Formula Growth Ltd. Purchases Shares of 800,000 CS Disco, Inc. $LAW

Formula Growth Ltd. purchased a new position in CS Disco, Inc. (NYSE:LAW) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 800,000 shares of the company’s stock, valued at approximately $3,024,000. CS Disco accounts for approximately 1.1% of Formula Growth Ltd.’s holdings, making the stock its 27th biggest holding.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Arrowstreet Capital Limited Partnership increased its holdings in shares of CS Disco by 216.5% in the first quarter. Arrowstreet Capital Limited Partnership now owns 476,752 shares of the company’s stock worth $1,821,000 after purchasing an additional 326,115 shares during the last quarter. GSA Capital Partners LLP bought a new position in CS Disco during the second quarter valued at approximately $879,000. Lakewood Capital Management LP bought a new stake in CS Disco in the 2nd quarter worth approximately $4,183,000. First Eagle Investment Management LLC increased its stake in CS Disco by 100.6% in the 4th quarter. First Eagle Investment Management LLC now owns 328,719 shares of the company’s stock worth $2,551,000 after acquiring an additional 164,873 shares during the last quarter. Finally, Deutsche Bank AG bought a new position in shares of CS Disco during the 2nd quarter valued at approximately $75,000. Institutional investors own 58.05% of the company’s stock.

CS Disco Price Performance

Shares of NYSE LAW opened at $4.41 on Friday. The stock has a market capitalization of $285.97 million, a P/E ratio of -6.99 and a beta of 1.90. CS Disco, Inc. has a 1-year low of $2.45 and a 1-year high of $9.11. The business has a fifty day moving average price of $4.01 and a 200 day moving average price of $3.92.

CS Disco (NYSE:LAW) last posted its earnings results on Wednesday, August 5th. The company reported ($0.06) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.06). The company had revenue of $43.15 million for the quarter, compared to analyst estimates of $43.10 million. CS Disco had a negative return on equity of 26.58% and a negative net margin of 24.20%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on LAW shares. Wall Street Zen cut shares of CS Disco from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Weiss Ratings upgraded CS Disco from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, July 2nd. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, CS Disco has an average rating of “Hold” and a consensus target price of $8.00.

Insider Transactions at CS Disco

In related news, EVP Karen Herckis sold 8,487 shares of the stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $4.18, for a total transaction of $35,475.66. Following the completion of the sale, the executive vice president owned 181,824 shares of the company’s stock, valued at $760,024.32. This represents a 4.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Eric Friedrichsen bought 7,500 shares of the stock in a transaction on Monday, August 10th. The stock was purchased at an average price of $4.26 per share, with a total value of $31,950.00. Following the completion of the purchase, the chief executive officer owned 1,481,180 shares of the company’s stock, valued at $6,309,826.80. This represents a 0.51% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders have sold 31,267 shares of company stock worth $130,696. 16.80% of the stock is owned by corporate insiders.

About CS Disco

CS Disco, Inc is a provider of cloud-native, artificial intelligence-driven legal applications designed to streamline e-discovery, document review and compliance processes for law firms and corporate legal departments. The Austin, Texas–based company offers a unified platform that automates labor-intensive tasks using machine learning and predictive analytics, enabling legal professionals to process, search and review large volumes of data with greater speed and accuracy.

At the core of CS Disco’s product suite is its flagship e-discovery application, which supports early case assessment, data processing, review analytics and production workflows.