Everpure (NYSE:P) Stock Price Up 5.7% - Here's What Happened

Key Points

• Everpure shares rose 5.7% to about $108.70 in mid-day trading, despite volume running 84% below the average session level.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $108.30; Wedbush recently raised its target to $127.
• The company exceeded quarterly expectations, reporting $0.47 EPS versus $0.40 expected and $1.05 billion in revenue, up 35.2% year over year.

Everpure, Inc. (NYSE:P - Get Free Report)'s stock price was up 5.7% during mid-day trading on Wednesday . The stock traded as high as $107.62 and last traded at $108.6970. 515,492 shares changed hands during mid-day trading, a decline of 84% from the average session volume of 3,271,112 shares. The stock had previously closed at $102.81.

Analysts Set New Price Targets

A number of research firms recently commented on P. Weiss Ratings reiterated a "hold (c)" rating on shares of Everpure in a report on Friday, July 17th. Barclays boosted their target price on Everpure from $81.00 to $84.00 and gave the stock an "equal weight" rating in a research report on Thursday, May 28th. Wall Street Zen cut Everpure from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 8th. JPMorgan Chase & Co. increased their price target on shares of Everpure from $80.00 to $92.00 and gave the company an "overweight" rating in a research report on Thursday, May 28th. Finally, Wedbush lifted their price objective on shares of Everpure from $105.00 to $127.00 and gave the stock an "outperform" rating in a research note on Friday. Sixteen equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $108.30.

Everpure Stock Performance

The firm has a market capitalization of $35.92 billion, a P/E ratio of 163.84, a price-to-earnings-growth ratio of 5.58 and a beta of 1.45. The firm has a 50-day moving average price of $84.01.

Everpure (NYSE:P - Get Free Report) last issued its quarterly earnings data on Wednesday, May 27th. The company reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.07. The business had revenue of $1.05 billion during the quarter, compared to analyst estimates of $997.88 million. Everpure had a return on equity of 15.97% and a net margin of 5.75%.Everpure's quarterly revenue was up 35.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.29 EPS. On average, equities research analysts anticipate that Everpure, Inc. will post 0.93 earnings per share for the current fiscal year.

Insider Buying and Selling at Everpure

In other Everpure news, insider Ajay Singh sold 9,787 shares of the business's stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $78.12, for a total transaction of $764,560.44. Following the sale, the insider directly owned 340,939 shares of the company's stock, valued at $26,634,154.68. The trade was a 2.79% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider John Colgrove sold 200,000 shares of the stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $96.98, for a total transaction of $19,396,000.00. Following the transaction, the insider owned 6,474,080 shares of the company's stock, valued at approximately $627,856,278.40. This represents a 3.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 827,800 shares of company stock valued at $78,153,882 in the last 90 days. 5.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Integrated Wealth Concepts LLC bought a new stake in shares of Everpure during the 1st quarter worth approximately $541,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Everpure by 129.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,742 shares of the company's stock worth $387,000 after acquiring an additional 4,926 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Everpure by 109.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,137,939 shares of the company's stock valued at $50,377,000 after purchasing an additional 595,307 shares during the period. Empowered Funds LLC increased its position in Everpure by 4.2% during the first quarter. Empowered Funds LLC now owns 4,790 shares of the company's stock worth $212,000 after buying an additional 194 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its stake in shares of Everpure by 261.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,203 shares of the company's stock worth $184,000 after acquiring an additional 2,316 shares during the period. 83.42% of the stock is owned by institutional investors and hedge funds.

Everpure Company 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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