Datto (NYSE:MSP) Rating Lowered to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of Datto (NYSE:MSP) from a buy rating to a hold rating in a report published on Wednesday, Zacks.com reports.

According to Zacks, “Datto Holding Corp. provides cloud-based software and technology solutions. Datto Holding Corp. is based in Norwalk, Connecticut. “

A number of other equities analysts have also recently commented on the stock. Berenberg Bank initiated coverage on shares of Datto in a research note on Tuesday, July 27th. They set a buy rating and a $34.00 price target for the company. Morgan Stanley boosted their price objective on shares of Datto from $32.00 to $33.00 and gave the company an equal weight rating in a research report on Thursday, August 12th. Finally, BMO Capital Markets lowered their price objective on shares of Datto from $31.00 to $27.00 and set an outperform rating for the company in a research report on Tuesday, October 5th. Seven analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of Hold and a consensus price target of $32.58.

MSP stock opened at $22.85 on Wednesday. Datto has a 12 month low of $21.98 and a 12 month high of $33.46. The company has a 50-day moving average price of $24.87 and a 200 day moving average price of $25.53. The stock has a market cap of $3.71 billion and a PE ratio of 81.61.

Datto (NYSE:MSP) last released its quarterly earnings results on Tuesday, August 10th. The investment management company reported $0.17 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.05. Datto had a net margin of 7.87% and a return on equity of 2.62%. The firm had revenue of $151.60 million during the quarter, compared to analysts’ expectations of $147.10 million. On average, equities research analysts predict that Datto will post 0.31 earnings per share for the current fiscal year.

In other news, Director Austin Williams Mcchord sold 68,708 shares of the company’s stock in a transaction that occurred on Tuesday, July 20th. The shares were sold at an average price of $27.62, for a total value of $1,897,714.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO John Abbot sold 4,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 21st. The stock was sold at an average price of $24.17, for a total transaction of $96,680.00. The disclosure for this sale can be found here. Insiders sold a total of 230,602 shares of company stock valued at $6,129,279 in the last ninety days. Corporate insiders own 5.80% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Franklin Resources Inc. raised its stake in shares of Datto by 11.7% during the 2nd quarter. Franklin Resources Inc. now owns 2,175,721 shares of the investment management company’s stock worth $60,572,000 after acquiring an additional 227,456 shares in the last quarter. Greenvale Capital LLP acquired a new position in Datto during the 1st quarter valued at approximately $49,480,000. Fairview Capital Investment Management LLC increased its stake in Datto by 0.7% during the 1st quarter. Fairview Capital Investment Management LLC now owns 1,712,400 shares of the investment management company’s stock valued at $39,231,000 after purchasing an additional 12,400 shares in the last quarter. TPG Group Holdings SBS Advisors Inc. acquired a new position in Datto during the 1st quarter valued at approximately $32,867,000. Finally, UBS Asset Management Americas Inc. acquired a new position in Datto during the 1st quarter valued at approximately $14,997,000. Hedge funds and other institutional investors own 86.43% of the company’s stock.

About Datto

Datto Holding Corp. provides cloud-based software and technology solutions for delivery through the managed service provider (MSP) channel to small and medium businesses in the United States and internationally. Its Unified Continuity products include Business Continuity and Disaster Recovery that protects servers and workstations, and minimize downtime; Cloud Continuity, an image-based continuity solution for Windows-based laptops and desktops; SaaS Protection, an automated and secure backup and restoration product; Workplace, a cloud-hosted file sync and share solution, which enable end-users to synchronize files across platforms, including mobile devices; and File Protection, an MSP-managed secure and scalable backup product that enables MSPs to protect and recover files and folders on workstations and laptops.

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