Everpure, Inc. $P Stock: Rakuten Investment Management Inc. Grows Stake

Key Points

• Rakuten Investment Management increased its Everpure stake by 224.3% in the third quarter, adding 40,518 shares to reach 58,582 shares valued at about $7.6 million. Institutional investors collectively own 83.42% of the company.
• Analysts are broadly positive: Everpure has a “Moderate Buy” consensus rating and an average price target of $148.65, though views range from a sell rating to targets as high as $185.
• Company insiders sold about 1.11 million shares worth $131.4 million over the past 90 days. In its latest reported quarter, Everpure beat EPS estimates ($0.70 versus $0.19) and revenue rose 37.7% year over year to $1.19 billion.

Rakuten Investment Management Inc. boosted its holdings in shares of Everpure, Inc. (NYSE:P - Free Report) by 224.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 58,582 shares of the company's stock after purchasing an additional 40,518 shares during the period. Rakuten Investment Management Inc.'s holdings in Everpure were worth $7,619,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the business. Provenance Wealth Advisors LLC bought a new position in shares of Everpure in the third quarter valued at $47,000. IPG Investment Advisors LLC bought a new stake in shares of Everpure during the 3rd quarter worth $258,000. Gerber Kawasaki Wealth & Investment Management grew its holdings in shares of Everpure by 7.6% in the 3rd quarter. Gerber Kawasaki Wealth & Investment Management now owns 7,021 shares of the company's stock worth $918,000 after acquiring an additional 493 shares during the last quarter. Greenleaf Trust acquired a new position in shares of Everpure in the 3rd quarter worth $245,000. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Everpure in the 3rd quarter worth $14,234,000. 83.42% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

P has been the topic of a number of recent analyst reports. Lake Street Capital boosted their target price on Everpure from $120.00 to $130.00 and gave the stock a "buy" rating in a research report on Thursday, September 24th. Zacks Research upgraded Everpure from a "hold" rating to a "strong-buy" rating in a research report on Monday, October 19th. TD Cowen lifted their price target on Everpure from $100.00 to $170.00 and gave the stock a "buy" rating in a research note on Tuesday, August 18th. UBS Group lifted their price target on Everpure from $70.00 to $80.00 and gave the stock a "sell" rating in a research note on Thursday, August 27th. Finally, Needham & Company LLC boosted their price objective on Everpure from $150.00 to $185.00 and gave the stock a "buy" rating in a report on Thursday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Everpure presently has an average rating of "Moderate Buy" and a consensus price target of $148.65.

Insiders Place Their Bets

In other news, insider Ajay Singh sold 18,267 shares of the stock in a transaction that occurred on Tuesday, October 13th. The shares were sold at an average price of $155.24, for a total value of $2,835,769.08. Following the completion of the sale, the insider directly owned 270,095 shares of the company's stock, valued at $41,929,547.80. This represents a 6.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Scott Dietzen sold 60,000 shares of the firm's stock in a transaction that occurred on Wednesday, October 14th. The stock was sold at an average price of $141.60, for a total transaction of $8,496,000.00. Following the sale, 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 SEC filing for this sale provides additional information. Insiders sold 1,110,186 shares of company stock valued at $131,424,120 over the last ninety days. Insiders own 5.10% of the company's stock.

Everpure Stock Performance

Shares of Everpure stock opened at $93.35 on Friday. The business has a 50-day simple moving average of $120.03. The stock has a market cap of $31.11 billion, a P/E ratio of 127.88, a P/E/G ratio of 3.73 and a beta of 1.43. Everpure, Inc. has a 1 year low of $56.78 and a 1 year high of $157.57.

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

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.