Norges Bank Invests $4.261 Million in Daktronics, Inc. (DAKT)

Norges Bank purchased a new position in Daktronics, Inc. (NASDAQ:DAKT) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 398,241 shares of the technology company’s stock, valued at approximately $4,261,000. Norges Bank owned approximately 0.90% of Daktronics at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of DAKT. Capital Investment Counsel Inc increased its position in shares of Daktronics by 34.6% in the third quarter. Capital Investment Counsel Inc now owns 55,534 shares of the technology company’s stock worth $530,000 after buying an additional 14,290 shares during the period. Bank of New York Mellon Corp increased its position in shares of Daktronics by 8.5% in the third quarter. Bank of New York Mellon Corp now owns 613,826 shares of the technology company’s stock worth $5,857,000 after buying an additional 48,314 shares during the period. First Personal Financial Services increased its position in shares of Daktronics by 3.4% in the third quarter. First Personal Financial Services now owns 154,389 shares of the technology company’s stock worth $1,473,000 after buying an additional 5,125 shares during the period. DIAM Co. Ltd. bought a new position in shares of Daktronics during the third quarter worth $148,000. Finally, BlackRock Fund Advisors increased its position in shares of Daktronics by 11.0% in the third quarter. BlackRock Fund Advisors now owns 2,834,716 shares of the technology company’s stock worth $27,043,000 after buying an additional 281,478 shares during the period. 50.03% of the stock is currently owned by institutional investors.

Shares of Daktronics, Inc. (NASDAQ:DAKT) opened at 9.46 on Monday. The company has a market capitalization of $416.87 million, a PE ratio of 64.35 and a beta of 1.41. The company has a 50-day moving average price of $9.22 and a 200-day moving average price of $9.65. Daktronics, Inc. has a 52 week low of $5.92 and a 52 week high of $11.12.

Daktronics (NASDAQ:DAKT) last issued its quarterly earnings results on Tuesday, February 21st. The technology company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of ($0.02) by $0.10. Daktronics had a net margin of 1.64% and a return on equity of 4.76%. The company had revenue of $115.70 million for the quarter, compared to the consensus estimate of $126.07 million. During the same quarter in the previous year, the business earned ($0.04) earnings per share. Daktronics’s revenue was down 6.5% compared to the same quarter last year. Analysts predict that Daktronics, Inc. will post $0.27 earnings per share for the current year.

A number of equities analysts recently weighed in on DAKT shares. Zacks Investment Research downgraded shares of Daktronics from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 24th. Needham & Company LLC cut their price target on shares of Daktronics from $11.00 to $10.50 and set a “buy” rating on the stock in a report on Tuesday, February 21st. Finally, TheStreet downgraded shares of Daktronics from a “b” rating to a “c+” rating in a report on Tuesday, February 21st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $12.17.

Daktronics Company Profile

Daktronics, Inc is a supplier of electronic scoreboards, electronic display systems, digital messaging solutions, software and services for sporting, commercial and transportation applications. The Company operates through five segments: Commercial, Live Events, High School Park and Recreation, Transportation, and International.

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