Everpure (NYSE:P) Stock Price Down 7.3% - Time to Sell?

Key Points

• Everpure shares fell 7.3% to $100.68, with trading volume about 47% below its average. Despite the decline, analysts maintain a “Moderate Buy” consensus and an average price target of $108.30.
• The company exceeded quarterly expectations, reporting adjusted earnings of $0.47 per share versus the $0.40 consensus and revenue of $1.05 billion. Revenue increased 35.2% year over year.
• Insiders have sold 827,800 shares worth approximately $78.2 million over the past 90 days, while institutional investors own 83.42% of the stock.

Everpure, Inc. (NYSE:P - Get Free Report) shares dropped 7.3% on Monday . The company traded as low as $101.09 and last traded at $100.68. 1,743,006 shares changed hands during trading, a decline of 47% from the average session volume of 3,281,774 shares. The stock had previously closed at $108.55.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on P. JPMorgan Chase & Co. boosted their price objective on shares of Everpure from $80.00 to $92.00 and gave the company an "overweight" rating in a research note on Thursday, May 28th. Northland Securities set a $90.00 target price on shares of Everpure in a report on Thursday, May 28th. Morgan Stanley raised Everpure from an "equal weight" rating to an "overweight" rating and lifted their price target for the stock from $87.00 to $108.00 in a research report on Monday, August 10th. Wells Fargo & Company upped their price objective on Everpure from $90.00 to $97.00 and gave the stock an "overweight" rating in a report on Thursday, May 28th. Finally, Barclays boosted 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. Sixteen investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $108.30.

Everpure Trading Down 7.3%

The firm has a market capitalization of $33.47 billion, a PE ratio of 152.56, a price-to-earnings-growth ratio of 6.04 and a beta of 1.45. The firm's fifty day simple moving average is $82.90.

Everpure (NYSE:P - Get Free Report) last posted its 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. The firm had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $997.88 million. Everpure had a return on equity of 15.97% and a net margin of 5.75%.The business's quarterly revenue was up 35.2% on a year-over-year basis. During the same period last year, the company earned $0.29 earnings per share. On average, equities analysts forecast that Everpure, Inc. will post 0.93 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Ajay Singh sold 9,787 shares of the stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $78.12, for a total transaction of $764,560.44. Following the completion of the sale, the insider directly owned 340,939 shares of the company's stock, valued at approximately $26,634,154.68. This trade represents a 2.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider John Colgrove sold 200,000 shares of the company's stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $96.98, for a total value of $19,396,000.00. Following the completion of the transaction, the insider owned 6,474,080 shares in the company, valued at approximately $627,856,278.40. The trade was a 3.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 827,800 shares of company stock worth $78,153,882. 5.10% of the stock is owned by company insiders.

Institutional Trading of Everpure

Hedge funds and other institutional investors have recently bought and sold shares of the company. California State Teachers Retirement System bought a new stake in Everpure during the second quarter valued at approximately $2,964,174,000. State Street Corp increased its holdings in Everpure by 0.8% during the fourth quarter. State Street Corp now owns 10,953,501 shares of the company's stock valued at $733,994,000 after buying an additional 88,583 shares during the last quarter. Geode Capital Management LLC raised its holdings in Everpure by 2.8% during the fourth quarter. Geode Capital Management LLC now owns 7,716,158 shares of the company's stock valued at $515,972,000 after acquiring an additional 207,317 shares during the period. Norges Bank bought a new stake in Everpure in the fourth quarter worth $265,327,000. Finally, Atreides Management LP bought a new position in shares of Everpure during the second quarter valued at approximately $204,552,000. 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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