Everpure (NYSE:P) Reaches New 52-Week High Following Analyst Upgrade

Key Points

• Everpure shares reached a new 52-week high of $119.10 after TD Cowen raised its price target from $100 to $170 and maintained a buy rating.
• Analyst sentiment is broadly positive: 16 analysts rate the stock Buy, four rate it Hold, and one rates it Sell, producing a consensus “Moderate Buy” rating and a $104.95 target.
• The company reported quarterly revenue of $1.05 billion, up 35.2% year over year, and EPS of $0.47 versus estimates of $0.40; however, insiders sold 827,800 shares worth about $78.2 million over the past 90 days.

Shares of Everpure, Inc. (NYSE:P - Get Free Report) hit a new 52-week high during mid-day trading on Tuesday after TD Cowen raised their price target on the stock from $100.00 to $170.00. TD Cowen currently has a buy rating on the stock. Everpure traded as high as $119.10 and last traded at $117.0970, with a volume of 287508 shares traded. The stock had previously closed at $116.99.

A number of other equities analysts have also weighed in on P. Morgan Stanley upgraded Everpure from an "equal weight" rating to an "overweight" rating and increased their target price for the stock from $87.00 to $108.00 in a research note on Monday, August 10th. Wedbush boosted their price target on Everpure from $100.00 to $105.00 and gave the company an "outperform" rating in a research note on Thursday, May 28th. Weiss Ratings reiterated a "hold (c)" rating on shares of Everpure in a research report on Friday, July 17th. Piper Sandler reissued an "overweight" rating on shares of Everpure in a report on Thursday, May 28th. Finally, Wells Fargo & Company boosted their target price on shares of Everpure from $90.00 to $97.00 and gave the company an "overweight" rating in a research report on Thursday, May 28th. Sixteen equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $104.95.

Insider Buying and Selling

In related news, Director Susan J.S. Taylor sold 8,543 shares of the business's stock in a transaction dated Thursday, July 9th. The stock was sold at an average price of $81.74, for a total value of $698,304.82. Following the completion of the transaction, the director owned 94,608 shares of the company's stock, valued at $7,733,257.92. The trade was a 8.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider John Colgrove sold 64,815 shares of the company's stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $117.44, for a total transaction of $7,611,873.60. Following the sale, the insider directly owned 6,074,080 shares of the company's stock, valued at $713,339,955.20. This represents a 1.06% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 827,800 shares of company stock valued at $78,153,882. Company insiders own 5.10% of the company's stock.

Hedge Funds Weigh In On Everpure

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Public Employees Retirement System of Ohio acquired a new position in shares of Everpure in the 2nd quarter valued at approximately $12,547,000. Paradigm Capital Management Inc. NY acquired a new stake in shares of Everpure during the 2nd quarter worth approximately $2,127,000. Summit Creek Advisors LLC bought a new position in Everpure in the second quarter valued at approximately $5,671,000. S&CO Inc. bought a new position in Everpure in the second quarter valued at approximately $15,003,000. Finally, Bigelow Investment Advisors LLC acquired a new position in Everpure during the first quarter valued at approximately $231,000. 83.42% of the stock is currently owned by institutional investors and hedge funds.

Everpure Price Performance

The business's 50-day moving average is $79.50. The stock has a market cap of $38.80 billion, a price-to-earnings ratio of 177.00, a price-to-earnings-growth ratio of 6.63 and a beta of 1.45.

Everpure (NYSE:P - Get Free Report) last issued its earnings results on Wednesday, May 27th. The company reported $0.47 earnings per share for the quarter, beating analysts' consensus estimates of $0.40 by $0.07. Everpure had a return on equity of 15.97% and a net margin of 5.75%.The firm had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $997.88 million. During the same quarter last year, the business posted $0.29 EPS. The company's revenue was up 35.2% compared to the same quarter last year. On average, equities research analysts anticipate that Everpure, Inc. will post 0.93 EPS for the current year.

Everpure Company Profile

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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