Pivotal Software (NASDAQ:PVTL) had its target price increased by analysts at Wedbush from $25.00 to $26.00 in a research note issued to investors on Friday. The brokerage presently has an “outperform” rating on the stock. Wedbush’s price objective points to a potential upside of 19.60% from the company’s current price.
Several other brokerages have also recently issued reports on PVTL. Bank of America reissued a “neutral” rating and set a $25.00 target price (up previously from $22.00) on shares of Pivotal Software in a report on Friday. Goldman Sachs Group cut shares of Pivotal Software from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $25.00 to $24.00 in a report on Wednesday, March 6th. Royal Bank of Canada raised shares of Pivotal Software from a “sector perform” rating to an “outperform” rating in a report on Thursday, December 20th. Zacks Investment Research cut shares of Pivotal Software from a “buy” rating to a “hold” rating in a report on Tuesday, December 18th. Finally, Needham & Company LLC raised their target price on shares of Pivotal Software from $25.00 to $28.00 and gave the stock a “buy” rating in a report on Wednesday, December 12th. Seven investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Pivotal Software has a consensus rating of “Buy” and a consensus price target of $23.77.
NASDAQ:PVTL traded down $0.66 during midday trading on Friday, reaching $21.74. 3,215,587 shares of the stock traded hands, compared to its average volume of 1,910,127. Pivotal Software has a 12-month low of $14.43 and a 12-month high of $31.24.
Pivotal Software (NASDAQ:PVTL) last posted its earnings results on Thursday, March 14th. The company reported ($0.14) EPS for the quarter, missing the Zacks’ 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. Pivotal Software’s revenue was up 27.0% on a year-over-year basis.
In related news, President William Cook sold 30,000 shares of the firm’s stock in a transaction on Thursday, February 14th. The shares were sold at an average price of $20.00, for a total transaction of $600,000.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Edward Hieatt sold 44,791 shares of the firm’s stock in a transaction on Thursday, February 14th. The shares were 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. In the last 90 days, insiders have sold 169,949 shares of company stock worth $3,549,191.
Several hedge funds and other institutional investors have recently made changes to their positions in PVTL. Bank of America Corp DE acquired a new stake in shares of Pivotal Software in the second quarter valued at about $1,176,000. Northern Trust Corp acquired a new position in Pivotal Software during the second quarter worth about $4,176,000. Wells Fargo & Company MN raised its stake in Pivotal Software by 88.1% during 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 period. Teachers Retirement System of The State of Kentucky raised its stake in Pivotal Software by 10.3% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 33,005 shares of the company’s stock worth $646,000 after purchasing an additional 3,088 shares during the period. Finally, Washington Capital Management Inc. purchased a new position in Pivotal Software during the third quarter worth about $284,000.
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.
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