Canaccord Genuity Group Issues Pessimistic Forecast for CS Disco (NYSE:LAW) Stock Price

CS Disco (NYSE:LAW) had its target price decreased by equities researchers at Canaccord Genuity Group from $9.00 to $6.00 in a report released on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target points to a potential upside of 84.39% from the company’s current price.

LAW has been the topic of several other research reports. Wall Street Zen upgraded CS Disco from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Jefferies Financial Group raised their price objective on CS Disco from $6.00 to $8.00 and gave the company a “hold” rating in a report on Monday, January 5th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of CS Disco in a research note on Wednesday, January 21st. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $10.00 target price on shares of CS Disco in a research report on Thursday. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, CS Disco currently has a consensus rating of “Hold” and an average price target of $8.00.

CS Disco Trading Up 9.2%

Shares of CS Disco stock opened at $3.25 on Thursday. CS Disco has a twelve month low of $2.45 and a twelve month high of $9.11. The firm has a market capitalization of $203.35 million, a PE ratio of -4.52 and a beta of 2.08. The firm’s 50-day moving average price is $5.82 and its 200 day moving average price is $6.23.

Insider Activity

In other news, EVP Melanie Antoon sold 9,289 shares of the stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $3.07, for a total value of $28,517.23. Following the completion of the sale, the executive vice president owned 203,421 shares of the company’s stock, valued at $624,502.47. This represents a 4.37% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Karen Herckis sold 8,171 shares of the firm’s stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $3.07, for a total transaction of $25,084.97. Following the sale, the executive vice president owned 132,259 shares of the company’s stock, valued at $406,035.13. This represents a 5.82% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 27,711 shares of company stock worth $85,073. Corporate insiders own 16.10% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Topline Capital Management LLC increased its stake in CS Disco by 66.2% during the second quarter. Topline Capital Management LLC now owns 2,965,268 shares of the company’s stock worth $12,958,000 after acquiring an additional 1,181,046 shares during the last quarter. Norges Bank purchased a new position in shares of CS Disco during the 2nd quarter worth $2,863,000. Essex Investment Management Co. LLC purchased a new position in shares of CS Disco during the 3rd quarter worth $2,868,000. Nuveen LLC increased its position in shares of CS Disco by 187.2% during the 4th quarter. Nuveen LLC now owns 318,672 shares of the company’s stock worth $2,473,000 after purchasing an additional 207,700 shares during the last quarter. Finally, First Eagle Investment Management LLC raised its holdings in CS Disco by 100.6% in the 4th quarter. First Eagle Investment Management LLC now owns 328,719 shares of the company’s stock valued at $2,551,000 after buying an additional 164,873 shares during the period. 58.05% of the stock is currently owned by institutional investors and hedge funds.

CS Disco Company Profile

CS Disco, Inc is a provider of cloud-native, artificial intelligence-driven legal applications designed to streamline e-discovery, document review and compliance processes for law firms and corporate legal departments. The Austin, Texas–based company offers a unified platform that automates labor-intensive tasks using machine learning and predictive analytics, enabling legal professionals to process, search and review large volumes of data with greater speed and accuracy.

At the core of CS Disco’s product suite is its flagship e-discovery application, which supports early case assessment, data processing, review analytics and production workflows.