Vmware, Inc. (VMW) Upgraded to Overweight at Barclays PLC
Vmware, Inc. (NYSE:VMW) was upgraded by equities researchers at Barclays PLC from an “equal weight” rating to an “overweight” rating in a research note issued on Thursday.
VMW has been the topic of several other reports. Berenberg Bank reissued a “hold” rating and set a $94.00 target price on shares of Vmware in a research note on Tuesday, August 29th. Bank of America Corporation upgraded shares of Vmware from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $108.00 to $120.00 in a report on Friday, August 25th. Stifel Nicolaus upgraded shares of Vmware from a “hold” rating to a “buy” rating and upped their price objective for the stock from $96.00 to $109.00 in a report on Wednesday, June 21st. Royal Bank Of Canada upped their price objective on shares of Vmware from $97.00 to $110.00 and gave the stock an “outperform” rating in a report on Wednesday, May 31st. Finally, Maxim Group restated a “hold” rating and set a $105.00 price objective on shares of Vmware in a report on Friday, August 25th. Thirteen research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $110.96.
Shares of Vmware (NYSE VMW) opened at 110.43 on Thursday. The firm has a 50-day moving average of $98.72 and a 200 day moving average of $93.31. The firm has a market capitalization of $45.16 billion, a price-to-earnings ratio of 39.75 and a beta of 0.74. Vmware has a 52 week low of $72.05 and a 52 week high of $110.71.
Vmware (NYSE:VMW) last issued its earnings results on Thursday, August 24th. The virtualization software provider reported $1.19 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.15 by $0.04. The business had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.89 billion. Vmware had a net margin of 17.81% and a return on equity of 18.06%. Vmware’s revenue was up 12.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.97 earnings per share. On average, equities analysts predict that Vmware will post $5.06 earnings per share for the current fiscal year.
Vmware declared that its Board of Directors has authorized a share repurchase program on Monday, August 14th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the virtualization software provider to buy up to 2.5% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
In other news, COO Rajiv Ramaswami sold 20,457 shares of the firm’s stock in a transaction that occurred on Monday, July 10th. The shares were sold at an average price of $87.84, for a total value of $1,796,942.88. Following the completion of the transaction, the chief operating officer now directly owns 313,721 shares in the company, valued at $27,557,252.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider P. Kevan Krysler sold 13,751 shares of the firm’s stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $107.69, for a total transaction of $1,480,845.19. The disclosure for this sale can be found here. Insiders have sold 41,342 shares of company stock valued at $4,045,490 in the last quarter. Company insiders own 0.52% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. Oppenheimer Asset Management Inc. bought a new position in shares of Vmware in the first quarter valued at approximately $141,000. Penserra Capital Management LLC boosted its position in shares of Vmware by 9.5% in the first quarter. Penserra Capital Management LLC now owns 1,840 shares of the virtualization software provider’s stock valued at $169,000 after acquiring an additional 160 shares during the period. BlueMountain Capital Management LLC bought a new position in shares of Vmware in the second quarter valued at approximately $191,000. BB&T Securities LLC bought a new position in shares of Vmware in the first quarter valued at approximately $209,000. Finally, Eagle Global Advisors LLC bought a new position in shares of Vmware in the second quarter valued at approximately $203,000. Institutional investors own 21.81% of the company’s stock.
VMware, Inc is an information technology (IT) company. The Company is engaged in development and application of virtualization technologies with x86 server-based computing, separating application software from the underlying hardware. The Company offers various products, which allow organizations to manage IT resources across private clouds and multi-cloud, multi-device environments by leveraging synergies across three product categories: Software-Defined Data Center (SDDC), Hybrid Cloud Computing and End-User Computing (EUC).
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