Digi International Net Worth
Digi International Net Worth Breakdown | DGII |
Digi International Net Worth Analysis
Digi International's net worth analysis, or its valuation, is the process of determining the total value of the company. This involves assessing a range of factors, including Digi International's financial performance, assets, liabilities, and potential for growth. The ultimate goal is to provide a clear understanding of Digi International's overall worth, which can help investors make informed investment decisions. There are several methods that can be used to perform Digi International's net worth analysis. One common approach is to calculate Digi International's market capitalization.Another approach is to use the price-to-earnings ratio (P/E ratio), which compares Digi International's stock price to its earnings per share (EPS). Discounted cash flow (DCF) analysis is another popular method for assessing Digi International's net worth. This approach calculates the present value of Digi International's future cash flows, taking into account factors such as growth rate, profitability, and risk. By comparing the present value of Digi International's cash flows to its current stock price, investors can gain a better understanding of the company's overall value. Finally, investors may use comparable company analysis to evaluate Digi International's net worth. This involves comparing Digi International's financial metrics to similar companies in the same industry. By identifying companies with similar financial characteristics, investors can gain insight into Digi International's net worth relative to its peers.
Enterprise Value |
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To determine if Digi International is a good investment, evaluating the company's potential for future growth is also very important. This may include expanding into new markets, launching new products or services, or improving operational efficiency. Companies with strong growth prospects can be more attractive investments. This aspect of the research should be conducted in the context of the overall market and industry in which the company operates and should include an analysis of growth potential, competitive landscape, and any regulatory or economic factors that could impact the business. Some of the essential points regarding Digi International's net worth research are outlined below:
Over 98.0% of the company shares are held by institutions such as insurance companies | |
Latest headline from gurufocus.com: Digi International Inc Announces Q1 2025 Financial Results Release Date |
Digi International Quarterly Good Will |
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Digi International uses earnings reports to provide investors with an update of all three financial statements, including the income statement, the balance sheet, and the cash flow statement. Therefore, it is also crucial when considering investing in Digi International. Every quarterly earnings report provides investors with an overview of sales, expenses, and net income for the most recent period. It also may provide a comparison to Digi International's previous reporting period. The quarterly earnings reports are usually disseminated to the public via Form 10-Q, which is a legal document filed with the Securities and Exchange Commission every quarter.
31st of January 2024 Upcoming Quarterly Report | View | |
2nd of May 2024 Next Financial Report | View | |
31st of December 2023 Next Fiscal Quarter End | View | |
14th of November 2024 Next Fiscal Year End | View | |
30th of September 2023 Last Quarter Report | View | |
30th of September 2023 Last Financial Announcement | View |
Digi International Target Price Consensus
Digi target price is determined by taking all analyst projections and averaging them out. There is no one specific way to measure analysts' performance other than comparing it to past results via a very sophisticated attribution analysis. Digi International's target price projections below should be used in combination with other traditional price prediction techniques such as stock price forecasting, investor sentiment analysis, technical analysis, earnings estimate, and various momentum models.
5 | Buy |
Most Digi analysts issue ratings four times a year, at intervals of three months. Ratings are usually accompanied by a target price to help potential investors understand Digi stock's fair price compared to its market value. Analysts arrive at stock ratings after researching the public financial statements of Digi International, talking to its executives and customers, or listening to those companies' conference calls.
Macroaxis Advice Exposure ValuationDigi International Target Price Projection
Digi International's current and average target prices are 30.99 and 37.10, respectively. The current price of Digi International is the price at which Digi International is currently trading. On the other hand, Digi International's target price is what analysts think the stock is worth or could sell for in the future. The more significant the discrepancy between the two prices, the more it stimulates investors to act.Current Price
Digi International Market Quote on 30th of January 2025
Target Price
Analyst Consensus On Digi International Target Price
Know Digi International's Top Institutional Investors
Have you ever been surprised when a price of an equity instrument such as Digi International is soaring high without any particular reason? This is usually happening because many institutional investors are aggressively trading Digi International backward and forwards among themselves. Digi International's institutional investor refers to the entity that pools money to purchase Digi International's securities or originate loans. Institutional investors include commercial and private banks, credit unions, insurance companies, pension funds, hedge funds, endowments, and mutual funds. Operating companies that invest excess capital in these types of assets may also be included in the term and may influence corporate governance by exercising voting rights in their investments.
Shares | New York State Common Retirement Fund | 2024-09-30 | 659 K | Global Alpha Capital Management Ltd. | 2024-09-30 | 566.1 K | Northern Trust Corp | 2024-09-30 | 515.8 K | Adage Capital Partners Gp Llc | 2024-09-30 | 499 K | Wells Fargo & Co | 2024-09-30 | 433.7 K | Jpmorgan Chase & Co | 2024-09-30 | 392.6 K | Wellington Management Company Llp | 2024-09-30 | 361.2 K | Ameriprise Financial Inc | 2024-09-30 | 330.9 K | Envestnet Asset Management Inc | 2024-09-30 | 330.1 K | Blackrock Inc | 2024-09-30 | 6 M | Conestoga Capital Advisors, Llc | 2024-12-31 | 3.6 M |
Follow Digi International's market capitalization trends
The company currently falls under 'Mid-Cap' category with a current market capitalization of 1.13 B.Market Cap |
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Project Digi International's profitablity
Last Reported | Projected for Next Year | ||
Return On Tangible Assets | 0.12 | 0.08 | |
Return On Capital Employed | 0.08 | 0.13 | |
Return On Assets | 0.03 | 0.03 | |
Return On Equity | 0.04 | 0.07 |
When accessing Digi International's net worth, it's important to look at multiple sources and consider different scenarios. For example, gross profit margin measures Digi International's profitability after accounting for the cost of goods sold, while net profit margin measures profitability after accounting for all expenses. Other important metrics include return on assets, return on equity, and free cash flow. By reviewing multiple sources and metrics, you can gain a complete picture of Digi International's profitability and make more informed investment decisions.
Evaluate Digi International's management efficiency
Digi International has return on total asset (ROA) of 0.0364 % which means that it generated a profit of $0.0364 on every $100 spent on assets. This is way below average. Similarly, it shows a return on stockholder's equity (ROE) of 0.0401 %, meaning that it created $0.0401 on every $100 dollars invested by stockholders. Digi International's management efficiency ratios could be used to measure how well Digi International manages its routine affairs as well as how well it operates its assets and liabilities. As of now, Digi International's Return On Capital Employed is decreasing as compared to previous years. The Digi International's current Return On Equity is estimated to increase to 0.07, while Return On Tangible Assets are projected to decrease to 0.08. As of now, Digi International's Intangible Assets are increasing as compared to previous years. The Digi International's current Other Assets is estimated to increase to about 830.4 M, while Total Current Assets are projected to decrease to under 130.1 M.Last Reported | Projected for Next Year | ||
Book Value Per Share | 14.40 | 15.12 | |
Tangible Book Value Per Share | (0.46) | (0.44) | |
Enterprise Value Over EBITDA | 13.89 | 9.46 | |
Price Book Value Ratio | 1.98 | 2.85 | |
Enterprise Value Multiple | 13.89 | 9.46 | |
Price Fair Value | 1.98 | 2.85 | |
Enterprise Value | 530.4 M | 556.9 M |
The operational strategies employed by Digi International management play a crucial role in its market positioning. Assessing these strategies alongside financial data helps us evaluate the stock's investment potential.
Enterprise Value Revenue 2.93 | Revenue | Quarterly Revenue Growth (0.06) | Revenue Per Share | Return On Equity |
Some recent studies suggest that insider trading raises the cost of capital for securities issuers and decreases overall economic growth. Trading by specific Digi International insiders, such as employees or executives, is commonly permitted as long as it does not rely on Digi International's material information that is not in the public domain. Local jurisdictions usually require such trading to be reported in order to monitor insider transactions. In many U.S. states, trading conducted by corporate officers, key employees, directors, or significant shareholders must be reported to the regulator or publicly disclosed, usually within a few business days of the trade. In these cases Digi International insiders are required to file a Form 4 with the U.S. Securities and Exchange Commission (SEC) when buying or selling shares of their own companies.
Digi International Corporate Filings
10th of January 2025 Other Reports | ViewVerify | |
18th of December 2024 Other Reports | ViewVerify | |
13th of December 2024 Other Reports | ViewVerify | |
F4 | 3rd of December 2024 The report filed by a party regarding the acquisition or disposition of a company's common stock, as well as derivative securities such as options, warrants, and convertible securities | ViewVerify |
Digi International Earnings Estimation Breakdown
The calculation of Digi International's earning per share is based on the data from the past 12 consecutive months, used for reporting the company's financial figures. The next projected EPS of Digi International is estimated to be 0.496 with the future projection ranging from a low of 0.48 to a high of 0.51. Please be aware that this consensus of annual earnings estimates for Digi International is based on EPS before non-recurring items and includes expenses related to employee stock options.Last Reported EPS
0.48 Lowest | Expected EPS | 0.51 Highest |
Digi International Earnings Projection Consensus
Suppose the current estimates of Digi International's value are higher than the current market price of the Digi International stock. In this case, investors may conclude that Digi International is overpriced and will exhibit bullish sentiment. On the other hand, if the present value is lower than the stock price, analysts may conclude that the market undervalues the equity. These scenarios may suggest that the market is not as efficient as it should be at the estimation time, and Digi International's stock will quickly adjusts to the new information provided by the consensus estimate.
Number of Analysts | Historical Accuracy | Last Reported EPS | Estimated EPS for 31st of December 2024 | Current EPS (TTM) | |
5 | 91.64% | 0.52 | 0.496 | 0.61 |
Digi International Earnings History
Earnings estimate consensus by Digi International analysts from Wall Street is used by the market to judge Digi International's stock performance. Investors also use these earnings estimates to evaluate and project the stock performance into the future in order to make their investment decisions. However, we recommend analyzing not only Digi International's upcoming profit reports and earnings-per-share forecasts but also comparing them to our different valuation methods.Digi International Quarterly Gross Profit |
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Digi International Earnings per Share Projection vs Actual
Actual Earning per Share of Digi International refers to what the company shows during its earnings calls or quarterly reports. The Expected EPS is what analysts covering Digi International predict the company's earnings will be in the future. The higher the earnings per share of Digi International, the better is its profitability. While calculating the Earning per Share, we use the weighted ratio, as the number of shares outstanding can change over time.Digi International Estimated Months Earnings per Share
For an investor who is primarily interested in generating an income out of investing in entities such as Digi International, the EPS ratio can tell if the company is intending to increase its current dividend. Although EPS is an essential tool for investors, it should not be used in isolation. EPS of Digi International should always be considered in relation to other companies to make a more educated investment decision.Digi Quarterly Analyst Estimates and Surprise Metrics
Earnings surprises can significantly impact Digi International's stock price both in the short term and over time. Negative earnings surprises usually result in a price decline. However, it has been seen that positive earnings surprises lead to an immediate rise in a stock's price and a gradual increase over time. This is why we often hear news about some companies beating earning projections. Financial analysts spend a large amount of time predicting earnings per share (EPS) along with other important future indicators. Many analysts use forecasting models, management guidance, and additional fundamental information to derive an EPS estimate.
Reported | Fiscal Date | Estimated EPS | Reported EPS | Surprise | |||
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2024-11-07 | 2024-09-30 | 0.4975 | 0.52 | 0.0225 | 4 | ||
2024-08-07 | 2024-06-30 | 0.49 | 0.5 | 0.01 | 2 | ||
2024-05-01 | 2024-03-31 | 0.47 | 0.49 | 0.02 | 4 | ||
2024-01-31 | 2023-12-31 | 0.44 | 0.48 | 0.04 | 9 | ||
2023-11-09 | 2023-09-30 | 0.48 | 0.52 | 0.04 | 8 | ||
2023-08-03 | 2023-06-30 | 0.47 | 0.5 | 0.03 | 6 | ||
2023-05-04 | 2023-03-31 | 0.44 | 0.5 | 0.06 | 13 | ||
2023-02-02 | 2022-12-31 | 0.42 | 0.48 | 0.06 | 14 | ||
2022-11-10 | 2022-09-30 | 0.41 | 0.45 | 0.04 | 9 | ||
2022-08-04 | 2022-06-30 | 0.37 | 0.45 | 0.08 | 21 | ||
2022-05-04 | 2022-03-31 | 0.32 | 0.41 | 0.09 | 28 | ||
2022-02-02 | 2021-12-31 | 0.29 | 0.36 | 0.07 | 24 | ||
2021-11-10 | 2021-09-30 | 0.08 | 0.13 | 0.05 | 62 | ||
2021-08-04 | 2021-06-30 | 0.08 | 0.09 | 0.01 | 12 | ||
2021-05-05 | 2021-03-31 | 0.08 | 0.09 | 0.01 | 12 | ||
2021-02-03 | 2020-12-31 | 0.06 | -0.01 | -0.07 | 116 | ||
2020-11-12 | 2020-09-30 | 0.09 | 0.15 | 0.06 | 66 | ||
2020-08-06 | 2020-06-30 | 0.02 | 0.06 | 0.04 | 200 | ||
2020-05-07 | 2020-03-31 | 0.06 | 0.07 | 0.01 | 16 | ||
2020-01-30 | 2019-12-31 | 0.01 | 0.01 | 0.0 | 0 | ||
2019-11-14 | 2019-09-30 | 0.06 | 0.08 | 0.02 | 33 | ||
2019-08-08 | 2019-06-30 | 0.04 | 0.06 | 0.02 | 50 | ||
2019-05-02 | 2019-03-31 | 0.03 | 0.05 | 0.02 | 66 | ||
2019-01-31 | 2018-12-31 | -0.01 | 0.05 | 0.06 | 600 | ||
2018-11-15 | 2018-09-30 | 0.06 | 0.13 | 0.07 | 116 | ||
2018-07-26 | 2018-06-30 | 0.04 | 0.09 | 0.05 | 125 | ||
2018-04-26 | 2018-03-31 | 0.024 | -0.01 | -0.034 | 141 | ||
2018-01-25 | 2017-12-31 | -0.03 | -0.07 | -0.04 | 133 | ||
2017-10-26 | 2017-09-30 | 0.08 | 0.16 | 0.08 | 100 | ||
2017-07-27 | 2017-06-30 | 0.05 | 0.05 | 0.0 | 0 | ||
2017-05-04 | 2017-03-31 | 0.08 | 0.05 | -0.03 | 37 | ||
2017-01-26 | 2016-12-31 | 0.07 | 0.09 | 0.02 | 28 | ||
2016-10-27 | 2016-09-30 | 0.11 | 0.14 | 0.03 | 27 | ||
2016-07-28 | 2016-06-30 | 0.1 | 0.16 | 0.06 | 60 | ||
2016-04-28 | 2016-03-31 | 0.05 | 0.09 | 0.04 | 80 | ||
2016-01-21 | 2015-12-31 | 0.07 | 0.12 | 0.05 | 71 | ||
2015-10-29 | 2015-09-30 | 0.06 | 0.12 | 0.06 | 100 | ||
2015-07-23 | 2015-06-30 | 0.05 | 0.1 | 0.05 | 100 | ||
2015-01-22 | 2014-12-31 | -0.02 | -0.01 | 0.01 | 50 | ||
2014-10-30 | 2014-09-30 | 0.03 | 0.02 | -0.01 | 33 | ||
2014-07-24 | 2014-06-30 | 0.04 | -0.01 | -0.05 | 125 | ||
2014-04-24 | 2014-03-31 | 0.01 | 0.03 | 0.02 | 200 | ||
2014-01-23 | 2013-12-31 | 0.05 | 0.03 | -0.02 | 40 | ||
2013-10-31 | 2013-09-30 | 0.08 | 0.09 | 0.01 | 12 | ||
2013-07-25 | 2013-06-30 | 0.06 | 0.06 | 0.0 | 0 | ||
2013-04-25 | 2013-03-31 | 0.02 | 0.08 | 0.06 | 300 | ||
2013-01-24 | 2012-12-31 | 0.04 | 0.05 | 0.01 | 25 | ||
2012-11-01 | 2012-09-30 | 0.07 | 0.09 | 0.02 | 28 | ||
2012-07-26 | 2012-06-30 | 0.05 | 0.09 | 0.04 | 80 | ||
2012-04-26 | 2012-03-31 | 0.1 | 0.08 | -0.02 | 20 | ||
2012-01-19 | 2011-12-31 | 0.02 | 0.03 | 0.01 | 50 | ||
2011-11-03 | 2011-09-30 | 0.15 | 0.11 | -0.04 | 26 | ||
2011-07-21 | 2011-06-30 | 0.13 | 0.14 | 0.01 | 7 | ||
2011-04-21 | 2011-03-31 | 0.09 | 0.09 | 0.0 | 0 | ||
2011-01-19 | 2010-12-31 | 0.08 | 0.09 | 0.01 | 12 | ||
2010-10-28 | 2010-09-30 | 0.09 | 0.09 | 0.0 | 0 | ||
2010-07-22 | 2010-06-30 | 0.07 | 0.09 | 0.02 | 28 | ||
2010-04-22 | 2010-03-31 | 0.06 | 0.07 | 0.01 | 16 | ||
2010-01-21 | 2009-12-31 | 0.04 | 0.05 | 0.01 | 25 | ||
2009-10-29 | 2009-09-30 | 0.07 | 0.04 | -0.03 | 42 | ||
2009-07-23 | 2009-06-30 | 0.02 | 0.06 | 0.04 | 200 | ||
2009-04-23 | 2009-03-31 | 0.03 | 0.03 | 0.0 | 0 | ||
2009-01-22 | 2008-12-31 | 0.03 | 0.04 | 0.01 | 33 | ||
2008-10-30 | 2008-09-30 | 0.1 | 0.14 | 0.04 | 40 | ||
2008-07-23 | 2008-06-30 | 0.04 | 0.08 | 0.04 | 100 | ||
2008-04-28 | 2008-03-31 | 0.15 | 0.12 | -0.03 | 20 | ||
2008-01-23 | 2007-12-31 | 0.17 | 0.14 | -0.03 | 17 | ||
2007-11-01 | 2007-09-30 | 0.16 | 0.18 | 0.02 | 12 | ||
2007-07-23 | 2007-06-30 | 0.15 | 0.15 | 0.0 | 0 | ||
2007-04-25 | 2007-03-31 | 0.15 | 0.14 | -0.01 | 6 | ||
2007-01-18 | 2006-12-31 | 0.16 | 0.15 | -0.01 | 6 | ||
2006-11-02 | 2006-09-30 | 0.16 | 0.18 | 0.02 | 12 | ||
2006-07-17 | 2006-06-30 | 0.14 | 0.16 | 0.02 | 14 | ||
2006-04-17 | 2006-03-31 | 0.13 | 0.13 | 0.0 | 0 | ||
2006-01-17 | 2005-12-31 | 0.1 | 0.11 | 0.01 | 10 | ||
2005-11-03 | 2005-09-30 | 0.15 | 0.15 | 0.0 | 0 | ||
2005-07-14 | 2005-06-30 | 0.09 | 0.11 | 0.02 | 22 | ||
2005-04-14 | 2005-03-31 | 0.13 | 0.13 | 0.0 | 0 | ||
2005-01-13 | 2004-12-31 | 0.12 | 0.13 | 0.01 | 8 | ||
2004-11-04 | 2004-09-30 | 0.13 | 0.13 | 0.0 | 0 | ||
2004-07-15 | 2004-06-30 | 0.09 | 0.11 | 0.02 | 22 | ||
2004-04-15 | 2004-03-31 | 0.08 | 0.08 | 0.0 | 0 | ||
2004-01-15 | 2003-12-31 | 0.05 | 0.08 | 0.03 | 60 | ||
2003-11-06 | 2003-09-30 | 0.08 | 0.09 | 0.01 | 12 | ||
2003-07-16 | 2003-06-30 | 0.04 | 0.06 | 0.02 | 50 | ||
2003-04-16 | 2003-03-31 | 0.03 | 0.12 | 0.09 | 300 | ||
2003-01-15 | 2002-12-31 | -2.06 | -1.94 | 0.12 | 5 | ||
2002-11-07 | 2002-09-30 | -0.04 | -0.02 | 0.02 | 50 | ||
2002-07-17 | 2002-06-30 | 0.03 | 0.02 | -0.01 | 33 | ||
2002-01-16 | 2001-12-31 | 0.01 | 0.04 | 0.03 | 300 | ||
2001-11-06 | 2001-09-30 | 0.02 | 0.01 | -0.01 | 50 | ||
2001-07-18 | 2001-06-30 | 0.09 | 0.08 | -0.01 | 11 | ||
2001-04-18 | 2001-03-31 | 0.1 | 0.1 | 0.0 | 0 | ||
2000-11-06 | 2000-09-30 | 0.13 | 0.16 | 0.03 | 23 | ||
2000-07-20 | 2000-06-30 | 0.2 | 0.07 | -0.13 | 65 | ||
2000-04-20 | 2000-03-31 | 0.13 | -0.35 | -0.48 | 369 | ||
2000-01-19 | 1999-12-31 | 0.04 | 0.07 | 0.03 | 75 | ||
1999-11-11 | 1999-09-30 | 0.13 | 0.18 | 0.05 | 38 | ||
1999-07-23 | 1999-06-30 | 0.1 | 0.15 | 0.05 | 50 | ||
1999-04-21 | 1999-03-31 | 0.1 | 0.03 | -0.07 | 70 | ||
1999-01-27 | 1998-12-31 | 0.1 | 0.09 | -0.01 | 10 | ||
1998-11-19 | 1998-09-30 | 0.14 | 0.15 | 0.01 | 7 | ||
1998-07-23 | 1998-06-30 | 0.35 | 0.39 | 0.04 | 11 | ||
1998-04-23 | 1998-03-31 | 0.28 | 0.33 | 0.05 | 17 | ||
1998-01-28 | 1997-12-31 | 0.19 | 0.27 | 0.08 | 42 | ||
1997-11-11 | 1997-09-30 | 0.06 | 0.19 | 0.13 | 216 | ||
1997-07-23 | 1997-06-30 | -0.03 | 0.01 | 0.04 | 133 | ||
1997-04-23 | 1997-03-31 | -0.32 | -0.08 | 0.24 | 75 | ||
1997-01-30 | 1996-12-31 | 0.1 | -0.19 | -0.29 | 290 | ||
1996-11-14 | 1996-09-30 | 0.28 | 0.22 | -0.06 | 21 | ||
1996-07-24 | 1996-06-30 | 0.33 | 0.13 | -0.2 | 60 | ||
1996-04-24 | 1996-03-31 | 0.38 | 0.39 | 0.01 | 2 | ||
1996-01-24 | 1995-12-31 | 0.35 | 0.35 | 0.0 | 0 | ||
1995-11-15 | 1995-09-30 | 0.39 | 0.38 | -0.01 | 2 | ||
1995-07-24 | 1995-06-30 | 0.36 | 0.35 | -0.01 | 2 |
Digi International Corporate Management
Mandi Karasek | VP HR | Profile | |
Terrence Schneider | Senior Management | Profile | |
Brian Ballenger | Interim Treasurer and Acting Principal Financial Officer and Principal Accounting Officer | Profile | |
Justin Schmid | Senior Solutions | Profile | |
James Freeland | Senior Officer | Profile | |
Gary Marks | Senior Opengear | Profile |
Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Digi International. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in gross domestic product. For more detail on how to invest in Digi Stock please use our How to Invest in Digi International guide.You can also try the Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
Is Communications Equipment space expected to grow? Or is there an opportunity to expand the business' product line in the future? Factors like these will boost the valuation of Digi International. If investors know Digi will grow in the future, the company's valuation will be higher. The financial industry is built on trying to define current growth potential and future valuation accurately. All the valuation information about Digi International listed above have to be considered, but the key to understanding future value is determining which factors weigh more heavily than others.
Quarterly Earnings Growth 0.881 | Earnings Share 0.61 | Revenue Per Share | Quarterly Revenue Growth (0.06) | Return On Assets |
The market value of Digi International is measured differently than its book value, which is the value of Digi that is recorded on the company's balance sheet. Investors also form their own opinion of Digi International's value that differs from its market value or its book value, called intrinsic value, which is Digi International's true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because Digi International's market value can be influenced by many factors that don't directly affect Digi International's underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.
Please note, there is a significant difference between Digi International's value and its price as these two are different measures arrived at by different means. Investors typically determine if Digi International is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, Digi International's price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.