Domo (NASDAQ:DOMO) Upgraded at Lake Street Capital

Lake Street Capital upgraded shares of Domo (NASDAQ:DOMO) from a hold rating to a buy rating in a research note issued to investors on Thursday, Marketbeat Ratings reports. They currently have $5.00 target price on the stock, down from their previous target price of $7.00.

Several other research analysts have also recently weighed in on the company. UBS Group reaffirmed a “neutral” rating on shares of Domo in a research note on Tuesday, June 16th. DA Davidson reiterated a “neutral” rating and issued a $3.50 price target on shares of Domo in a research report on Tuesday, June 16th. Citizens Jmp cut their price target on shares of Domo from $3.50 to $2.25 and set a “market underperform” rating for the company in a report on Tuesday, June 16th. Weiss Ratings raised shares of Domo from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, July 1st. Finally, TD Cowen lowered shares of Domo from a “buy” rating to a “hold” rating and reduced their price objective for the company from $6.00 to $3.25 in a research report on Tuesday, June 16th. One equities research analyst has rated the stock with a Buy rating, five have given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average price target of $3.95.

Domo Price Performance

DOMO opened at $3.68 on Thursday. The business has a 50 day moving average price of $3.33 and a two-hundred day moving average price of $4.07. The company has a market capitalization of $166.15 million, a price-to-earnings ratio of -2.77 and a beta of 1.79. Domo has a 1-year low of $1.84 and a 1-year high of $18.49.

Insider Buying and Selling

In other news, insider Rpd Fund Management Llc sold 39,034 shares of the firm’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $4.46, for a total transaction of $174,091.64. Following the completion of the sale, the insider directly owned 4,187,809 shares of the company’s stock, valued at $18,677,628.14. This trade represents a 0.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Daren Thayne sold 52,365 shares of Domo stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $2.38, for a total value of $124,628.70. Following the completion of the transaction, the executive vice president owned 498,051 shares in the company, valued at $1,185,361.38. The trade was a 9.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 466,662 shares of company stock worth $1,483,488 over the last quarter. 13.25% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Domo

Hedge funds and other institutional investors have recently modified their holdings of the stock. RPD Fund Management LLC boosted its holdings in shares of Domo by 11,294.3% in the fourth quarter. RPD Fund Management LLC now owns 3,623,400 shares of the company’s stock worth $30,545,000 after buying an additional 3,591,600 shares during the period. Captrust Financial Advisors purchased a new position in shares of Domo in the fourth quarter worth approximately $8,108,000. First Trust Advisors LP acquired a new stake in shares of Domo during the third quarter valued at approximately $9,744,000. AIGH Capital Management LLC raised its holdings in shares of Domo by 37.0% during the fourth quarter. AIGH Capital Management LLC now owns 1,837,762 shares of the company’s stock valued at $15,492,000 after acquiring an additional 496,244 shares during the period. Finally, Jacobs Levy Equity Management Inc. lifted its position in shares of Domo by 299.3% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 576,897 shares of the company’s stock valued at $4,863,000 after acquiring an additional 432,426 shares in the last quarter. Institutional investors and hedge funds own 76.64% of the company’s stock.

Domo News Summary

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 deal that sparked a sharp after-hours rally as investors reassessed the company’s value. Domo Announces Agreement to Sell Substantially All Assets and Certain Liabilities to Progress Software for $400 Million
• Positive Sentiment: Unusual options activity showed a surge in call buying, suggesting traders were positioning for more upside ahead of or following the deal news. Why Is Domo (DOMO) Stock Rallying Over 23% After Hours Today?
• Positive Sentiment: Lake Street Capital upgraded Domo to buy and set a $5 price target, indicating additional upside from current levels despite trimming its valuation outlook. Lake Street Capital upgrade coverage
• Neutral Sentiment: Reports noted that Domo will keep its current leadership and operate as a separate entity after the transaction, leaving some uncertainty about the company’s long-term standalone strategy. Domo sells its main businesses for $400 million, leaving founder Josh James with a hoard of cash to put to work
• Negative Sentiment: Stephens downgraded Domo to equal weight and reduced its price target to $4, reflecting caution about the company’s prospects after the divestiture. Stephens downgrade coverage
• Negative Sentiment: Some analysts and commentary suggested the remaining public company may have limited prospects after shedding its core business, which could weigh on the stock over time. Domo: Sell On Limited Prospects For The Public Shell After Core Business Divestiture

About Domo

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.