Datto (NYSE: MSP) share price up 5.7% after insider buying activity

The stock price of Datto Holding Corp. (NYSE: MSP) traded up 5.7% in Wednesday’s session following insider buying trades. The stock traded as high as $ 25.03 and last traded at $ 24.80. 29,275 shares traded at midday, down 91% from the average session volume of 336,901 shares. The stock had previously closed at $ 23.46. Specifically, CFO John Abbot sold 4,000 shares of the company in a transaction that took place on Tuesday, September 21. The stock was sold for an average price of $ 24.17, for a total trade of $ 96,680.00. The sale was disclosed in a legal file with the Securities & Exchange Commission, accessible through this hyperlink. In addition, CEO Timothy Weller sold 23,508 shares of the company in a trade on Thursday, October 14. The stock was sold for an average price of $ 23.09, for a total value of $ 542,799.72. Disclosure of this sale can be found here. During the last quarter, insiders sold 88,308 shares of the company valued at $ 2,092,045. 5.80% of the shares are held by insiders of the company.

Several analysts recently commented on MSP stocks. Northland Securities launched a cover on Datto in a report on Thursday, October 21. They issued an “outperformance” rating and a price target of $ 38.00 for the company. Morgan Stanley raised its price target on Datto from $ 32.00 to $ 33.00 and gave the company an “equal weight” rating in a research note on Thursday, August 12. BMO Capital Markets lowered its price target on Datto from $ 31.00 to $ 27.00 and established an “outperformance” rating for the company in a research note on Tuesday, October 5. Barclays lowered its price target on Datto from $ 34.00 to $ 31.00 and set an “overweight” rating for the company in a Wednesday October 13th research note. Finally, Zacks Investment Research downgraded Datto from a “hold” rating to a “buy” rating and set a price target of $ 28.00 for the company in a research note on Friday, November 19. Two equity research analysts rated the stock with a conservation rating and six issued a buy rating for the stock. Based on data from MarketBeat, Datto has a consensus rating of “Buy” and an average price target of $ 32.11.

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The stock has a market cap of $ 4.07 billion and a price-to-earnings ratio of 112.27. The company’s 50-day moving average is $ 23.71 and its 200-day moving average is $ 25.45.

Datto (NYSE: MSP) last released its quarterly earnings data on Wednesday, November 10. The investment management firm reported earnings of $ 0.16 per share for the quarter, beating Thomson Reuters’ consensus estimate of $ 0.05 of $ 0.11. The company posted revenue of $ 157.89 million in the quarter, compared to analysts’ estimates of $ 154.03 million. Datto had a net margin of 6.49% and a return on equity of 2.30%. In the same quarter of last year, the company posted earnings per share of $ 0.16. Stock research analysts predict that Datto Holding Corp. will show earnings per share of 0.42 for the current year.

Hedge funds have recently changed their positions in the company. JPMorgan Chase & Co. increased its stake in Datto by 300.0% in the second quarter. JPMorgan Chase & Co. now owns 44,704 shares of the investment management company valued at $ 1,245,000 after acquiring an additional 33,528 shares in the last quarter. State Street Corp increased its position in Datto shares by 28.6% in the second quarter. State Street Corp now owns 393,985 shares of the investment management company worth $ 10,969,000 after purchasing an additional 87,523 shares in the last quarter. FORA Capital LLC purchased a new stake in Datto in the second quarter valued at $ 29,000. Bank of New York Mellon Corp increased its stake in Datto by 27.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 76,937 shares of the investment management company valued at $ 2,142,000 after purchasing an additional 16,799 shares in the last quarter. Finally, Morgan Stanley increased its stake in Datto shares by 120.6% during the first quarter. Morgan Stanley now owns 56,503 shares of the investment management company valued at $ 1,294,000 after purchasing an additional 30,885 shares in the last quarter. 91.68% of the shares are currently held by hedge funds and other institutional investors.

About Datto (NYSE: MSP)

Datto Holding Corp. provides cloud-based software and technology solutions to be delivered through the Managed Service Provider (MSP) channel to small and medium businesses in the United States and globally. Its unified continuity products include business continuity and disaster recovery that protect servers and workstations and minimize downtime; Cloud Continuity, an image-based continuity solution for Windows desktops and laptops; SaaS Protection, an automated and secure backup and restore product; Workplace, a cloud-hosted file sync and sharing solution that enables end users to sync files across all platforms, including mobile devices; and File Protection, a secure and scalable MSP-managed backup product that enables MSPs to protect and recover files and folders on desktops and laptops.

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