Zacks Investment Research Downgrades Datto (NYSE:MSP) to Hold

Zacks Investment Research cut shares of Datto (NYSE:MSP) from a buy rating to a hold rating in a research note published on Thursday morning, Zacks.com reports.

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

Other research analysts also recently issued research reports about the company. Barclays lowered their target price on Datto from $34.00 to $31.00 and set an overweight rating on the stock in a research note on Wednesday, October 13th. Needham & Company LLC upped their price target on Datto from $29.00 to $32.00 and gave the company a buy rating in a report on Wednesday, December 29th. StockNews.com upgraded Datto from a hold rating to a buy rating in a research note on Monday, February 7th. Morgan Stanley upgraded Datto from an equal weight rating to an overweight rating and increased their price target for the stock from $33.00 to $36.00 in a research report on Tuesday, January 25th. Finally, Mizuho decreased their price target on Datto from $31.00 to $28.00 in a research report on Tuesday, January 18th. One investment analyst has rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Datto has a consensus rating of Buy and a consensus target price of $32.44.

Shares of NYSE MSP opened at $24.29 on Thursday. Datto has a 52-week low of $21.98 and a 52-week high of $28.25. The stock has a market capitalization of $3.96 billion, a price-to-earnings ratio of 110.41, a PEG ratio of 10.81 and a beta of 0.62. The stock’s fifty day simple moving average is $25.24 and its 200 day simple moving average is $24.81.

In other news, CFO John Abbot sold 4,000 shares of the company’s stock in a transaction dated Tuesday, February 1st. The shares were sold at an average price of $24.77, for a total transaction of $99,080.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Timothy Weller sold 60,000 shares of the company’s stock in a transaction dated Friday, December 17th. The shares were sold at an average price of $26.02, for a total transaction of $1,561,200.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 158,813 shares of company stock worth $4,079,219. Insiders own 5.80% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Royal Bank of Canada grew its holdings in shares of Datto by 67.3% during the 2nd quarter. Royal Bank of Canada now owns 1,310 shares of the investment management company’s stock valued at $36,000 after purchasing an additional 527 shares during the last quarter. Advisor Group Holdings Inc. lifted its position in Datto by 15.5% during the 4th quarter. Advisor Group Holdings Inc. now owns 4,164 shares of the investment management company’s stock valued at $109,000 after acquiring an additional 559 shares during the period. Citigroup Inc. lifted its position in Datto by 27.1% during the 2nd quarter. Citigroup Inc. now owns 2,968 shares of the investment management company’s stock valued at $83,000 after acquiring an additional 633 shares during the period. First Manhattan Co. lifted its position in Datto by 18.9% during the 3rd quarter. First Manhattan Co. now owns 4,400 shares of the investment management company’s stock valued at $105,000 after acquiring an additional 700 shares during the period. Finally, Vident Investment Advisory LLC lifted its position in Datto by 7.0% during the 3rd quarter. Vident Investment Advisory LLC now owns 13,907 shares of the investment management company’s stock valued at $332,000 after acquiring an additional 905 shares during the period. Institutional investors and hedge funds own 87.82% of the company’s stock.

Datto Company Profile

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.

See Also

Get a free copy of the Zacks research report on Datto (MSP)

For more information about research offerings from Zacks Investment Research, visit Zacks.com