Everpure (NYSE:P) Stock Falls 8.6% Following Insider Selling

Everpure, Inc. (NYSE:P) was down 8.6% on Thursday after an insider sold shares in the company. The company traded as low as $127.89 and last traded at $129.3340. Approximately 1,297,809 shares changed hands during mid-day trading, a decline of 66% from the average session volume of 3,799,857 shares. The stock had previously closed at $141.49.

Specifically, insider John Colgrove sold 100,000 shares of the firm’s stock in a transaction on Monday, October 12th. The stock was sold at an average price of $153.73, for a total value of $15,373,000.00. Following the completion of the sale, the insider owned 2,415,000 shares of the company’s stock, valued at $371,257,950. This trade represents a 3.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Andrew Brown sold 4,268 shares of Everpure stock in a transaction on Thursday, October 8th. The shares were sold at an average price of $156.03, for a total value of $665,936.04. Following the transaction, the director owned 23,415 shares in the company, valued at $3,653,442.45. This represents a 15.42% decrease in their position. The SEC filing for this sale provides additional information. In related news, CAO Mona Chu sold 5,112 shares of the stock in a transaction dated Friday, October 9th. The stock was sold at an average price of $151.40, for a total value of $773,956.80. Following the completion of the sale, the chief accounting officer directly owned 125,982 shares of the company’s stock, valued at approximately $19,073,674.80. This represents a 3.90% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on P shares. TD Cowen raised their price objective on Everpure from $100.00 to $170.00 and gave the stock a “buy” rating in a research report on Tuesday, August 18th. Morgan Stanley upped their price objective on shares of Everpure from $119.00 to $137.00 and gave the company an “overweight” rating in a research note on Thursday, September 24th. Northland Securities set a $167.00 target price on Everpure in a research report on Thursday, September 24th. Wall Street Zen downgraded Everpure from a “strong-buy” rating to a “buy” rating in a report on Saturday, September 12th. Finally, Barclays raised their price objective on shares of Everpure from $110.00 to $132.00 and gave the company an “equal weight” rating in a research report on Friday, September 25th. Eighteen research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $143.25.

Trending Headlines about Everpure

Here are the key news stories impacting Everpure this week:

• Positive Sentiment: Everpure’s operating momentum remains a key support. In its latest reported quarter, revenue increased 37.7% year over year to $1.19 billion, while earnings per share of $0.70 exceeded the $0.19 consensus estimate. Analysts continue to maintain a “Moderate Buy” consensus, with 17 Buy ratings versus four Holds and one Sell.
• Neutral Sentiment: Institutional ownership remains high at 83.42%, and several funds recently increased their positions. However, this support is being weighed against the stock’s elevated valuation and recent volatility.
• Negative Sentiment: Director and founder John Colgrove sold 100,000 shares for approximately $15.4 million at an average price of $153.73, reducing his direct ownership by 3.98%. The transaction was made under a pre-arranged Rule 10b5-1 plan, so it does not necessarily indicate a change in his outlook, but the size of the sale may still concern investors. Everpure Insider Sells Stock
• Negative Sentiment: Recent insider selling appears broad rather than isolated. Director Andrew Brown sold 4,268 shares, while Chief Accounting Officer Mona Chu sold 5,112 shares. Colgrove has also reported multiple earlier sales as the stock advanced, reinforcing the perception of increased insider profit-taking. Everpure Insider Selling Reports
• Negative Sentiment: Macroeconomic conditions are unfavorable for richly valued technology stocks. September inflation reached 3.7%, above expectations, pushing bond yields higher and prompting an afternoon selloff across growth and technology shares. Technology Stocks Fall on Inflation Concerns
• Negative Sentiment: Everpure trades at roughly 194 times earnings and has a PEG ratio above 5. With the average analyst price target near $143.25, below recent trading levels, the stock has limited valuation cushion if growth slows or earnings fail to exceed expectations.

Everpure Stock Down 8.6%

The stock has a 50-day simple moving average of $114.28. The stock has a market capitalization of $43.10 billion, a PE ratio of 176.12, a P/E/G ratio of 5.24 and a beta of 1.39.

Everpure (NYSE:P) last announced its quarterly earnings results on Wednesday, August 26th. The company reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.51. The firm had revenue of $1.19 billion for the quarter. Everpure had a return on equity of 19.06% and a net margin of 5.94%. The company’s revenue for the quarter was up 37.7% compared to the same quarter last year. Research analysts anticipate that Everpure, Inc. will post 0.95 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in P. Paradigm Capital Management Inc. NY acquired a new stake in shares of Everpure in the 2nd quarter valued at approximately $2,127,000. Nykredit A S acquired a new position in Everpure during the second quarter valued at approximately $9,412,000. Wellington Management Group LLP acquired a new position in Everpure during the second quarter valued at approximately $2,192,000. Raiffeisen Bank International AG bought a new stake in Everpure in the second quarter valued at approximately $25,525,000. Finally, Sequoia Financial Advisors LLC bought a new stake in Everpure in the second quarter valued at approximately $814,000. Institutional investors and hedge funds own 83.42% of the company’s stock.

About Everpure

Pure Storage, Inc provides data storage technologies, products, and services in the United States and internationally. The company’s Purity software is shared across its products and provides enterprise-class data services, such as data reduction, data protection, and encryption, as well as storage protocols, including block, file, and object. Its products portfolio includes FlashArray for block-oriented storage, addressing databases, applications, virtual machines, and other traditional workloads; FlashArray//XL; and FlashArray//C, an all-QLC flash array.