Pivotal Software (NYSE:PVTL) Sees Unusually-High Trading Volume

Pivotal Software (NYSE:PVTL) shares saw strong trading volume on Thursday . 8,431,739 shares changed hands during trading, an increase of 245% from the previous session’s volume of 2,447,329 shares.The stock last traded at $13.70 and had previously closed at $13.67.

A number of equities research analysts have weighed in on the company. Morgan Stanley lowered their price objective on Pivotal Software from $26.00 to $18.00 and set an “overweight” rating for the company in a research note on Wednesday, June 5th. Barclays lowered their price objective on Pivotal Software from $21.00 to $15.00 and set an “equal weight” rating for the company in a research note on Wednesday, June 5th. KeyCorp decreased their target price on Pivotal Software from $27.00 to $21.00 and set an “overweight” rating for the company in a research report on Wednesday, June 5th. Zacks Investment Research upgraded Pivotal Software from a “sell” rating to a “buy” rating and set a $11.00 target price for the company in a research report on Tuesday, August 6th. Finally, Wedbush reiterated a “neutral” rating and issued a $15.00 target price on shares of Pivotal Software in a research report on Thursday, August 15th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $18.50.

The company has a market cap of $3.72 billion, a price-to-earnings ratio of -23.62 and a beta of -0.02. The firm has a 50-day moving average price of $10.51 and a 200 day moving average price of $16.64. The company has a current ratio of 2.29, a quick ratio of 2.29 and a debt-to-equity ratio of 0.10.

Pivotal Software (NYSE:PVTL) last issued its earnings results on Tuesday, June 4th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.05) by $0.02. The company had revenue of $185.72 million during the quarter, compared to analyst estimates of $184.12 million. Pivotal Software had a negative return on equity of 10.67% and a negative net margin of 20.53%. The business’s revenue was up 19.3% on a year-over-year basis. During the same quarter last year, the firm earned ($0.10) EPS. Research analysts anticipate that Pivotal Software will post -0.15 earnings per share for the current fiscal year.

In related news, SVP Andrew M. Cohen sold 4,240 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $11.27, for a total value of $47,784.80. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Cynthia Gaylor sold 6,297 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $11.34, for a total value of $71,407.98. The disclosure for this sale can be found here. In the last three months, insiders sold 50,658 shares of company stock worth $572,236. Company insiders own 64.90% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. FMR LLC raised its stake in Pivotal Software by 104.1% during the 1st quarter. FMR LLC now owns 10,583,689 shares of the company’s stock valued at $220,670,000 after acquiring an additional 5,397,569 shares in the last quarter. Vanguard Group Inc. raised its stake in Pivotal Software by 28.9% during the 2nd quarter. Vanguard Group Inc. now owns 6,807,530 shares of the company’s stock valued at $71,887,000 after acquiring an additional 1,527,435 shares in the last quarter. Nan Shan Life Insurance Co. Ltd. raised its stake in Pivotal Software by 4.1% during the 2nd quarter. Nan Shan Life Insurance Co. Ltd. now owns 4,015,615 shares of the company’s stock valued at $42,405,000 after acquiring an additional 158,000 shares in the last quarter. Wells Fargo & Company MN raised its stake in Pivotal Software by 9.1% during the 1st quarter. Wells Fargo & Company MN now owns 3,599,467 shares of the company’s stock valued at $75,048,000 after acquiring an additional 300,306 shares in the last quarter. Finally, SQN Investors LP raised its stake in Pivotal Software by 11.2% during the 1st quarter. SQN Investors LP now owns 3,389,954 shares of the company’s stock valued at $70,681,000 after acquiring an additional 340,162 shares in the last quarter. 29.47% of the stock is currently owned by institutional investors and hedge funds.

About Pivotal Software (NYSE:PVTL)

Pivotal Software, Inc, together with its subsidiaries, provides an integrated solution that combines a cloud-native application platform and services in the United States. Its cloud-native platform, Pivotal Cloud Foundry (PCF), accelerates and streamlines software development by reducing the complexity of building, deploying, and operating modern applications.

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