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

Domo, Inc. (NASDAQ:DOMO) rose 9.2% during mid-day trading 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.

Several other equities research analysts have also recently issued reports on DOMO. Wall Street Zen upgraded Domo from a “hold” rating to a “buy” rating in a report on Saturday, May 24th. DA Davidson lifted their price target on Domo from $8.00 to $9.00 and gave the stock a “neutral” rating in a research note on Thursday, May 22nd. Cowen reiterated a “hold” rating on shares of Domo in a research report on Thursday, May 22nd. Morgan Stanley reduced their price objective on Domo from $9.00 to $8.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 16th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $17.00 target price on shares of Domo in a research note on Wednesday. Five analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $12.17.

Insider Activity

In related news, Director Daniel David Daniel III purchased 120,000 shares of Domo 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 acquisition, the director now directly owns 781,400 shares in the company, valued at approximately $5,032,216. The trade was a 18.14% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Joshua G. James purchased 77,300 shares of the stock in a transaction dated Friday, April 4th. The shares were purchased at an average cost of $6.50 per share, for a total transaction of $502,450.00. Following the transaction, the chief executive officer now owns 116,600 shares in the company, valued at approximately $757,900. The trade was a 196.69% increase in their position. The disclosure for this purchase can be found here. Insiders purchased 210,325 shares of company stock worth $1,441,189 over the last ninety days. Corporate insiders own 15.24% of the company’s stock.

Institutional Investors Weigh In On Domo

Hedge funds and other institutional investors have recently bought and sold shares of the company. RPD Fund Management LLC acquired a new position in Domo in the 4th quarter valued at about $15,449,000. AIGH Capital Management LLC acquired a new position in Domo in the first quarter valued at approximately $5,832,000. Ameriprise Financial Inc. grew its position in Domo by 9.4% in the fourth quarter. Ameriprise Financial Inc. now owns 3,287,833 shares of the company’s stock worth $23,278,000 after acquiring an additional 282,943 shares during the period. CenterBook Partners LP acquired a new stake in Domo during the fourth quarter worth $1,586,000. Finally, Nuveen LLC acquired a new stake in Domo during the first quarter worth $1,248,000. 76.64% of the stock is currently owned by institutional investors and hedge funds.

Domo Stock Up 9.5%

The stock has a 50-day simple moving average of $10.54 and a 200 day simple moving average of $8.76. The company has a market cap of $558.93 million, a PE ratio of -7.35 and a beta of 1.84.

Domo (NASDAQ:DOMO) last issued its quarterly earnings data on Wednesday, May 21st. The company reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.19) by $0.10. The company had revenue of $80.11 million during the quarter, compared to analysts’ expectations of $77.75 million. During the same quarter last year, the firm posted ($0.33) earnings per share. The firm’s quarterly revenue was up .0% on a year-over-year basis. As a group, research analysts anticipate that Domo, Inc. will post -2.1 earnings per share for the current fiscal 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.