Morgan Stanley Lowers Domo (NASDAQ:DOMO) Price Target to $8.00

Domo (NASDAQ:DOMO) had its price target cut by equities research analysts at Morgan Stanley from $9.00 to $8.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Morgan Stanley’s price objective indicates a potential upside of 15.44% from the company’s current price.

Several other research analysts have also recently commented on the stock. Cantor Fitzgerald reiterated an “overweight” rating and issued a $11.00 target price on shares of Domo in a report on Thursday, March 20th. Cowen reiterated a “hold” rating on shares of Domo in a research report on Friday, March 7th. DA Davidson upgraded Domo to a “hold” rating in a report on Monday, March 10th. Finally, Lake Street Capital dropped their price target on Domo from $9.50 to $8.50 and set a “hold” rating on the stock in a research report on Friday, March 7th. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Domo currently has an average rating of “Hold” and a consensus target price of $10.25.

Domo Stock Performance

Shares of NASDAQ:DOMO opened at $6.93 on Wednesday. The stock has a market capitalization of $276.78 million, a price-to-earnings ratio of -3.16 and a beta of 2.28. Domo has a 1-year low of $6.01 and a 1-year high of $10.15. The company has a 50 day moving average price of $8.10 and a 200 day moving average price of $8.00.

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

Insider Transactions at Domo

In other Domo news, CEO Joshua G. James bought 77,300 shares of Domo stock in a transaction on Friday, April 4th. The stock was purchased at an average cost of $6.50 per share, for a total transaction of $502,450.00. Following the completion of the purchase, the chief executive officer now directly owns 116,600 shares of the company’s stock, valued at $757,900. The trade was a 196.69 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Daniel David Daniel III purchased 120,000 shares of the company’s stock in a transaction dated Friday, April 4th. The shares were acquired at an average price of $6.44 per share, for a total transaction of $772,800.00. Following the purchase, the director now owns 781,400 shares in the company, valued at $5,032,216. The trade was a 18.14 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 14.04% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Domo

Several institutional investors and hedge funds have recently modified their holdings of DOMO. Pilgrim Partners Asia Pte Ltd bought a new position in Domo during the fourth quarter valued at about $47,000. R Squared Ltd acquired a new position in shares of Domo during the 4th quarter valued at about $56,000. Riggs Capital Management LLC bought a new position in shares of Domo in the 4th quarter valued at approximately $85,000. XTX Topco Ltd acquired a new stake in Domo in the 3rd quarter worth approximately $97,000. Finally, SG Americas Securities LLC boosted its position in Domo by 19.1% during the fourth quarter. SG Americas Securities LLC now owns 13,987 shares of the company’s stock worth $99,000 after purchasing an additional 2,247 shares during the period. Institutional investors and hedge funds own 76.64% of the company’s stock.

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.