Digi International (NASDAQ:DGII) Trading Up 4.3% After Analyst Upgrade

Digi International Inc. (NASDAQ:DGII) shares were up 4.3% during trading on Thursday after Piper Sandler raised their price target on the stock from $26.00 to $32.00. Piper Sandler currently has a neutral rating on the stock. Digi International traded as high as $34.09 and last traded at $33.36. Approximately 74,796 shares traded hands during trading, a decline of 61% from the average daily volume of 191,841 shares. The stock had previously closed at $31.97.

Separately, Craig Hallum reaffirmed a “hold” rating and issued a $32.00 price target (up previously from $28.00) on shares of Digi International in a research note on Thursday. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $36.20.

Institutional Trading of Digi International

A number of hedge funds have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets raised its holdings in shares of Digi International by 52.6% in the 1st quarter. BNP Paribas Financial Markets now owns 29,940 shares of the technology company’s stock valued at $956,000 after purchasing an additional 10,317 shares in the last quarter. Russell Investments Group Ltd. boosted its position in Digi International by 1,814.0% during the 1st quarter. Russell Investments Group Ltd. now owns 57,764 shares of the technology company’s stock valued at $1,844,000 after acquiring an additional 54,746 shares in the last quarter. Summit Creek Advisors LLC raised its position in shares of Digi International by 13.9% in the 1st quarter. Summit Creek Advisors LLC now owns 338,827 shares of the technology company’s stock worth $10,819,000 after acquiring an additional 41,392 shares in the last quarter. Verity Asset Management Inc. bought a new stake in Digi International during the first quarter valued at about $269,000. Finally, Harbor Capital Advisors Inc. grew its stake in Digi International by 216.7% in the second quarter. Harbor Capital Advisors Inc. now owns 91,197 shares of the technology company’s stock valued at $2,091,000 after purchasing an additional 62,402 shares during the last quarter. 95.90% of the stock is owned by hedge funds and other institutional investors.

Digi International Price Performance

The company has a debt-to-equity ratio of 0.27, a current ratio of 2.00 and a quick ratio of 1.31. The firm has a market capitalization of $1.21 billion, a P/E ratio of 69.50, a P/E/G ratio of 1.09 and a beta of 1.06. The stock’s fifty day simple moving average is $28.98 and its 200 day simple moving average is $26.75.

Digi International Company Profile

Digi International Inc provides business and mission-critical Internet of Things (IoT) products, services, and solutions in the United States, Europe, the Middle East, Africa, and internationally. The company operates in two segments, IoT Products & Services, and IoT Solutions. It offers cellular routers for mission-critical wireless connectivity; cellular modules to embed cellular communications abilities into the products to deploy and manage intelligent and secure cellular connected products; console servers to provide secure and remote access to network equipment in data centers and at edge locations; and radio frequency products, including embedded wireless modules, off-the-shelf gateways, modems, and adapters under the Digi XBee brand.