Needham & Company LLC Forecasts Strong Price Appreciation for Everpure (NYSE:P) Stock

Everpure (NYSE:P) had its price objective increased by research analysts at Needham & Company LLC from $150.00 to $185.00 in a report issued on Thursday, Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s price target indicates a potential upside of 20.98% from the company’s current price.

Several other equities analysts also recently commented on P. Evercore reaffirmed an “outperform” rating and issued a $145.00 target price on shares of Everpure in a research report on Thursday, September 24th. Wedbush reaffirmed an “outperform” rating and issued a $130.00 price objective on shares of Everpure in a report on Thursday, September 24th. JPMorgan Chase & Co. increased their price objective on Everpure from $130.00 to $145.00 and gave the stock an “overweight” rating in a research report on Thursday, August 27th. Lake Street Capital lifted their target price on Everpure from $120.00 to $130.00 and gave the stock a “buy” rating in a report on Thursday, September 24th. Finally, Guggenheim reissued a “buy” rating and issued a $150.00 target price on shares of Everpure in a research report on Thursday, September 24th. Seventeen analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Everpure currently has a consensus rating of “Moderate Buy” and a consensus price target of $140.00.

Everpure Trading Up 3.9%

Shares of NYSE P opened at $152.92 on Thursday. The company has a market capitalization of $50.96 billion, a PE ratio of 209.47, a price-to-earnings-growth ratio of 4.91 and a beta of 1.39. The stock’s fifty day moving average price is $107.11. Everpure has a twelve month low of $56.78 and a twelve month high of $153.46.

Everpure (NYSE:P) last announced its quarterly earnings data on Wednesday, August 26th. The company reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.51. The company had revenue of $1.19 billion during the quarter. Everpure had a return on equity of 19.06% and a net margin of 5.94%.The business’s revenue for the quarter was up 37.7% on a year-over-year basis. As a group, analysts forecast that Everpure will post 0.95 EPS for the current fiscal year.

Insider Activity

In related news, insider John Colgrove sold 200,000 shares of the stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $96.98, for a total transaction of $19,396,000.00. Following the sale, the insider owned 6,474,080 shares in the company, valued at approximately $627,856,278.40. This trade represents a 3.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Ajay Singh sold 42,930 shares of Everpure stock in a transaction that occurred on Thursday, September 24th. The shares were sold at an average price of $124.17, for a total transaction of $5,330,618.10. Following the completion of the transaction, the insider directly owned 288,362 shares in the company, valued at $35,805,909.54. This trade represents a 12.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 1,035,502 shares of company stock worth $105,858,759. Insiders own 5.10% of the company’s stock.

Institutional Investors Weigh In On Everpure

Several institutional investors and hedge funds have recently added to or reduced their stakes in P. Turiya Advisors Asia Ltd bought a new position in Everpure in the fourth quarter worth approximately $67,010,000. JANA Partners Management LP acquired a new stake in Everpure in the 2nd quarter valued at $77,939,000. Raiffeisen Bank International AG bought a new stake in Everpure during the 2nd quarter valued at $25,525,000. Engineers Gate Manager LP bought a new stake in Everpure during the 2nd quarter valued at $25,859,000. Finally, S&CO Inc. acquired a new position in Everpure during the second quarter worth $15,003,000. 83.42% of the stock is currently owned by institutional investors.

Everpure News Summary

Here are the key news stories impacting Everpure this week:

• Positive Sentiment: Everpure shares have risen about 36% since management increased its long-term revenue outlook, signaling stronger expected growth and supporting the stock’s momentum. Everpure Stock Rides 10-Day Winning Streak. What’s Driving the Rally.
• Positive Sentiment: Wall Street maintains a “Moderate Buy” consensus: 17 of 21 analysts rate the stock Buy, compared with three Holds and one Sell. Citigroup, Evercore and Morgan Stanley recently issued positive ratings or raised price targets. Everpure Stock Now Rated Moderate Buy by Wall Street Brokerages
• Positive Sentiment: Television personality Jim Cramer said Everpure could have additional room to run, adding to retail-investor enthusiasm around the stock’s strong performance. Jim Cramer Believes Everpure Could Have More Room to Run
• Neutral Sentiment: The company’s latest quarter showed strong operating momentum, including revenue growth of 37.7% year over year and earnings of $0.70 per share versus the $0.19 consensus estimate.
• Negative Sentiment: Valuation is a significant risk. At roughly $153, Everpure trades at more than 200 times earnings, while GF Value characterizes the shares as overvalued after the recent rally. Is Everpure Overvalued After the Rally?
• Negative Sentiment: Chief Accounting Officer Mona Chu sold 2,852 shares for approximately $400,000. She still owns a substantial stake, so the transaction is a modest negative signal rather than evidence of broad insider selling. Everpure CAO Sells 2,852 Shares

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.