Everpure (NYSE:P) Stock Falls 6.9% - Time to Sell?

Key Points

• Everpure shares fell 6.9% to about $118.25, with trading volume 72% below the average session level.
• Analysts remain broadly bullish, with a consensus “Moderate Buy” rating and a $143.25 price target; recent targets range from $137 to $185.
• The company reported strong quarterly growth, including revenue up 37.7% year over year and earnings well above expectations, though insiders sold about $142.3 million of stock over the past three months.

Everpure, Inc. (NYSE:P - Get Free Report) shares were down 6.9% on Monday. The company traded as low as $119.45 and last traded at $118.2480. 1,039,702 shares were traded during mid-day trading, a decline of 72% from the average session volume of 3,761,919 shares. The stock had previously closed at $126.98.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Oppenheimer reissued an "outperform" rating and set a $140.00 target price on shares of Everpure in a research note on Thursday, August 20th. Needham & Company LLC increased their price target on Everpure from $150.00 to $185.00 and gave the stock a "buy" rating in a research report on Thursday, October 8th. Susquehanna reiterated a "positive" rating and set a $145.00 price target on shares of Everpure in a research report on Thursday, August 27th. Morgan Stanley raised their price objective on Everpure from $119.00 to $137.00 and gave the company an "overweight" rating in a report on Thursday, September 24th. Finally, Wells Fargo & Company boosted their price objective on Everpure from $135.00 to $145.00 and gave the company an "overweight" rating in a research report on Thursday, September 24th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $143.25.

Everpure Stock Performance

The firm's 50-day moving average price is $119.70. The company has a market cap of $38.89 billion, a price-to-earnings ratio of 159.56, a price-to-earnings-growth ratio of 4.24 and a beta of 1.43.

Everpure (NYSE:P - Get Free Report) last released its quarterly earnings results on Wednesday, August 26th. The company reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.19 by $0.51. Everpure had a net margin of 5.94% and a return on equity of 19.06%. 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. Sell-side analysts predict that Everpure, Inc. will post 0.95 EPS for the current year.

Insider Activity

In related news, insider John Colgrove sold 100,000 shares of the business's stock in a transaction dated Wednesday, October 14th. The shares were sold at an average price of $145.00, for a total transaction of $14,500,000.00. Following the transaction, the insider directly owned 5,393,309 shares in the company, valued at approximately $782,029,805. The trade was a 1.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Scott Dietzen sold 60,000 shares of the company's stock in a transaction dated Wednesday, October 14th. The shares were sold at an average price of $141.60, for a total transaction of $8,496,000.00. Following the sale, the director directly owned 70,000 shares of the company's stock, valued at approximately $9,912,000. This represents a 46.15% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 1,235,091 shares of company stock valued at $142,276,537 in the last three months. Company insiders own 5.10% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of P. Paradigm Capital Management Inc. NY purchased a new stake in shares of Everpure in the 2nd quarter valued at approximately $2,127,000. Nykredit A S acquired a new stake in Everpure in the second quarter valued at approximately $9,412,000. Wellington Management Group LLP acquired a new position in shares of Everpure during the 2nd quarter worth $2,192,000. Sequoia Financial Advisors LLC bought a new position in shares of Everpure during the 2nd quarter valued at $814,000. Finally, Raiffeisen Bank International AG acquired a new stake in shares of Everpure in the 2nd quarter valued at $25,525,000. 83.42% of the stock is owned by hedge funds and other institutional investors.

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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