Domo (NASDAQ:DOMO) Rating Increased to Buy at Lake Street Capital

Lake Street Capital upgraded shares of Domo (NASDAQ:DOMO) from a hold rating to a buy rating in a research report sent to investors on Thursday, MarketBeat reports. They currently have $5.00 price objective on the stock, down from their prior price objective of $7.00.

Other analysts also recently issued reports about the company. TD Cowen downgraded Domo from a “buy” rating to a “hold” rating and decreased their price objective for the company from $6.00 to $3.25 in a report on Tuesday, June 16th. Stephens cut shares of Domo from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $5.00 to $4.00 in a report on Thursday. UBS Group reissued a “neutral” rating on shares of Domo in a research report on Tuesday, June 16th. Wall Street Zen lowered shares of Domo from a “buy” rating to a “hold” rating in a report on Sunday, March 29th. Finally, DA Davidson restated a “neutral” rating and issued a $3.50 price target on shares of Domo in a report on Tuesday, June 16th. One investment analyst has rated the stock with a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Reduce” and a consensus target price of $3.95.

Domo Trading Up 25.4%

Shares of DOMO stock opened at $3.95 on Thursday. Domo has a twelve month low of $1.84 and a twelve month high of $18.49. The stock has a fifty day simple moving average of $3.32 and a two-hundred day simple moving average of $4.07. The stock has a market capitalization of $178.34 million, a price-to-earnings ratio of -2.97 and a beta of 1.79.

Insider Buying and Selling

In other news, CEO Joshua G. James sold 96,088 shares of the business’s stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $2.38, for a total value of $228,689.44. Following the completion of the transaction, the chief executive officer directly owned 1,638,873 shares of the company’s stock, valued at approximately $3,900,517.74. The trade was a 5.54% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Rpd Fund Management Llc sold 39,034 shares of the business’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $4.46, for a total value of $174,091.64. Following the completion of the transaction, the insider directly owned 4,187,809 shares of the company’s stock, valued at approximately $18,677,628.14. The trade was a 0.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 466,662 shares of company stock valued at $1,483,488. 13.25% of the stock is owned by insiders.

Hedge Funds Weigh In On Domo

A number of large investors have recently added to or reduced their stakes in DOMO. Headlands Technologies LLC purchased a new stake in shares of Domo during the second quarter valued at about $42,000. Rangeley Capital LLC bought a new stake in shares of Domo in the 1st quarter valued at about $80,000. Andina Capital Management LLC bought a new stake in shares of Domo in the 4th quarter valued at about $84,000. Oxford Asset Management LLP purchased a new position in shares of Domo in the 4th quarter worth approximately $88,000. Finally, Kemnay Advisory Services Inc. purchased a new position in shares of Domo in the 4th quarter worth approximately $88,000. 76.64% of the stock is currently owned by institutional investors.

Key Stories Impacting Domo

Here are the key news stories impacting Domo this week:

• Positive Sentiment: Domo agreed to sell substantially all of its AI and data business to Progress Software for $400 million, a transaction that could significantly strengthen its balance sheet and give management more capital flexibility. Why Is Domo (DOMO) Stock Rallying Over 23% After Hours Today?
• Positive Sentiment: Unusual options activity showed traders buying 7,658 call options, nearly double the normal daily volume, indicating bullish speculation around further share gains.
• Neutral Sentiment: Lake Street Capital upgraded Domo from hold to buy, but lowered its price target to $5 from $7, suggesting modest upside from current levels.
• Negative Sentiment: Stephens downgraded Domo from overweight to equal weight and cut its price target to $4 from $5, signaling reduced enthusiasm after the asset sale.
• Negative Sentiment: Some analysts argued the divestiture leaves Domo as a limited-prospects public shell, implying the long-term operating story may be weaker after the core business sale. Domo: Sell On Limited Prospects For The Public Shell After Core Business Divestiture

Domo Company Profile

Domo, Inc (NASDAQ: DOMO) is a cloud-based software company that specializes in business intelligence and data analytics. The company’s flagship product, the Domo Business Cloud, provides organizations with an end-to-end platform to integrate, visualize and analyze data from a wide array of sources. By unifying disparate data feeds into interactive dashboards and custom applications, Domo enables real-time insights that inform decision-making across all levels of an enterprise.

Founded in 2010 by Josh James, Domo is headquartered in American Fork, Utah, and operates offices across North America, Europe and Asia Pacific.