JPMorgan Chase & Co. Has Lowered Expectations for Everpure (NYSE:PSTG) Stock Price

Key Points

• JPMorgan cut its price target on Everpure (NYSE: PSTG) from $105 to $80 while maintaining an overweight rating, implying roughly an 18.85% upside from the prior close.
• Analyst coverage remains broadly positive with 13 Buy, 5 Hold and 1 Sell ratings, giving a consensus rating of “Moderate Buy” and a consensus price target of $93.21.
• Everpure beat the quarter with EPS $0.69 (vs. $0.65 est.) and revenue of $1.06B (up 20.4% YoY), though the stock trades around $67 and carries a high valuation (P/E ~122).

Everpure (NYSE:PSTG - Get Free Report) had its price target cut by investment analysts at JPMorgan Chase & Co. from $105.00 to $80.00 in a research note issued on Thursday,Benzinga reports. The firm presently has an "overweight" rating on the technology company's stock. JPMorgan Chase & Co.'s price target would suggest a potential upside of 18.85% from the company's previous close.

Several other brokerages have also recently weighed in on PSTG. Piper Sandler reissued a "buy" rating on shares of Everpure in a research note on Thursday, February 26th. Weiss Ratings reissued a "hold (c)" rating on shares of Everpure in a research note on Thursday, January 22nd. Barclays boosted their price objective on Everpure from $77.00 to $81.00 and gave the stock an "equal weight" rating in a research note on Thursday, February 26th. UBS Group boosted their price objective on Everpure from $60.00 to $63.00 and gave the stock a "sell" rating in a research note on Thursday, February 26th. Finally, Wells Fargo & Company reduced their price objective on Everpure from $100.00 to $90.00 and set an "overweight" rating on the stock in a research note on Thursday, February 26th. Thirteen analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $93.21.

Everpure Price Performance

Shares of PSTG stock traded up $2.42 during trading hours on Thursday, hitting $67.31. The stock had a trading volume of 1,341,228 shares, compared to its average volume of 3,374,338. Everpure has a one year low of $39.72 and a one year high of $100.59. The stock's 50-day moving average price is $65.32 and its two-hundred day moving average price is $74.81. The stock has a market capitalization of $22.24 billion, a price-to-earnings ratio of 122.00, a PEG ratio of 4.78 and a beta of 1.34.

Everpure (NYSE:PSTG - Get Free Report) last issued its earnings results on Wednesday, February 25th. The technology company reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.04. Everpure had a return on equity of 14.36% and a net margin of 5.14%.The firm had revenue of $1.06 billion for the quarter, compared to analysts' expectations of $1.03 billion. During the same period in the previous year, the firm posted $0.45 earnings per share. The business's revenue was up 20.4% compared to the same quarter last year. As a group, equities research analysts predict that Everpure will post 0.44 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Westfield Capital Management Co. LP increased its holdings in Everpure by 69.4% during the 3rd quarter. Westfield Capital Management Co. LP now owns 1,751,558 shares of the technology company's stock worth $146,798,000 after purchasing an additional 717,834 shares during the period. BI Asset Management Fondsmaeglerselskab A S lifted its holdings in shares of Everpure by 96.3% in the 3rd quarter. BI Asset Management Fondsmaeglerselskab A S now owns 31,166 shares of the technology company's stock worth $2,612,000 after buying an additional 15,286 shares during the period. AlTi Global Inc. purchased a new stake in shares of Everpure in the 3rd quarter worth $2,517,000. Merit Financial Group LLC grew its position in shares of Everpure by 145.6% during the 3rd quarter. Merit Financial Group LLC now owns 25,943 shares of the technology company's stock worth $2,174,000 after buying an additional 15,382 shares in the last quarter. Finally, ARK Investment Management LLC increased its stake in shares of Everpure by 12.6% during the third quarter. ARK Investment Management LLC now owns 347,093 shares of the technology company's stock valued at $29,090,000 after buying an additional 38,768 shares during the period. Institutional investors own 83.42% of the company's stock.

About Everpure

Everpure, Inc NYSE: PSTG, formerly known as Pure Storage, Inc, is a technology company that designs and sells data storage hardware and software for enterprise and cloud environments. The company is best known for its all-flash storage arrays engineered to deliver high performance, low latency, and simplified management compared with traditional disk-based systems. Its product portfolio includes purpose-built arrays and software aimed at transactional databases, virtualized infrastructures, analytics, and large-scale file and object workloads.

Key product and software offerings include the FlashArray family for block storage and FlashBlade for file and object workloads, together with Purity, the company’s storage operating environment.

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