“The Digi team delivered an impressive fiscal 2024 performance in soft industrial economic conditions. As the market seeks to gain increased efficiencies, our customers increasingly appreciate entrusting their value-added IoT solutions to Digi, as evidenced by our record ARR which represents approximately 27% of revenues,” stated Ron Konezny, President and CEO. “We continue to hit our objectives as we make the discovery of our solutions easier for the channel and end users with the advent of offerings like Digi 360. In addition, we lowered inventory levels, generated cash and paid down debt to strengthen our balance sheet. We remain confident in our customer centric solutions strategy and the long-term opportunity for Digi.”

• Piper Sandler analyst James Fish maintained Digi Intl with a Neutral and raised the price target from $26 to $32.
• Craig-Hallum analyst Anthony Stoss downgraded Digi Intl from Buy to Hold and raised the price target from $28 to $32.