Zacks Investment Research Downgrades Digi International Inc. (DGII) to Sell

Digi International Inc. (NASDAQ:DGII) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Tuesday.

According to Zacks, “Digi International Inc. is a leading global provider of business and mission-critical Internet of Things (IoT) products and services. They help their customers create next-generation connected products and deploy and manage critical communications infrastructures in demanding environments with high levels of security, relentless reliability and bulletproof performance. Digi International, Inc. (Digi) was formed in 1985-long before anyone coined the term the Internet of Things. They always focused on connecting things, starting with intelligent multiport serial boards for PCs. As wireless data technologies evolved, they invented right along with it, expanding their product lines with RF modules, gateways, and cellular routers to build critical communications infrastructures, plus embedded wireless system on module (SoM) and single-board computer (SBC) offerings for makers of next generation connected products. “

DGII has been the subject of a number of other reports. TheStreet raised shares of Digi International from a “c+” rating to a “b” rating in a research report on Friday, October 27th. BidaskClub lowered shares of Digi International from a “sell” rating to a “strong sell” rating in a research report on Monday, July 31st. Canaccord Genuity reissued a “buy” rating on shares of Digi International in a research report on Friday, October 27th. Finally, Sidoti lowered shares of Digi International from a “buy” rating to a “neutral” rating and set a $12.00 price target for the company. in a research report on Monday, October 16th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $14.00.

Digi International (NASDAQ:DGII) last posted its quarterly earnings results on Thursday, October 26th. The technology company reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.08 by $0.08. The business had revenue of $45.10 million during the quarter, compared to analyst estimates of $45.66 million. Digi International had a net margin of 5.16% and a return on equity of 3.24%. The firm’s revenue was down 10.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.14 earnings per share.

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Hedge funds and other institutional investors have recently bought and sold shares of the company. Thrivent Financial For Lutherans lifted its position in shares of Digi International by 6.3% in the first quarter. Thrivent Financial For Lutherans now owns 14,920 shares of the technology company’s stock worth $178,000 after purchasing an additional 880 shares in the last quarter. Bank of New York Mellon Corp raised its position in Digi International by 0.7% during the first quarter. Bank of New York Mellon Corp now owns 478,009 shares of the technology company’s stock valued at $5,689,000 after acquiring an additional 3,433 shares in the last quarter. Ameriprise Financial Inc. raised its position in Digi International by 12.2% during the second quarter. Ameriprise Financial Inc. now owns 599,573 shares of the technology company’s stock valued at $6,086,000 after acquiring an additional 65,430 shares in the last quarter. SG Americas Securities LLC bought a new position in Digi International during the first quarter valued at approximately $106,000. Finally, OppenheimerFunds Inc. bought a new position in Digi International during the first quarter valued at approximately $148,000. 78.19% of the stock is owned by institutional investors and hedge funds.

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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