Needham & Company LLC Boosts Digimarc (NASDAQ:DMRC) Price Target to $15.00

Digimarc (NASDAQ:DMRC) had its price objective upped by equities research analysts at Needham & Company LLC from $10.00 to $15.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the information technology services provider’s stock. Needham & Company LLC’s target price would suggest a potential upside of 53.06% from the stock’s previous close.

DMRC has been the topic of a number of other research reports. Wall Street Zen upgraded shares of Digimarc from a “sell” rating to a “hold” rating in a report on Saturday, March 14th. Weiss Ratings restated a “sell (e+)” rating on shares of Digimarc in a report on Monday, April 20th. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Digimarc presently has a consensus rating of “Hold” and an average price target of $15.00.

Digimarc Price Performance

DMRC stock opened at $9.80 on Thursday. The stock has a market capitalization of $217.95 million, a PE ratio of -7.72 and a beta of 1.88. The company’s 50-day moving average is $6.59 and its 200-day moving average is $6.82. Digimarc has a 1 year low of $4.07 and a 1 year high of $14.64.

Digimarc (NASDAQ:DMRC) last released its quarterly earnings data on Tuesday, May 12th. The information technology services provider reported ($0.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.29. Digimarc had a negative net margin of 85.75% and a negative return on equity of 21.81%. The company had revenue of $7.58 million for the quarter, compared to analysts’ expectations of $7.05 million.

Institutional Investors Weigh In On Digimarc

Several institutional investors and hedge funds have recently added to or reduced their stakes in DMRC. Invesco Ltd. purchased a new stake in Digimarc in the 4th quarter valued at about $78,000. IMC Chicago LLC purchased a new stake in Digimarc in the 1st quarter valued at about $82,000. Janney Montgomery Scott LLC increased its stake in Digimarc by 25.3% in the 4th quarter. Janney Montgomery Scott LLC now owns 13,866 shares of the information technology services provider’s stock valued at $91,000 after buying an additional 2,800 shares during the last quarter. Verition Fund Management LLC purchased a new stake in Digimarc in the 4th quarter valued at about $96,000. Finally, Inscription Capital LLC purchased a new stake in Digimarc in the 4th quarter valued at about $109,000. Hedge funds and other institutional investors own 66.85% of the company’s stock.

About Digimarc

Digimarc Corporation is a technology company specializing in digital identification and authentication solutions. Its core offering centers on embedding imperceptible digital watermarks into images, audio, video and packaging materials. These watermarks carry unique identifiers that enable secure tracking, brand protection and content provenance across print and digital channels.

The company’s product suite includes software development kits and cloud-based services that allow enterprises to integrate digital watermarking into their existing workflows.