Barclays Lowers Pivotal Software (PVTL) Price Target to $21.00

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Pivotal Software (NASDAQ:PVTL) had its target price reduced by research analysts at Barclays from $23.00 to $21.00 in a research note issued on Friday. The firm presently has an “equal weight” rating on the stock. Barclays‘s price objective suggests a potential downside of 3.00% from the stock’s current price.

Several other research firms have also recently weighed in on PVTL. Goldman Sachs Group cut shares of Pivotal Software from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $25.00 to $24.00 in a research report on Wednesday, March 6th. Wedbush upped their price objective on shares of Pivotal Software from $25.00 to $26.00 and gave the stock an “outperform” rating in a research report on Friday. Bank of America restated a “neutral” rating and issued a $25.00 price objective (up from $22.00) on shares of Pivotal Software in a research report on Friday. Needham & Company LLC upped their price objective on shares of Pivotal Software from $25.00 to $28.00 and gave the stock a “buy” rating in a research report on Wednesday, December 12th. Finally, Zacks Investment Research upgraded shares of Pivotal Software from a “hold” rating to a “buy” rating and set a $19.00 price target on the stock in a research report on Saturday, December 15th. Seven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $23.77.

Shares of PVTL stock traded down $0.75 during trading on Friday, hitting $21.65. The company had a trading volume of 85,472 shares, compared to its average volume of 1,910,127. Pivotal Software has a 52 week low of $14.43 and a 52 week high of $31.24.

Pivotal Software (NASDAQ:PVTL) last posted its quarterly earnings data on Thursday, March 14th. The company reported ($0.14) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.09) by ($0.05). The company had revenue of $169.20 million for the quarter, compared to the consensus estimate of $170.21 million. The company’s revenue was up 27.0% compared to the same quarter last year.

In other Pivotal Software news, President William Cook sold 30,000 shares of the stock in a transaction that occurred on Thursday, February 14th. The shares were sold at an average price of $20.00, for a total transaction of $600,000.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Onsi Fakhouri sold 13,700 shares of the stock in a transaction that occurred on Tuesday, February 26th. The shares were sold at an average price of $22.49, for a total transaction of $308,113.00. The disclosure for this sale can be found here. Insiders have sold 169,949 shares of company stock worth $3,549,191 over the last quarter.

Several institutional investors have recently modified their holdings of PVTL. FMR LLC grew its holdings in shares of Pivotal Software by 179.1% in the fourth quarter. FMR LLC now owns 5,186,120 shares of the company’s stock worth $84,793,000 after purchasing an additional 3,328,120 shares during the last quarter. Bank of America Corp DE grew its holdings in shares of Pivotal Software by 1,232.4% in the fourth quarter. Bank of America Corp DE now owns 2,827,457 shares of the company’s stock worth $46,229,000 after purchasing an additional 2,615,254 shares during the last quarter. SQN Investors LP grew its holdings in shares of Pivotal Software by 2,772.5% in the third quarter. SQN Investors LP now owns 1,726,349 shares of the company’s stock worth $33,802,000 after purchasing an additional 1,666,250 shares during the last quarter. Wells Fargo & Company MN grew its holdings in shares of Pivotal Software by 88.1% in the third quarter. Wells Fargo & Company MN now owns 2,890,993 shares of the company’s stock worth $56,606,000 after purchasing an additional 1,353,731 shares during the last quarter. Finally, Norges Bank bought a new position in shares of Pivotal Software in the fourth quarter worth approximately $15,533,000.

Pivotal Software Company Profile

Pivotal Software, Inc, together with its subsidiaries, provides an integrated solution that combines a cloud-native application platform and services in the United States. Its cloud-native platform, Pivotal Cloud Foundry (PCF), accelerates and streamlines software development by reducing the complexity of building, deploying, and operating modern applications.

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Analyst Recommendations for Pivotal Software (NASDAQ:PVTL)

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