Zacks Investment Research Upgrades Digi International Inc. (DGII) to “Buy”

Zacks Investment Research upgraded shares of Digi International Inc. (NASDAQ:DGII) from a hold rating to a buy rating in a report released on Tuesday, August 1st. Zacks Investment Research currently has $12.00 price objective on the technology company’s stock.

According to Zacks, “Digi International Inc. is a worldwide provider of communications hardware and software delivering seamless connectivity solutions for peripheral server-based remote access and local area networking markets. The Company operates exclusively in a single business segment and sells its products through a global network of distributors, systems integrators, value-added resellers and original equipment manufacturers. They also sell direct to select accounts and the government. “

Other equities research analysts have also issued research reports about the company. Sidoti raised Digi International from a neutral rating to a buy rating in a report on Tuesday, May 23rd. Benchmark Co. started coverage on Digi International in a report on Tuesday, April 25th. They issued a buy rating and a $16.00 price objective for the company. Canaccord Genuity reissued a buy rating and issued a $15.00 price objective on shares of Digi International in a report on Friday, July 28th. TheStreet lowered Digi International from a b- rating to a c+ rating in a report on Tuesday, May 30th. Finally, BidaskClub lowered Digi International from a sell rating to a strong sell rating in a report on Monday, July 31st. One investment analyst has rated the stock with a sell rating and five have issued a buy rating to the company’s stock. The company presently has an average rating of Buy and a consensus price target of $14.50.

Digi International (NASDAQ DGII) traded down 2.82% on Tuesday, hitting $8.60. 168,962 shares of the stock traded hands. The stock has a market cap of $228.24 million, a P/E ratio of 26.14 and a beta of 1.45. The stock has a 50-day moving average price of $9.75 and a 200 day moving average price of $10.98. Digi International has a 12-month low of $8.50 and a 12-month high of $14.15.

Digi International (NASDAQ:DGII) last released its earnings results on Thursday, July 27th. The technology company reported $0.08 EPS for the quarter, topping the Zacks’ consensus estimate of $0.05 by $0.03. The company had revenue of $45.70 million for the quarter, compared to analysts’ expectations of $45.67 million. Digi International had a return on equity of 3.17% and a net margin of 4.74%. The business’s revenue for the quarter was down 12.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.16 EPS. On average, equities analysts expect that Digi International will post $0.27 EPS for the current fiscal year.

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Several hedge funds have recently modified their holdings of DGII. State Street Corp increased its stake in shares of Digi International by 5.1% in the second quarter. State Street Corp now owns 729,474 shares of the technology company’s stock worth $7,399,000 after buying an additional 35,133 shares during the period. Ameriprise Financial Inc. increased its stake in Digi International by 12.2% in the second quarter. Ameriprise Financial Inc. now owns 599,573 shares of the technology company’s stock worth $6,086,000 after buying an additional 65,430 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Digi International by 0.7% in the first quarter. Bank of New York Mellon Corp now owns 478,009 shares of the technology company’s stock worth $5,689,000 after buying an additional 3,433 shares during the last quarter. Geode Capital Management LLC increased its stake in Digi International by 2.9% in the first quarter. Geode Capital Management LLC now owns 212,705 shares of the technology company’s stock worth $2,531,000 after buying an additional 6,068 shares during the last quarter. Finally, Gabelli Funds LLC increased its stake in Digi International by 13.2% in the first quarter. Gabelli Funds LLC now owns 171,342 shares of the technology company’s stock worth $2,039,000 after buying an additional 20,000 shares during the last quarter. Hedge funds and other institutional investors own 76.88% of the company’s stock.

About Digi International

Digi International Inc is a provider of mission and business-critical machine-to-machine (M2M) and Internet-of-Things (IoT) connectivity products and services. The Company creates connected products and deploys and manages critical communications infrastructures in a range of environments. It offers four categories of hardware products: cellular routers and gateways, radio frequency (RF), embedded and network products.

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