Everpure (NYSE:P) Shares Down 8.6% Following Insider Selling

Everpure, Inc. (NYSE:P) fell 8.6% on Thursday after an insider sold shares in the company. The company traded as low as $127.89 and last traded at $129.3340. Approximately 1,297,809 shares traded hands during trading, a decline of 66% from the average session volume of 3,799,857 shares. The stock had previously closed at $141.49.

Specifically, insider John Colgrove sold 100,000 shares of the business’s stock in a transaction on Monday, October 12th. The shares were sold at an average price of $153.73, for a total value of $15,373,000.00. Following the completion of the sale, the insider directly owned 2,415,000 shares of the company’s stock, valued at $371,257,950. The trade was a 3.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Andrew Brown sold 4,268 shares of the company’s stock in a transaction on Thursday, October 8th. The shares were sold at an average price of $156.03, for a total transaction of $665,936.04. Following the completion of the transaction, the director owned 23,415 shares of the company’s stock, valued at $3,653,442.45. This represents a 15.42% decrease in their position. The disclosure for this sale is available in the SEC filing. In other Everpure news, CAO Mona Chu sold 5,112 shares of the firm’s stock in a transaction dated Friday, October 9th. The stock was sold at an average price of $151.40, for a total transaction of $773,956.80. Following the transaction, the chief accounting officer owned 125,982 shares of the company’s stock, valued at approximately $19,073,674.80. This trade represents a 3.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Wall Street Analyst Weigh In

P has been the subject of several research reports. Oppenheimer reissued an “outperform” rating and issued a $140.00 target price on shares of Everpure in a report on Thursday, August 20th. Weiss Ratings upgraded Everpure from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday. Bank of America raised shares of Everpure from a “neutral” rating to a “buy” rating and lifted their target price for the company from $90.00 to $150.00 in a report on Thursday, August 27th. UBS Group boosted their target price on shares of Everpure from $70.00 to $80.00 and gave the stock a “sell” rating in a research report on Thursday, August 27th. Finally, Guggenheim lifted their price objective on Everpure from $150.00 to $215.00 and gave the stock a “buy” rating in a report on Monday. Eighteen research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $143.25.

Everpure News Roundup

Here are the key news stories impacting Everpure this week:

• Positive Sentiment: Everpure’s operating momentum remains a key support. In its latest reported quarter, revenue increased 37.7% year over year to $1.19 billion, while earnings per share of $0.70 exceeded the $0.19 consensus estimate. Analysts continue to maintain a “Moderate Buy” consensus, with 17 Buy ratings versus four Holds and one Sell.
• Neutral Sentiment: Institutional ownership remains high at 83.42%, and several funds recently increased their positions. However, this support is being weighed against the stock’s elevated valuation and recent volatility.
• Negative Sentiment: Director and founder John Colgrove sold 100,000 shares for approximately $15.4 million at an average price of $153.73, reducing his direct ownership by 3.98%. The transaction was made under a pre-arranged Rule 10b5-1 plan, so it does not necessarily indicate a change in his outlook, but the size of the sale may still concern investors. Everpure Insider Sells Stock
• Negative Sentiment: Recent insider selling appears broad rather than isolated. Director Andrew Brown sold 4,268 shares, while Chief Accounting Officer Mona Chu sold 5,112 shares. Colgrove has also reported multiple earlier sales as the stock advanced, reinforcing the perception of increased insider profit-taking. Everpure Insider Selling Reports
• Negative Sentiment: Macroeconomic conditions are unfavorable for richly valued technology stocks. September inflation reached 3.7%, above expectations, pushing bond yields higher and prompting an afternoon selloff across growth and technology shares. Technology Stocks Fall on Inflation Concerns
• Negative Sentiment: Everpure trades at roughly 194 times earnings and has a PEG ratio above 5. With the average analyst price target near $143.25, below recent trading levels, the stock has limited valuation cushion if growth slows or earnings fail to exceed expectations.

Everpure Stock Performance

The stock has a fifty day moving average of $114.28. The company has a market cap of $43.10 billion, a PE ratio of 176.12, a PEG ratio of 5.24 and a beta of 1.39.

Everpure (NYSE:P) last released its earnings results on Wednesday, August 26th. The company reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.19 by $0.51. The company had revenue of $1.19 billion during the quarter. Everpure had a net margin of 5.94% and a return on equity of 19.06%. Everpure’s quarterly revenue was up 37.7% on a year-over-year basis. On average, equities analysts predict that Everpure, Inc. will post 0.95 EPS for the current fiscal year.

Institutional Trading of Everpure

Several hedge funds have recently bought and sold shares of P. Family Legacy Financial Solutions LLC grew its position in Everpure by 3.6% in the 3rd quarter. Family Legacy Financial Solutions LLC now owns 2,113 shares of the company’s stock valued at $276,000 after buying an additional 73 shares in the last quarter. Fortitude Family Office LLC lifted its holdings in shares of Everpure by 49.0% in the third quarter. Fortitude Family Office LLC now owns 362 shares of the company’s stock valued at $47,000 after buying an additional 119 shares during the period. NorthCrest Asset Manangement LLC lifted its stake in Everpure by 5.0% during the third quarter. NorthCrest Asset Manangement LLC now owns 4,698 shares of the company’s stock valued at $614,000 after purchasing an additional 224 shares during the last quarter. Continuum Advisory LLC bought a new position in shares of Everpure in the second quarter valued at $29,000. Finally, Farther Finance Advisors LLC raised its holdings in Everpure by 12.3% during the 3rd quarter. Farther Finance Advisors LLC now owns 3,562 shares of the company’s stock worth $466,000 after buying an additional 389 shares during the period. 83.42% of the stock is currently owned by institutional investors.

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.