Morgan Stanley Forecasts Strong Price Appreciation for Domo (NASDAQ:DOMO) Stock

Domo (NASDAQ:DOMO) had its price target upped by equities research analysts at Morgan Stanley from $7.00 to $9.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s target price would indicate a potential upside of 6.01% from the stock’s previous close.

A number of other analysts have also recently commented on the stock. TD Cowen increased their price target on shares of Domo from $9.00 to $10.00 and gave the company a “hold” rating in a research note on Friday, November 29th. Cowen reiterated a “hold” rating on shares of Domo in a research note on Friday, March 7th. Lake Street Capital cut their target price on shares of Domo from $9.50 to $8.50 and set a “hold” rating for the company in a research note on Friday, March 7th. DA Davidson upgraded shares of Domo to a “hold” rating in a research note on Monday, March 10th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $11.00 target price on shares of Domo in a research note on Friday, March 7th. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $10.42.

Domo Stock Up 3.4 %

Shares of DOMO stock opened at $8.49 on Thursday. The firm has a fifty day moving average of $7.92 and a 200-day moving average of $7.88. Domo has a 12-month low of $6.11 and a 12-month high of $10.15. The company has a market capitalization of $332.03 million, a price-to-earnings ratio of -3.88 and a beta of 2.56.

Domo (NASDAQ:DOMO) last issued its quarterly earnings data on Thursday, March 6th. The company reported ($0.44) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.18) by ($0.26). The firm had revenue of $78.77 million for the quarter, compared to the consensus estimate of $77.95 million. On average, equities analysts expect that Domo will post -2.1 EPS for the current year.

Insider Activity

In related news, Director David R. Jolley sold 25,000 shares of Domo stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $8.31, for a total transaction of $207,750.00. Following the sale, the director now directly owns 255,743 shares in the company, valued at $2,125,224.33. This trade represents a 8.90 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 14.04% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Domo

Hedge funds have recently added to or reduced their stakes in the business. Pilgrim Partners Asia Pte Ltd acquired a new stake in Domo during the 4th quarter worth approximately $47,000. R Squared Ltd acquired a new position in shares of Domo in the 4th quarter worth approximately $56,000. Riggs Capital Management LLC acquired a new position in shares of Domo in the 4th quarter worth approximately $85,000. XTX Topco Ltd acquired a new position in shares of Domo in the 3rd quarter worth approximately $97,000. Finally, Quest Partners LLC lifted its position in shares of Domo by 291.9% in the 3rd quarter. Quest Partners LLC now owns 13,700 shares of the company’s stock worth $103,000 after purchasing an additional 10,204 shares during the period. 76.64% of the stock is currently owned by institutional investors and hedge funds.

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.