Pivotal Software (NASDAQ:PVTL)’s share price fell 20.1% during mid-day trading on Thursday after Barclays lowered their price target on the stock to $22.00. Barclays currently has an equal weight rating on the stock. Pivotal Software traded as low as $21.88 and last traded at $23.00. 17,937,205 shares were traded during mid-day trading, an increase of 954% from the average session volume of 1,701,294 shares. The stock had previously closed at $28.78.

Several other equities research analysts also recently weighed in on the company. Citigroup increased their price target on Pivotal Software from $22.00 to $28.00 and gave the stock a “neutral” rating in a research report on Friday, September 7th. Morgan Stanley increased their price target on Pivotal Software from $24.00 to $26.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 13th. Credit Suisse Group increased their price target on Pivotal Software from $22.00 to $25.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 13th. Finally, Zacks Investment Research raised Pivotal Software from a “hold” rating to a “buy” rating and set a $29.00 price target on the stock in a research report on Wednesday, July 18th. Seven research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $23.27.

Institutional investors and hedge funds have recently made changes to their positions in the business. DSAM Partners London Ltd acquired a new stake in Pivotal Software during the 2nd quarter worth about $2,798,000. TRUE Private Wealth Advisors acquired a new stake in shares of Pivotal Software during the 2nd quarter valued at about $959,000. CIBC World Markets Inc. acquired a new stake in shares of Pivotal Software during the 2nd quarter valued at about $260,000. Wells Fargo & Company MN acquired a new stake in shares of Pivotal Software during the 2nd quarter valued at about $37,309,000. Finally, Dean Capital Investments Management LLC acquired a new stake in shares of Pivotal Software during the 2nd quarter valued at about $617,000.

Pivotal Software (NASDAQ:PVTL) last posted its earnings results on Wednesday, September 12th. The company reported ($0.06) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.09) by $0.03. The business had revenue of $164.40 million for the quarter, compared to analyst estimates of $158.12 million. The business’s revenue was up 30.5% on a year-over-year basis.

About Pivotal Software (NASDAQ: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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