Digi International Inc Receives a Buy from Canaccord Genuity

By Carrie Williams

In a report released yesterday, Michael Walkley from Canaccord Genuity reiterated a Buy rating on Digi International Inc (NASDAQ: DGII), with a price target of $15. The company’s shares opened today at $10.

According to TipRanks.com, Walkley is a 5-star analyst with an average return of 23.9% and a 71.6% success rate. Walkley covers the Consumer Goods sector, focusing on stocks such as Sequans Communications S A, Powerwave Technologies, and Silicon Laboratories.

Digi International Inc has an analyst consensus of Moderate Buy, with a price target consensus of $15.

Based on Digi International Inc’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $45.62 million and quarterly net profit of $1.33 million. In comparison, last year the company earned revenue of $52.23 million and had a net profit of $4.28 million.

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Digi International, Inc. engages in the provision of internet of things of networking hardware products and solutions which enables connection, monitoring, and control, of local remote physical assets by electronic means. Its products include XBEE and RF solutions, cellular solutions, embedded systems, console servers, serial servers, and USB and serial connectivity. Its services include remote manager, device cloud, technical, wireless design, and cold chain solutions. The company was founded in 1985 and is headquartered in Minnetonka, MN.