Needham & Company LLC Reaffirms “Buy” Rating for CS Disco (NYSE:LAW)

CS Disco (NYSE:LAW)‘s stock had its “buy” rating restated by stock analysts at Needham & Company LLC in a note issued to investors on Friday,Benzinga reports. They presently have a $8.00 price objective on the stock. Needham & Company LLC’s target price indicates a potential upside of 52.67% from the company’s previous close.

Separately, Jefferies Financial Group lowered their target price on CS Disco from $6.00 to $5.50 and set a “hold” rating for the company in a research note on Monday, January 6th.

CS Disco Stock Performance

Shares of LAW opened at $5.24 on Friday. The stock has a fifty day moving average price of $5.13 and a two-hundred day moving average price of $5.53. CS Disco has a 52-week low of $4.67 and a 52-week high of $8.57. The company has a market cap of $313.93 million, a price-to-earnings ratio of -5.70 and a beta of 2.06.

CS Disco (NYSE:LAW) last issued its quarterly earnings data on Thursday, February 20th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.05). CS Disco had a negative net margin of 38.51% and a negative return on equity of 22.30%. The business had revenue of $37.00 million during the quarter, compared to the consensus estimate of $36.03 million. As a group, research analysts predict that CS Disco will post -0.64 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Michael Lafair sold 13,146 shares of CS Disco stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $5.19, for a total transaction of $68,227.74. Following the completion of the sale, the chief financial officer now directly owns 865,793 shares of the company’s stock, valued at $4,493,465.67. The trade was a 1.50 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 15.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in LAW. JPMorgan Chase & Co. lifted its holdings in shares of CS Disco by 104.1% in the third quarter. JPMorgan Chase & Co. now owns 198,746 shares of the company’s stock valued at $1,169,000 after purchasing an additional 101,391 shares in the last quarter. Barclays PLC lifted its holdings in shares of CS Disco by 291.1% in the third quarter. Barclays PLC now owns 40,919 shares of the company’s stock valued at $241,000 after purchasing an additional 30,456 shares in the last quarter. Jane Street Group LLC lifted its holdings in shares of CS Disco by 44.2% in the third quarter. Jane Street Group LLC now owns 45,339 shares of the company’s stock valued at $267,000 after purchasing an additional 13,894 shares in the last quarter. Bleakley Financial Group LLC bought a new stake in shares of CS Disco in the third quarter valued at about $67,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of CS Disco by 3.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 218,990 shares of the company’s stock valued at $1,288,000 after purchasing an additional 7,551 shares in the last quarter. 58.05% of the stock is currently owned by institutional investors.

About CS Disco

CS Disco, Inc provides cloud-native and artificial intelligence-powered legal solutions for legal hold, legal request, ediscovery, legal document review, and case management in the United States and internationally. It offers DISCO Request, a solution that automates response compliance for legal requests; and DISCO Ediscovery, a solution that automates the ediscovery process and saves legal departments from manual tasks associated with collecting, processing, enriching, searching, reviewing, analyzing, producing, and using enterprise data that is at issue in legal matters.