Everpure (NYSE:P) Rating Lowered to "Buy" at Wall Street Zen

Key Points

• Wall Street Zen downgraded Everpure from “strong buy” to “buy,” while the broader analyst consensus remains “Moderate Buy,” with 13 Buy, seven Hold, and one Sell rating and a $96.50 average price target.
• Everpure reported strong quarterly results, posting EPS of $0.47 versus a $0.40 estimate and revenue of $1.05 billion, up 35.2% year over year.
• The stock opened at $89.92, near its $100.59 52-week high, while insiders sold approximately $43.0 million of shares over the past 90 days; institutional investors own 83.42% of the company.

Everpure (NYSE:P - Get Free Report) was downgraded by analysts at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a research note issued to investors on Saturday.

Other analysts have also recently issued research reports about the company. Zacks Research cut Everpure from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 27th. Wedbush upped their price target on Everpure from $100.00 to $105.00 and gave the company an "outperform" rating in a research report on Thursday, May 28th. Lake Street Capital raised their price objective on Everpure from $90.00 to $94.00 and gave the stock a "buy" rating in a research report on Thursday, May 28th. Barclays lifted their target price on Everpure from $81.00 to $84.00 and gave the company an "equal weight" rating in a research note on Thursday, May 28th. Finally, Morgan Stanley increased their price target on shares of Everpure from $84.00 to $87.00 and gave the stock an "equal weight" rating in a research report on Thursday, May 28th. Thirteen analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $96.50.

Everpure Price Performance

P stock opened at $89.92 on Friday. Everpure has a 52-week low of $54.37 and a 52-week high of $100.59. The company's 50 day moving average price is $75.54. The firm has a market capitalization of $29.89 billion, a price-to-earnings ratio of 136.25, a P/E/G ratio of 4.94 and a beta of 1.45.

Everpure (NYSE:P - Get Free Report) last issued its quarterly earnings results on Wednesday, May 27th. The company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.40 by $0.07. Everpure had a net margin of 5.75% and a return on equity of 15.97%. The business had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $997.88 million. During the same quarter in the prior year, the firm earned $0.29 EPS. The firm's quarterly revenue was up 35.2% on a year-over-year basis. Equities research analysts predict that Everpure will post 0.92 EPS for the current fiscal year.

Insider Transactions at Everpure

In other news, Director Andrew William Fraser Brown sold 4,735 shares of Everpure stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of $72.57, for a total transaction of $343,618.95. Following the completion of the sale, the director directly owned 27,683 shares in the company, valued at $2,008,955.31. The trade was a 14.61% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Susan J.S. Taylor sold 8,543 shares of the business's stock in a transaction that occurred on Thursday, July 9th. The shares were sold at an average price of $81.74, for a total value of $698,304.82. Following the completion of the sale, the director directly owned 94,608 shares of the company's stock, valued at approximately $7,733,257.92. The trade was a 8.28% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 527,800 shares of company stock valued at $43,005,007. Corporate insiders own 5.10% of the company's stock.

Hedge Funds Weigh In On Everpure

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. State Street Corp increased its stake in shares of Everpure by 0.8% during the 4th quarter. State Street Corp now owns 10,953,501 shares of the company's stock worth $733,994,000 after purchasing an additional 88,583 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Everpure by 2.8% in the 4th quarter. Geode Capital Management LLC now owns 7,716,158 shares of the company's stock valued at $515,972,000 after purchasing an additional 207,317 shares during the last quarter. Norges Bank acquired a new stake in shares of Everpure in the 4th quarter valued at $265,327,000. Atreides Management LP bought a new stake in Everpure in the second quarter worth $204,552,000. Finally, AQR Capital Management LLC boosted its holdings in Everpure by 62.7% in the fourth quarter. AQR Capital Management LLC now owns 3,414,715 shares of the company's stock worth $228,820,000 after purchasing an additional 1,315,351 shares in the last quarter. Institutional investors own 83.42% of the company's stock.

About Everpure

Pure Storage, Inc provides data storage technologies, products, and services in the United States and internationally. The company's Purity software is shared across its products and provides enterprise-class data services, such as data reduction, data protection, and encryption, as well as storage protocols, including block, file, and object. Its products portfolio includes FlashArray for block-oriented storage, addressing databases, applications, virtual machines, and other traditional workloads; FlashArray//XL; and FlashArray//C, an all-QLC flash array.

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