Everpure, Inc. $P Shares Sold by Sumitomo Mitsui Trust Group Inc.

Key Points

• Sumitomo Mitsui Trust Group reduced its Everpure stake by 2.5% in the third quarter, selling 23,484 shares and retaining 922,306 shares worth approximately $120.6 million. Overall, institutional investors own 83.42% of the company, with several other major funds increasing their holdings.
• Analyst sentiment remains favorable: Everpure has a “Moderate Buy” consensus rating and an average price target of $148.65, while several firms recently raised their targets. However, insiders sold more than 1.14 million shares worth $134.6 million during the quarter.
• Shares opened at $113.89 after falling 10.3%, compared with a 52-week range of $56.78 to $157.57. The company recently reported adjusted earnings of $0.70 per share, well above the $0.19 consensus estimate, while revenue increased 37.7% year over year to $1.19 billion.

Sumitomo Mitsui Trust Group Inc. reduced its stake in Everpure, Inc. (NYSE:P - Free Report) by 2.5% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 922,306 shares of the company's stock after selling 23,484 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.28% of Everpure worth $120,619,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. JANA Partners Management LP purchased a new position in shares of Everpure during the 2nd quarter worth $77,939,000. Assenagon Asset Management S.A. grew its holdings in shares of Everpure by 504.0% in the third quarter. Assenagon Asset Management S.A. now owns 994,061 shares of the company's stock valued at $130,003,000 after purchasing an additional 829,476 shares during the period. Artemis Investment Management LLP grew its holdings in shares of Everpure by 100.1% in the third quarter. Artemis Investment Management LLP now owns 775,776 shares of the company's stock valued at $101,456,000 after purchasing an additional 388,066 shares during the period. Raiffeisen Bank International AG acquired a new stake in Everpure during the second quarter worth about $25,525,000. Finally, Engineers Gate Manager LP acquired a new stake in Everpure during the second quarter worth about $25,859,000. 83.42% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

P has been the topic of a number of analyst reports. Zacks Research raised shares of Everpure from a "hold" rating to a "strong-buy" rating in a research note on Monday, October 19th. Wedbush reissued an "outperform" rating and issued a $130.00 price target on shares of Everpure in a research note on Thursday, September 24th. Bank of America raised their price target on shares of Everpure from $150.00 to $180.00 in a report on Thursday, September 24th. Wells Fargo & Company raised their price target on shares of Everpure from $135.00 to $145.00 and gave the stock an "overweight" rating in a report on Thursday, September 24th. Finally, Susquehanna upped their price objective on Everpure from $145.00 to $175.00 and gave the company a "positive" rating in a report on Friday, September 25th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Everpure currently has an average rating of "Moderate Buy" and an average price target of $148.65.

Insider Buying and Selling

In other Everpure news, CAO Mona Chu sold 5,112 shares of the company's stock in a transaction on Friday, October 9th. The stock was sold at an average price of $151.40, for a total transaction of $773,956.80. Following the transaction, the chief accounting officer directly owned 125,982 shares in the company, valued at $19,073,674.80. This represents a 3.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Scott Dietzen sold 60,000 shares of the firm's stock in a transaction on Wednesday, October 14th. The stock was sold at an average price of $141.60, for a total value of $8,496,000.00. Following the transaction, the director owned 70,000 shares of the company's stock, valued at approximately $9,912,000. This represents a 46.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 1,145,371 shares of company stock valued at $134,591,122 over the last quarter. 5.10% of the stock is owned by corporate insiders.

Everpure Trading Down 10.3%

Shares of P opened at $113.89 on Tuesday. Everpure, Inc. has a 1-year low of $56.78 and a 1-year high of $157.57. The firm has a market capitalization of $37.95 billion, a PE ratio of 171.11, a PEG ratio of 4.62 and a beta of 1.39. The company's 50-day moving average is $119.81.

Everpure (NYSE:P - Get Free Report) last released its quarterly earnings results on Wednesday, August 26th. The company reported $0.70 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.19 by $0.51. The business had revenue of $1.19 billion for the quarter. Everpure had a net margin of 5.94% and a return on equity of 19.06%. Everpure's revenue for the quarter was up 37.7% on a year-over-year basis. Equities analysts forecast that Everpure, Inc. will post 0.95 earnings per share for the current year.

Everpure 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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