Pivotal Software (PVTL) Updates FY20 Earnings Guidance

Pivotal Software (NASDAQ:PVTL) updated its FY20 earnings guidance on Thursday. The company provided earnings per share guidance of ($0.15)-($0.13) for the period, compared to the Thomson Reuters consensus earnings per share estimate of ($0.14). The company issued revenue guidance of $798-$806 million, compared to the consensus revenue estimate of $814.42 million.Pivotal Software also updated its FY 2020 guidance to $-0.15–0.13 EPS.

Several brokerages have recently issued reports on PVTL. Goldman Sachs Group cut shares of Pivotal Software from a buy rating to a neutral rating and decreased their target price for the company from $25.00 to $24.00 in a research report on Wednesday, March 6th. Zacks Investment Research cut shares of Pivotal Software from a buy rating to a hold rating in a research report on Wednesday, November 14th. Needham & Company LLC upped their target price on shares of Pivotal Software from $25.00 to $28.00 and gave the company a buy rating in a research report on Wednesday, December 12th. Finally, Royal Bank of Canada upgraded shares of Pivotal Software from a sector perform rating to an outperform rating in a research report on Thursday, December 20th. Seven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Pivotal Software presently has a consensus rating of Buy and a consensus price target of $23.46.

NASDAQ:PVTL traded up $0.07 during mid-day trading on Thursday, hitting $22.40. 3,083,718 shares of the stock traded hands, 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 issued its quarterly earnings results on Tuesday, December 11th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.09) by $0.04. The firm had revenue of $168.10 million for the quarter, compared to the consensus estimate of $164.11 million. The company’s revenue for the quarter was up 30.3% on a year-over-year basis.

In other Pivotal Software news, President William Cook sold 30,000 shares of the company’s stock in a transaction dated Thursday, February 14th. The shares were sold at an average price of $20.00, for a total value of $600,000.00. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Edward Hieatt sold 44,791 shares of the company’s stock in a transaction dated Thursday, February 14th. The stock was sold at an average price of $20.01, for a total transaction of $896,267.91. The disclosure for this sale can be found here. Insiders have sold a total of 169,949 shares of company stock worth $3,549,191 over the last quarter.

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About Pivotal Software

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.

Further Reading: Systematic Risk and Investors

Earnings History and Estimates for Pivotal Software (NASDAQ:PVTL)

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