMP Securities currently has a market outperform rating on the stock. Domo traded as high as $13.68 and last traded at $13.86. Approximately 530,210 shares traded hands during mid-day trading, an increase of 33% from the average daily volume of 399,376 shares. The stock had previously closed at $12.69.

DOMO has been the topic of a number of other reports. Morgan Stanley reduced their price target on Domo from $9.00 to $8.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 16th. Cantor Fitzgerald reiterated an "overweight" rating and set a $17.00 target price on shares of Domo in a research report on Wednesday. Lake Street Capital reissued a "hold" rating and set a $9.00 target price (up from $8.50) on shares of Domo in a report on Thursday, May 22nd. Wall Street Zen raised Domo from a "hold" rating to a "buy" rating in a research note on Saturday, May 24th. Finally, Cowen reaffirmed a "hold" rating on shares of Domo in a research report on Thursday, May 22nd. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $12.17.

Insiders Place Their Bets

In other news, Director Daniel David Daniel III acquired 120,000 shares of the firm's stock in a transaction dated Friday, April 4th. The stock was bought at an average cost of $6.44 per share, for a total transaction of $772,800.00. Following the completion of the transaction, the director now directly owns 781,400 shares in the company, valued at $5,032,216. This represents a 18.14% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Joshua G. James bought 77,300 shares of the company's stock in a transaction that occurred on Friday, April 4th. The stock was purchased at an average price of $6.50 per share, for a total transaction of $502,450.00. Following the acquisition, the chief executive officer now owns 116,600 shares of the company's stock, valued at $757,900. This trade represents a 196.69% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 210,325 shares of company stock valued at $1,441,189. 15.24% of the stock is currently owned by company insiders.

Institutional Trading of Domo

Several large investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Domo by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 5,107,851 shares of the company's stock worth $36,164,000 after acquiring an additional 36,029 shares in the last quarter. Ameriprise Financial Inc. lifted its holdings in shares of Domo by 9.4% in the fourth quarter. Ameriprise Financial Inc. now owns 3,287,833 shares of the company's stock valued at $23,278,000 after purchasing an additional 282,943 shares in the last quarter. RPD Fund Management LLC purchased a new position in shares of Domo during the fourth quarter valued at approximately $15,449,000. Acadian Asset Management LLC boosted its position in shares of Domo by 3.0% during the first quarter. Acadian Asset Management LLC now owns 1,415,884 shares of the company's stock valued at $10,987,000 after buying an additional 41,194 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in Domo by 1.5% during the fourth quarter. Geode Capital Management LLC now owns 770,810 shares of the company's stock worth $5,458,000 after buying an additional 11,457 shares in the last quarter. 76.64% of the stock is currently owned by institutional investors and hedge funds.

Domo Stock Performance

The company's 50 day simple moving average is $10.40 and its 200 day simple moving average is $8.72. The stock has a market cap of $559.62 million, a PE ratio of -7.36 and a beta of 1.84.

Domo (NASDAQ:DOMO - Get Free Report) last released its earnings results on Wednesday, May 21st. The company reported ($0.09) earnings per share for the quarter, beating analysts' consensus estimates of ($0.19) by $0.10. The company had revenue of $80.11 million for the quarter, compared to the consensus estimate of $77.75 million. The firm's revenue was up .0% on a year-over-year basis. During the same period in the prior year, the company earned ($0.33) earnings per share. Equities research analysts expect that Domo, Inc. will post -2.1 earnings per share for the current year.

About Domo

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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