Bank of America Issues Positive Forecast for Hewlett Packard Enterprise (NYSE:HPE) Stock Price

Key Points

• Bank of America raised its Hewlett Packard Enterprise price target from $80 to $82 and maintained a “buy” rating, implying 56.76% upside from the prior close.
• Analyst sentiment is broadly positive: HPE has 11 “buy” ratings and six “hold” ratings, with a consensus rating of “Moderate Buy” and an average price target of $69.93.
• HPE reported quarterly earnings of $0.79 per share versus $0.54 expected, while revenue reached $10.68 billion and grew 40% year over year.

Hewlett Packard Enterprise (NYSE:HPE - Get Free Report) had its price target upped by stock analysts at Bank of America from $80.00 to $82.00 in a report released on Monday,Benzinga reports. The firm currently has a "buy" rating on the technology company's stock. Bank of America's price objective would indicate a potential upside of 56.76% from the stock's previous close.

A number of other analysts have also recently commented on the company. Citigroup upped their price objective on Hewlett Packard Enterprise from $70.00 to $74.00 and gave the company a "buy" rating in a research report on Friday, July 24th. Weiss Ratings raised shares of Hewlett Packard Enterprise from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday, June 29th. Sanford C. Bernstein raised their price objective on shares of Hewlett Packard Enterprise from $35.00 to $62.00 and gave the stock a "market perform" rating in a report on Tuesday, June 2nd. Truist Financial reaffirmed a "buy" rating and set a $69.00 target price (up from $31.00) on shares of Hewlett Packard Enterprise in a report on Tuesday, June 2nd. Finally, Zacks Research cut shares of Hewlett Packard Enterprise from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 3rd. Eleven research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $69.93.

Hewlett Packard Enterprise Stock Performance

Shares of HPE stock opened at $52.31 on Monday. Hewlett Packard Enterprise has a 12-month low of $19.84 and a 12-month high of $64.25. The company has a current ratio of 1.09, a quick ratio of 0.75 and a debt-to-equity ratio of 0.72. The firm's 50 day moving average is $49.46 and its 200 day moving average is $36.86. The stock has a market capitalization of $69.27 billion, a P/E ratio of 48.89, a P/E/G ratio of 0.56 and a beta of 1.42.

Hewlett Packard Enterprise (NYSE:HPE - Get Free Report) last announced its earnings results on Monday, June 1st. The technology company reported $0.79 earnings per share for the quarter, beating analysts' consensus estimates of $0.54 by $0.25. The business had revenue of $10.68 billion during the quarter, compared to analyst estimates of $9.78 billion. Hewlett Packard Enterprise had a net margin of 3.94% and a return on equity of 11.91%. The company's quarterly revenue was up 40.0% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.82) EPS. Research analysts expect that Hewlett Packard Enterprise will post 2.92 earnings per share for the current year.

Insider Activity at Hewlett Packard Enterprise

In other news, SVP Kirt P. Karros sold 18,785 shares of the firm's stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $48.50, for a total transaction of $911,072.50. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.44% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Headlands Technologies LLC bought a new stake in shares of Hewlett Packard Enterprise during the second quarter valued at approximately $26,000. Delos Wealth Advisors LLC bought a new position in shares of Hewlett Packard Enterprise during the second quarter worth $27,000. SJS Investment Consulting Inc. boosted its position in shares of Hewlett Packard Enterprise by 159.5% during the first quarter. SJS Investment Consulting Inc. now owns 1,165 shares of the technology company's stock worth $28,000 after acquiring an additional 716 shares during the last quarter. Union Savings Bank purchased a new position in Hewlett Packard Enterprise during the fourth quarter valued at $30,000. Finally, First Bancorp Inc ME purchased a new position in Hewlett Packard Enterprise during the second quarter valued at $30,000. 80.78% of the stock is owned by hedge funds and other institutional investors.

About Hewlett Packard Enterprise

Hewlett Packard Enterprise (HPE) is an enterprise technology company that designs, develops and sells IT infrastructure, software and services for business and government customers. Its core offerings span servers, storage, networking, and related software, together with consulting, integration and support services aimed at modernizing and managing enterprise IT environments. HPE's product portfolio includes systems for traditional data centers as well as solutions for high-performance computing, edge computing and telecommunications infrastructure.

A major focus for HPE is hybrid cloud and consumption-based IT.

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