Everpure (NYSE:P) Trading Down 7.4% on Insider Selling

Key Points

• Everpure shares fell 7.4% in mid-day trading after insider selling, with the stock dropping to as low as $73.20 from a prior close of $77.03. Trading volume was far below normal, suggesting a relatively muted session despite the sharp decline.
• Multiple insiders sold stock recently, including John Colgrove’s 100,000-share sale under a pre-arranged 10b5-1 plan and Director Susan J.S. Taylor’s 8,543-share sale. Ajay Singh also sold 9,787 shares, adding to investor concern over insider activity.
• Analysts remain broadly optimistic on Everpure, with a consensus “Moderate Buy” rating and an average price target of $96.50. The company also posted strong quarterly results, beating EPS and revenue estimates with revenue up 35.2% year over year.

Shares of Everpure, Inc. (NYSE:P - Get Free Report) dropped 7.4% during mid-day trading on Wednesday following insider selling activity. The stock traded as low as $73.20 and last traded at $71.3650. 310,281 shares were traded during mid-day trading, a decline of 91% from the average session volume of 3,361,105 shares. The stock had previously closed at $77.03.

Specifically, insider John Colgrove sold 100,000 shares of Everpure stock in a transaction that occurred on Friday, July 10th. The shares were sold at an average price of $79.82, for a total transaction of $7,982,000.00. Following the completion of the sale, the insider directly owned 2,565,000 shares in the company, valued at approximately $204,738,300. This trade represents a 3.75% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 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 stock was sold at an average price of $81.74, for a total value of $698,304.82. Following the sale, the director directly owned 94,608 shares in the company, valued at $7,733,257.92. This trade represents a 8.28% decrease in their position. The SEC filing for this sale provides additional information. In related news, insider Ajay Singh sold 9,787 shares of the company's stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $78.12, for a total value of $764,560.44. Following the sale, the insider owned 340,939 shares in the company, valued at $26,634,154.68. This represents a 2.79% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on P shares. Needham & Company LLC restated a "buy" rating and set a $100.00 target price on shares of Everpure in a report on Thursday, May 28th. Piper Sandler reiterated an "overweight" rating on shares of Everpure in a research note on Thursday, May 28th. Wells Fargo & Company upped their price target on shares of Everpure from $90.00 to $97.00 and gave the stock an "overweight" rating in a research report on Thursday, May 28th. JPMorgan Chase & Co. upped their price target on Everpure from $80.00 to $92.00 and gave the stock an "overweight" rating in a research note on Thursday, May 28th. Finally, Lake Street Capital increased their price objective on shares of Everpure from $90.00 to $94.00 and gave the stock a "buy" rating in a research report on Thursday, May 28th. Thirteen equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $96.50.

Key Headlines Impacting Everpure

Here are the key news stories impacting Everpure this week:

• Positive Sentiment: Shares moved higher after a report said IBM’s revenue warning implied enterprise IT budgets are shifting toward server and memory spending, a trend that can benefit storage and infrastructure names like Everpure. Everpure and NetApp Stocks Trade Up, What You Need To Know
• Positive Sentiment: Everpure’s latest quarterly results were strong, with EPS and revenue both beating expectations and revenue rising 35.2% year over year, supporting the stock’s premium valuation.
• Neutral Sentiment: Wall Street remains constructive overall, with a consensus “Moderate Buy” rating and a $96.50 average price target, suggesting analysts still see upside from current levels.
• Negative Sentiment: Recent insider selling may be weighing on investor confidence: Director Susan J.S. Taylor sold 8,543 shares, and insider John Colgrove sold 100,000 shares under a pre-arranged 10b5-1 plan. Everpure NYSE: P Insider Selling: Insider Sells 100,000 Shares

Everpure Trading Down 7.4%

The company has a 50-day moving average of $77.29. The company has a market capitalization of $23.72 billion, a price-to-earnings ratio of 108.54, a price-to-earnings-growth ratio of 4.26 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 (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 15.97%. 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 prior year, the business posted $0.29 EPS. The company's revenue for the quarter was up 35.2% on a year-over-year basis. As a group, sell-side analysts expect that Everpure, Inc. will post 0.92 EPS for the current year.

Institutional Trading of Everpure

Several institutional investors have recently added to or reduced their stakes in the business. PFA Pension Forsikringsaktieselskab bought a new position in shares of Everpure in the fourth quarter worth $10,948,000. ClearAlpha Technologies LP acquired a new position in shares of Everpure in the 4th quarter worth approximately $971,000. National Pension Service lifted its stake in Everpure by 782.9% during the fourth quarter. National Pension Service now owns 665,667 shares of the company's stock valued at $44,606,000 after purchasing an additional 590,274 shares during the last quarter. Geode Capital Management LLC lifted its stake 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 purchasing an additional 207,317 shares during the last quarter. Finally, Bleakley Financial Group LLC bought a new stake in Everpure during the fourth quarter worth approximately $745,000. 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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