Everpure (NYSE:P) Raised to Strong-Buy at Zacks Research

Everpure (NYSE:P) was upgraded by Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued on Thursday,Zacks.com reports.

P has been the topic of a number of other research reports. Wells Fargo & Company raised their price target on Everpure from $90.00 to $97.00 and gave the stock an “overweight” rating in a research note on Thursday, May 28th. DA Davidson set a $100.00 price objective on Everpure in a report on Wednesday, July 1st. William Blair reaffirmed an “outperform” rating on shares of Everpure in a report on Thursday, May 28th. Piper Sandler reiterated an “overweight” rating on shares of Everpure in a research note on Thursday, May 28th. Finally, Barclays boosted their price objective on shares of Everpure from $81.00 to $84.00 and gave the company an “equal weight” rating in a research note on Thursday, May 28th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $96.50.

Everpure Stock Performance

Shares of NYSE P opened at $69.25 on Thursday. Everpure has a 12-month low of $54.37 and a 12-month high of $100.59. The firm has a market capitalization of $23.02 billion, a PE ratio of 104.93, a P/E/G ratio of 3.87 and a beta of 1.45. The company has a fifty day moving average of $76.89.

Everpure (NYSE:P) last announced its quarterly earnings data on Wednesday, May 27th. The company reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.40 by $0.07. Everpure had a net margin of 5.75% and a return on equity of 15.97%. The company had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $997.88 million. During the same period in the prior year, the firm posted $0.29 EPS. The company’s quarterly revenue was up 35.2% compared to the same quarter last year. As a group, sell-side analysts expect that Everpure will post 0.92 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Susan J.S. Taylor sold 8,543 shares of Everpure stock in a transaction on Thursday, July 9th. The stock was sold at an average price of $81.74, for a total transaction of $698,304.82. Following the completion of the transaction, the director owned 94,608 shares of the company’s stock, valued at $7,733,257.92. The trade was a 8.28% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider John Colgrove sold 100,000 shares of the business’s stock in a transaction dated Friday, July 10th. The stock was sold at an average price of $79.82, for a total transaction of $7,982,000.00. Following the completion of the sale, the insider owned 2,565,000 shares in the company, valued at $204,738,300. This represents a 3.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 772,345 shares of company stock valued at $59,454,825 in the last three months. 5.10% of the stock is owned by insiders.

Institutional Trading of Everpure

Institutional investors have recently made changes to their positions in the stock. State Street Corp raised its position in Everpure by 0.8% in the fourth quarter. State Street Corp now owns 10,953,501 shares of the company’s stock valued at $733,994,000 after purchasing an additional 88,583 shares during the period. Geode Capital Management LLC increased its position in shares of Everpure by 2.8% during the fourth quarter. Geode Capital Management LLC now owns 7,716,158 shares of the company’s stock worth $515,972,000 after acquiring an additional 207,317 shares during the last quarter. Norges Bank acquired a new stake in Everpure during the 4th quarter valued at approximately $265,327,000. Atreides Management LP purchased a new stake in Everpure during the 2nd quarter worth approximately $204,552,000. Finally, AQR Capital Management LLC raised its holdings in Everpure by 62.7% in the fourth quarter. AQR Capital Management LLC now owns 3,414,715 shares of the company’s stock valued at $228,820,000 after acquiring an additional 1,315,351 shares in the last quarter. 83.42% of the stock is owned by hedge funds and other institutional investors.

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.