Zacks Research Upgrades Everpure (NYSE:P) to "Strong-Buy"

Key Points

• Zacks Research upgraded Everpure from “hold” to “strong-buy,” adding to generally positive analyst sentiment around the stock.
• Other firms have also been bullish: JPMorgan raised its price target to $92, Guggenheim lifted its target to $115, and the overall consensus rating remains Moderate Buy with an average target price of $96.50.
• Everpure reported strong quarterly results, with EPS of $0.47 beating estimates and revenue of $1.05 billion topping expectations, while the stock was trading up 1.3% on the day of the report.

Everpure (NYSE:P - Get Free Report) was upgraded by analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research note issued on Thursday,Zacks.com reports.

A number of other equities analysts have also weighed in on P. William Blair reissued an "outperform" rating on shares of Everpure in a research report on Thursday, May 28th. Piper Sandler restated an "overweight" rating on shares of Everpure in a research report on Thursday, May 28th. JPMorgan Chase & Co. lifted their target price on shares of Everpure from $80.00 to $92.00 and gave the stock an "overweight" rating in a research note on Thursday, May 28th. Wall Street Zen upgraded Everpure from a "buy" rating to a "strong-buy" rating in a report on Sunday, July 5th. Finally, Guggenheim increased their price target on Everpure from $105.00 to $115.00 and gave the stock a "buy" rating in a research note on Thursday, May 28th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $96.50.

Everpure Trading Up 1.3%

Everpure stock opened at $69.25 on Thursday. The stock's 50-day moving average is $76.89. Everpure has a 52 week low of $54.37 and a 52 week high of $100.59. The stock has a market cap of $23.02 billion, a PE ratio of 104.93, a PEG ratio of 3.87 and a beta of 1.45.

Everpure (NYSE:P - Get Free Report) last released its earnings results on Wednesday, May 27th. The company reported $0.47 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.40 by $0.07. Everpure had a net margin of 5.75% and a return on equity of 15.97%. The company had revenue of $1.05 billion for the quarter, compared to analyst estimates of $997.88 million. During the same period in the prior year, the firm earned $0.29 EPS. The firm's quarterly revenue was up 35.2% on a year-over-year basis. Equities research analysts predict that Everpure will post 0.92 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider John Colgrove sold 200,000 shares of the company's stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $85.93, for a total transaction of $17,186,000.00. Following the completion of the transaction, the insider owned 6,625,221 shares of the company's stock, valued at approximately $569,305,240.53. This represents a 2.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 772,345 shares of company stock worth $59,454,825 over the last ninety days. Corporate insiders own 5.10% of the company's stock.

Institutional Trading of Everpure

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

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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