Domo (NASDAQ:DOMO) Upgraded by Lake Street Capital to Buy Rating

Domo (NASDAQ:DOMO) was upgraded by equities researchers at Lake Street Capital from a “hold” rating to a “buy” rating in a research note issued on Thursday. The firm currently has a $5.00 price target on the stock, down from their prior price target of $7.00. Lake Street Capital’s price target would indicate a potential upside of 58.73% from the stock’s previous close.

A number of other brokerages also recently weighed in on DOMO. DA Davidson reiterated a “neutral” rating and issued a $3.50 price target on shares of Domo in a report on Tuesday, June 16th. Stephens lowered shares of Domo from an “overweight” rating to an “equal weight” rating and set a $4.00 target price for the company. in a research note on Thursday. UBS Group reissued a “neutral” rating on shares of Domo in a report on Tuesday, June 16th. Citizens Jmp dropped their target price on shares of Domo from $3.50 to $2.25 and set a “market underperform” rating on the stock in a report on Tuesday, June 16th. Finally, Cantor Fitzgerald reduced their price target on shares of Domo from $8.00 to $5.00 and set an “overweight” rating on the stock in a research report on Tuesday, June 16th. Three investment analysts have rated the stock with a Buy rating, three have given a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, Domo has an average rating of “Hold” and an average target price of $3.83.

Domo Stock Down 8.4%

Shares of NASDAQ DOMO opened at $3.15 on Thursday. The stock’s 50 day moving average price is $3.31 and its two-hundred day moving average price is $4.11. Domo has a 52-week low of $1.84 and a 52-week high of $18.49. The stock has a market capitalization of $142.22 million, a P/E ratio of -2.37 and a beta of 1.79.

Insider Buying and Selling

In related news, EVP Daren Thayne sold 52,365 shares of Domo stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $2.38, for a total value of $124,628.70. Following the sale, the executive vice president directly owned 498,051 shares in the company, valued at $1,185,361.38. This trade represents a 9.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Tod Crane sold 68,483 shares of the business’s stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $2.38, for a total transaction of $162,989.54. Following the transaction, the chief financial officer directly owned 276,809 shares of the company’s stock, valued at $658,805.42. The trade was a 19.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 466,662 shares of company stock valued at $1,483,488. 13.25% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Domo

Hedge funds and other institutional investors have recently made changes to their positions in the business. AQR Capital Management LLC raised its stake in Domo by 17.5% during the 1st quarter. AQR Capital Management LLC now owns 40,231 shares of the company’s stock valued at $312,000 after acquiring an additional 5,985 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in Domo during the first quarter worth approximately $237,000. Goldman Sachs Group Inc. raised its holdings in Domo by 22.5% during the first quarter. Goldman Sachs Group Inc. now owns 172,680 shares of the company’s stock worth $1,340,000 after purchasing an additional 31,740 shares in the last quarter. Creative Planning raised its holdings in Domo by 23.2% during the second quarter. Creative Planning now owns 15,362 shares of the company’s stock worth $215,000 after purchasing an additional 2,889 shares in the last quarter. Finally, Rhumbline Advisers lifted its position in Domo by 9.6% in the second quarter. Rhumbline Advisers now owns 54,308 shares of the company’s stock worth $759,000 after purchasing an additional 4,751 shares during the period. 76.64% of the stock is currently owned by institutional investors and hedge funds.

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.