Everpure (NYSE:P) Shares Up 7.7% After Analyst Upgrade

Key Points

• Everpure shares rose 7.7% after JPMorgan Chase & Co. lifted its price target from $80 to $92 and kept an overweight rating on the stock.
• The bullish tone was reinforced by other analysts, including Needham, Wedbush, and Guggenheim, while MarketBeat shows a consensus rating of Moderate Buy with an average target price of $96.32.
• Everpure also reported a strong quarter, beating earnings and revenue estimates with EPS of $0.47 on $1.05 billion in revenue, and management raised full-year guidance on the back of strong AI-driven demand.

Everpure, Inc. (NYSE:P - Get Free Report)'s stock price rose 7.7% on Friday after JPMorgan Chase & Co. raised their price target on the stock from $80.00 to $92.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Everpure traded as high as $79.00 and last traded at $78.6410. Approximately 961,891 shares traded hands during mid-day trading, a decline of 72% from the average daily volume of 3,377,117 shares. The stock had previously closed at $73.04.

Several other equities research analysts have also recently commented on the company. Needham & Company LLC reissued a "buy" rating and set a $100.00 target price on shares of Everpure in a report on Thursday. Wedbush increased their price target on Everpure from $100.00 to $105.00 and gave the company an "outperform" rating in a research note on Thursday. Wall Street Zen upgraded Everpure from a "hold" rating to a "buy" rating in a research report on Saturday, February 21st. Guggenheim upped their price objective on Everpure from $105.00 to $115.00 and gave the company a "buy" rating in a report on Thursday. Finally, Weiss Ratings assumed coverage on Everpure in a research note on Monday, April 20th. They set a "hold (c)" rating for the company. Thirteen equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $96.32.

Insiders Place Their Bets

In other Everpure news, insider John Colgrove sold 200,000 shares of Everpure stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $85.93, for a total value of $17,186,000.00. Following the transaction, the insider owned 6,625,221 shares in the company, valued at approximately $569,305,240.53. The trade was a 2.93% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 534,265 shares of company stock worth $41,321,234 in the last ninety days. Company insiders own 5.10% of the company's stock.

More Everpure News

Here are the key news stories impacting Everpure this week:

• Positive Sentiment: Everpure posted a solid Q1 beat, with EPS of $0.47 versus $0.40 expected and revenue of $1.05 billion versus $997.9 million expected, while revenue rose 35.2% year over year. The company also said product revenue jumped 55% and AI-led storage demand remained strong. Article Title
• Positive Sentiment: Management raised full-year revenue and operating profit guidance, and several analysts responded favorably, including JPMorgan lifting its price target to $92 and Needham reiterating a buy rating with a $100 target. Article Title
• Neutral Sentiment: Analysts and market commentary noted that demand from AI infrastructure, enterprise wins, and subscription growth supported the quarter, but some reports also pointed to supply chain issues and memory shortages as operational headwinds. Article Title
• Negative Sentiment: The stock fell because Q2 guidance looked soft relative to expectations, with next-quarter revenue guidance well below analyst estimates, raising concern that growth may slow after a strong first quarter. Article Title
• Negative Sentiment: Some investors were also disappointed by a drop in free cash flow, which added to the post-earnings selloff despite the beat on earnings and revenue. Article Title

Hedge Funds Weigh In On Everpure

A number of hedge funds have recently modified their holdings of the stock. Winnow Wealth LLC acquired a new position in shares of Everpure in the 3rd quarter valued at $26,000. Provenance Wealth Advisors LLC acquired a new stake in Everpure during the 3rd quarter worth about $27,000. Sunbelt Securities Inc. raised its holdings in Everpure by 287.1% during the 3rd quarter. Sunbelt Securities Inc. now owns 329 shares of the company's stock worth $28,000 after buying an additional 244 shares during the period. Foster Dykema Cabot & Partners LLC purchased a new stake in Everpure during the third quarter valued at about $28,000. Finally, Assetmark Inc. lifted its stake in Everpure by 186.6% during the third quarter. Assetmark Inc. now owns 341 shares of the company's stock valued at $29,000 after buying an additional 222 shares in the last quarter. 83.42% of the stock is currently owned by institutional investors and hedge funds.

Everpure Trading Up 7.2%

The firm has a market capitalization of $25.88 billion, a P/E ratio of 119.23, a PEG ratio of 6.31 and a beta of 1.44.

Everpure (NYSE:P - Get Free Report) last released its quarterly earnings results on Wednesday, May 27th. The company reported $0.47 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.40 by $0.07. Everpure had a net margin of 5.75% and a return on equity of 16.12%. The business had revenue of $1.05 billion for the quarter, compared to analyst estimates of $997.88 million. During the same quarter in the previous year, the business earned $0.29 earnings per share. The firm's revenue was up 35.2% compared to the same quarter last year. On average, equities research analysts expect that Everpure, Inc. will post 0.72 EPS for the current fiscal 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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