Bank of New York Mellon Corp Sells 202,284 Shares of CS Disco, Inc. (NYSE:LAW)

Bank of New York Mellon Corp lowered its stake in shares of CS Disco, Inc. (NYSE:LAW) by 62.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 120,177 shares of the company’s stock after selling 202,284 shares during the quarter. Bank of New York Mellon Corp owned about 0.20% of CS Disco worth $716,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. California State Teachers Retirement System increased its stake in CS Disco by 6.9% during the first quarter. California State Teachers Retirement System now owns 26,808 shares of the company’s stock valued at $218,000 after acquiring an additional 1,730 shares during the period. Hillsdale Investment Management Inc. bought a new stake in shares of CS Disco during the first quarter valued at approximately $220,000. Vanguard Group Inc. lifted its position in CS Disco by 4.2% in the first quarter. Vanguard Group Inc. now owns 2,031,257 shares of the company’s stock worth $16,514,000 after purchasing an additional 82,549 shares during the period. State Board of Administration of Florida Retirement System acquired a new stake in CS Disco during the first quarter worth $83,000. Finally, Swiss National Bank increased its holdings in CS Disco by 13.5% in the 1st quarter. Swiss National Bank now owns 53,800 shares of the company’s stock valued at $437,000 after buying an additional 6,400 shares during the period. 58.05% of the stock is currently owned by institutional investors and hedge funds.

CS Disco Stock Down 2.7 %

LAW stock opened at $5.87 on Monday. CS Disco, Inc. has a twelve month low of $4.71 and a twelve month high of $8.80. The company has a market cap of $352.06 million, a P/E ratio of -10.87 and a beta of 2.08. The business has a fifty day moving average of $5.58 and a 200-day moving average of $6.40.

CS Disco (NYSE:LAW) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.17) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.01. CS Disco had a negative net margin of 19.88% and a negative return on equity of 14.18%. The business had revenue of $36.01 million during the quarter, compared to the consensus estimate of $35.52 million. As a group, equities research analysts anticipate that CS Disco, Inc. will post -0.71 earnings per share for the current fiscal year.

Analyst Ratings Changes

LAW has been the topic of several analyst reports. JPMorgan Chase & Co. lowered CS Disco from a “neutral” rating to an “underweight” rating and lowered their price objective for the company from $8.00 to $5.00 in a research note on Tuesday, July 2nd. Needham & Company LLC lowered their price target on CS Disco from $11.00 to $8.00 and set a “buy” rating on the stock in a research report on Friday, August 9th.

Insider Activity at CS Disco

In other CS Disco news, Director Scott A. Hill acquired 23,554 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The shares were acquired at an average price of $5.39 per share, with a total value of $126,956.06. Following the purchase, the director now owns 187,615 shares of the company’s stock, valued at approximately $1,011,244.85. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 22.30% of the company’s stock.

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.