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

Digi International (NASDAQ:DGIIGet Rating) posted its quarterly earnings data on Thursday. The technology company reported $0.45 EPS for the quarter, topping the consensus estimate of $0.33 by $0.12, Briefing.com reports. The firm had revenue of $104.00 million during the quarter, compared to analyst estimates of $96.12 million. Digi International had a net margin of 3.49% and a return on equity of 4.56%. Digi International’s revenue was up 31.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.09 EPS. 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

Digi International stock traded down $0.67 during mid-day trading on Friday, reaching $34.11. 595,430 shares of the company traded hands, compared to its average volume of 182,420. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.87 and a quick ratio of 1.29. Digi International has a fifty-two week low of $18.54 and a fifty-two week high of $35.71. The company has a market capitalization of $1.20 billion, a price-to-earnings ratio of 103.37, a price-to-earnings-growth ratio of 1.36 and a beta of 1.41. The firm’s fifty day moving average is $25.17 and its two-hundred day moving average is $22.20.

Analysts Set New Price Targets

DGII has been the subject of several recent analyst reports. Stephens initiated coverage on shares of Digi International in a research note on Wednesday, June 1st. They set an “overweight” rating and a $36.00 price objective for the company. Piper Sandler boosted their price objective on shares of Digi International from $30.00 to $45.00 and gave the stock an “overweight” rating in a research note on Friday. Finally, Canaccord Genuity Group upped their price target on shares of Digi International from $30.00 to $41.00 and gave the company a “buy” rating in a research note on Friday. One analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Digi International currently has a consensus rating of “Moderate Buy” and an average price target of $35.50.

Insider Activity

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

Institutional Investors Weigh In On Digi International

A number of hedge funds have recently modified their holdings of DGII. Rhumbline Advisers increased its position in Digi International by 2.9% during the first quarter. Rhumbline Advisers now owns 97,635 shares of the technology company’s stock worth $2,101,000 after purchasing an additional 2,711 shares during the last quarter. MetLife Investment Management LLC increased its position in Digi International by 58.5% during the first quarter. MetLife Investment Management LLC now owns 18,052 shares of the technology company’s stock worth $388,000 after purchasing an additional 6,662 shares during the last quarter. US Bancorp DE increased its position in Digi International by 13.3% during the first quarter. US Bancorp DE now owns 12,666 shares of the technology company’s stock worth $272,000 after purchasing an additional 1,491 shares during the last quarter. Finally, Lazard Asset Management LLC increased its position in Digi International by 61.9% during the first quarter. Lazard Asset Management LLC now owns 4,350 shares of the technology company’s stock worth $93,000 after purchasing an additional 1,663 shares during the last quarter. 86.21% of the stock is currently owned by institutional investors and hedge funds.

About Digi International

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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.

Further Reading

Earnings History for Digi International (NASDAQ:DGII)

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