CEO Josh James has recently increased his stake in cloud software company Domo (DOMO:NSD). James, the company’s founder and owner of more than 10% of its shares, purchased 429,810 shares at a weighted average price of $14.11 per share, for a total value of approximately $6.06 million. As a result of this transaction, James’ portfolio of DOMO stock shares is now worth $17.9 million.
This move by the CEO piqued the interest of investors, causing DOMO stock to gain more than 3% in extended trading and an additional 2 percent at the time of writing.
Patrick Walravens, an analyst at JMP Securities, reaffirmed his Buy rating on the stock, citing optimism regarding the company’s earnings and top-line growth potential. The $30 price target set by Walravens implies a substantial upside potential of 104.1%.
Domo has a Strong Buy consensus rating on Stock Target Advisor, based on three Buy recommendations and one Hold recommendation, with an average DOMO stock price target of $28.90 indicating a potential upside of 51.9%.
Domo, Inc. operates a cloud-based business intelligence platform in North America, Western Europe, Canada, Australia, and Japan. Its platform digitally connects from the chief executive officer to the frontline employee with the various people, data, and systems in an organization, as well as giving them access to real-time data and insights, and allowing them to manage business from smartphones.
The company was formerly known as Domo Technologies, Inc. and changed its name to Domo, Inc. in December 2011. Domo, Inc. was incorporated in 2010 and is headquartered in American Fork, Utah.