Everpure (NYSE:P) Trading 12.6% Higher After Analyst Upgrade

Everpure, Inc. (NYSE:P) traded up 12.6% during trading on Monday after Susquehanna upgraded the stock from a neutral rating to a positive rating. Susquehanna now has a $120.00 price target on the stock, up from their previous price target of $85.00. Everpure traded as high as $100.45 and last traded at $101.42. 918,603 shares were traded during mid-day trading, a decline of 72% from the average session volume of 3,240,447 shares. The stock had previously closed at $90.05.

Other equities research analysts have also issued reports about the stock. Barclays increased their target price on shares of Everpure from $81.00 to $84.00 and gave the stock an “equal weight” rating in a report on Thursday, May 28th. Wells Fargo & Company boosted their price target on shares of Everpure from $90.00 to $97.00 and gave the stock an “overweight” rating in a research note on Thursday, May 28th. Wall Street Zen cut Everpure from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Zacks Research lowered Everpure from a “strong-buy” rating to a “hold” rating in a report on Monday, July 27th. Finally, Morgan Stanley upgraded Everpure from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $87.00 to $108.00 in a report on Monday. Fifteen research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Everpure presently has an average rating of “Moderate Buy” and a consensus target price of $98.30.

Insider Activity at Everpure

In other news, Director Andrew William Fraser Brown sold 4,735 shares of the firm’s stock in a transaction on Thursday, June 25th. The shares were sold at an average price of $72.57, for a total value of $343,618.95. Following the sale, the director directly owned 27,683 shares in the company, valued at approximately $2,008,955.31. This trade represents a 14.61% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Ajay Singh sold 9,787 shares of Everpure stock in a transaction on Wednesday, July 8th. The stock was 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 approximately $26,634,154.68. This trade represents a 2.79% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 327,800 shares of company stock worth $25,819,007 over the last ninety days. 5.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Norges Bank acquired a new position in shares of Everpure in the 4th quarter valued at $265,327,000. Atreides Management LP acquired a new stake in Everpure during the 2nd quarter worth $204,552,000. Polar Capital Holdings Plc grew its position in Everpure by 90.5% during the 3rd quarter. Polar Capital Holdings Plc now owns 2,831,141 shares of the company’s stock worth $237,278,000 after purchasing an additional 1,345,207 shares during the last quarter. AQR Capital Management LLC grew its position in Everpure by 62.7% during the 4th quarter. AQR Capital Management LLC now owns 3,414,715 shares of the company’s stock worth $228,820,000 after purchasing an additional 1,315,351 shares during the last quarter. Finally, Turiya Advisors Asia Ltd acquired a new position in Everpure in the fourth quarter valued at $67,010,000. Institutional investors and hedge funds own 83.42% of the company’s stock.

Everpure Price Performance

The stock’s 50 day simple moving average is $75.54. The firm has a market cap of $33.55 billion, a P/E ratio of 152.93, a price-to-earnings-growth ratio of 5.10 and a beta of 1.45.

Everpure (NYSE:P) last released its quarterly earnings results on Wednesday, May 27th. The company reported $0.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.07. The firm had revenue of $1.05 billion for 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%.The business’s revenue was up 35.2% on a year-over-year basis. During the same quarter last year, the company posted $0.29 earnings per share. On average, analysts forecast that Everpure, Inc. will post 0.92 earnings per share for the current fiscal 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.