Vmware’s (VMW) “Buy” Rating Reiterated at Bank of America Corporation
Vmware, Inc. (NYSE:VMW)‘s stock had its “buy” rating reiterated by equities researchers at Bank of America Corporation in a research report issued on Thursday. They currently have a $125.00 target price on the virtualization software provider’s stock, up from their prior target price of $120.00. Bank of America Corporation’s price target points to a potential upside of 12.86% from the company’s current price.
Other research analysts have also issued research reports about the company. Cowen and Company boosted their target price on Vmware from $92.00 to $98.00 and gave the company an “outperform” rating in a report on Thursday, May 25th. Royal Bank Of Canada boosted their target price on Vmware from $97.00 to $110.00 and gave the company an “outperform” rating in a report on Wednesday, May 31st. Citigroup Inc. reissued a “buy” rating and issued a $124.00 target price on shares of Vmware in a report on Monday, August 28th. Zacks Investment Research lowered Vmware from a “buy” rating to a “hold” rating in a report on Friday, July 28th. Finally, BMO Capital Markets dropped their target price on Vmware from $105.00 to $98.00 and set a “market perform” rating on the stock in a report on Friday, June 2nd. Thirteen equities research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. Vmware currently has a consensus rating of “Buy” and a consensus price target of $112.00.
Vmware (NYSE:VMW) traded up 0.294% during midday trading on Thursday, reaching $110.755. The company’s stock had a trading volume of 1,663,854 shares. Vmware has a 12-month low of $72.05 and a 12-month high of $111.61. The stock’s 50 day moving average is $98.72 and its 200 day moving average is $93.31. The stock has a market cap of $45.29 billion, a P/E ratio of 39.869 and a beta of 0.74.
Vmware (NYSE:VMW) last released its quarterly earnings results on Thursday, August 24th. The virtualization software provider reported $1.19 EPS for the quarter, topping the consensus estimate of $1.15 by $0.04. The company had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.89 billion. Vmware had a return on equity of 18.06% and a net margin of 17.81%. The firm’s revenue was up 12.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.97 earnings per share. Analysts anticipate that Vmware will post $5.06 earnings per share for the current year.
Vmware announced that its Board of Directors has initiated a stock buyback plan on Monday, August 14th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the virtualization software provider to repurchase up to 2.5% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.
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In related news, COO Sanjay Poonen sold 1,134 shares of the company’s stock in a transaction on Friday, September 8th. The stock was sold at an average price of $106.51, for a total value of $120,782.34. Following the completion of the transaction, the chief operating officer now directly owns 192,774 shares in the company, valued at $20,532,358.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider P. Kevan Krysler sold 13,751 shares of the company’s stock in a transaction on Friday, September 1st. The shares were sold at an average price of $107.69, for a total value of $1,480,845.19. The disclosure for this sale can be found here. Insiders sold 41,342 shares of company stock worth $4,045,490 over the last 90 days. Company insiders own 0.52% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. Ameriprise Financial Inc. increased its stake in Vmware by 34.1% in the first quarter. Ameriprise Financial Inc. now owns 103,084 shares of the virtualization software provider’s stock valued at $9,495,000 after purchasing an additional 26,199 shares during the last quarter. BNP Paribas Arbitrage SA increased its stake in Vmware by 64.3% in the second quarter. BNP Paribas Arbitrage SA now owns 35,641 shares of the virtualization software provider’s stock valued at $3,116,000 after purchasing an additional 13,946 shares during the last quarter. Summit Global Investments acquired a new position in Vmware in the second quarter valued at $631,000. Nordea Investment Management AB increased its stake in Vmware by 13.5% in the first quarter. Nordea Investment Management AB now owns 5,329 shares of the virtualization software provider’s stock valued at $491,000 after purchasing an additional 632 shares during the last quarter. Finally, NN Investment Partners Holdings N.V. increased its stake in Vmware by 4.2% in the first quarter. NN Investment Partners Holdings N.V. now owns 428,030 shares of the virtualization software provider’s stock valued at $39,438,000 after purchasing an additional 17,320 shares during the last quarter. Hedge funds and other institutional investors own 21.81% of the company’s stock.
VMware, Inc is an information technology (IT) company. The Company is engaged in development and application of virtualization technologies with x86 server-based computing, separating application software from the underlying hardware. The Company offers various products, which allow organizations to manage IT resources across private clouds and multi-cloud, multi-device environments by leveraging synergies across three product categories: Software-Defined Data Center (SDDC), Hybrid Cloud Computing and End-User Computing (EUC).
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