Digi International (NASDAQ:DGII) Releases Earnings Results, Beats Expectations By $0.12 EPS

Digi International (NASDAQ:DGII – Get Rating) released its earnings results on Thursday. The technology company reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.12, Briefing.com reports. Digi International had a return on equity of 6.82% and a net margin of 3.53%. The firm had revenue of $104.00 million for the quarter, compared to analysts’ expectations of $96.12 million. During the same period in the prior year, the firm posted $0.09 earnings per share. The company’s quarterly revenue was up 31.5% on a year-over-year basis. Digi International updated its Q4 guidance to $0.41-0.44 EPS and its Q4 2022 guidance to $0.41-$0.44 EPS.

Digi International Stock Performance

DGII stock traded down $0.67 during trading on Friday, reaching $34.11. The stock had a trading volume of 595,480 shares, compared to its average volume of 263,423. Digi International has a 52 week low of $18.54 and a 52 week high of $35.71. The stock’s 50 day moving average is $25.17 and its two-hundred day moving average is $22.20. The company has a current ratio of 1.79, a quick ratio of 1.29 and a debt-to-equity ratio of 0.54. The firm has a market cap of $1.20 billion, a PE ratio of 94.75, a PEG ratio of 1.57 and a beta of 1.41.

Insider Buying and Selling at Digi International

In other Digi International news, VP Tracy L. Roberts sold 11,250 shares of the stock in a transaction dated Monday, June 6th. The stock was sold at an average price of $25.46, for a total value of $286,425.00. Following the transaction, the vice president now owns 53,957 shares of the company’s stock, valued at $1,373,745.22. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, VP Terrence G. Schneider sold 12,631 shares of the firm’s stock in a transaction dated Monday, May 16th. The stock was sold at an average price of $21.64, for a total value of $273,334.84. Following the transaction, the vice president now owns 30,314 shares of the company’s stock, valued at $655,994.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Tracy L. Roberts sold 11,250 shares of the firm’s stock in a transaction dated Monday, June 6th. The stock was sold at an average price of $25.46, for a total value of $286,425.00. Following the completion of the transaction, the vice president now directly owns 53,957 shares in the company, valued at approximately $1,373,745.22. The disclosure for this sale can be found here. 3.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. US Bancorp DE raised its stake in Digi International by 13.3% during the 1st quarter. US Bancorp DE now owns 12,666 shares of the technology company’s stock valued at $272,000 after purchasing an additional 1,491 shares during the period. MetLife Investment Management LLC raised its stake in Digi International by 58.5% during the 1st quarter. MetLife Investment Management LLC now owns 18,052 shares of the technology company’s stock valued at $388,000 after purchasing an additional 6,662 shares during the period. Rhumbline Advisers raised its stake in Digi International by 2.9% during the 1st quarter. Rhumbline Advisers now owns 97,635 shares of the technology company’s stock valued at $2,101,000 after purchasing an additional 2,711 shares during the period. Finally, Lazard Asset Management LLC raised its stake in Digi International by 61.9% during the 1st quarter. Lazard Asset Management LLC now owns 4,350 shares of the technology company’s stock valued at $93,000 after purchasing an additional 1,663 shares during the period. Institutional investors own 86.21% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on DGII. Piper Sandler increased their target price on Digi International from $30.00 to $45.00 and gave the stock an “overweight” rating in a research note on Friday. Stephens initiated coverage on Digi International in a research note on Wednesday, June 1st. They issued an “overweight” rating and a $36.00 target price on the stock. Finally, Canaccord Genuity Group increased their price objective on Digi International from $30.00 to $41.00 and gave the company a “buy” rating in a research report on Friday. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, Digi International presently has an average rating of “Moderate Buy” and a consensus target price of $35.50.

Digi International Company Profile

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Digi International Inc provides business and mission-critical Internet of Things (IoT) products, services, and solutions in the United States 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.