BMO Capital Markets Reiterates “Market Perform” Rating for Vmware, Inc. (VMW)
BMO Capital Markets reissued their market perform rating on shares of Vmware, Inc. (NYSE:VMW) in a research note published on Friday. The firm currently has a $114.00 price target on the virtualization software provider’s stock, up from their previous price target of $110.00.
Several other equities research analysts also recently weighed in on the stock. Morgan Stanley reiterated an overweight rating and set a $115.00 target price (up previously from $107.00) on shares of Vmware in a research note on Friday. Jefferies Group LLC increased their target price on shares of Vmware from $121.00 to $129.00 and gave the stock a buy rating in a research note on Friday. Drexel Hamilton reiterated a buy rating and set a $120.00 target price (up previously from $113.00) on shares of Vmware in a research note on Friday. Maxim Group reiterated a hold rating and set a $105.00 target price on shares of Vmware in a research note on Friday. Finally, Bank of America Corporation upgraded shares of Vmware from a neutral rating to a buy rating and increased their target price for the stock from $108.00 to $120.00 in a research note on Friday. Sixteen equities research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. Vmware has a consensus rating of Buy and a consensus price target of $105.50.
Shares of Vmware (NYSE VMW) opened at 104.68 on Friday. The company’s 50-day moving average price is $93.36 and its 200-day moving average price is $91.99. The stock has a market cap of $42.88 billion, a PE ratio of 37.68 and a beta of 0.77. Vmware has a 52-week low of $71.81 and a 52-week high of $105.59.
Vmware (NYSE:VMW) last announced its earnings results on Thursday, August 24th. The virtualization software provider reported $1.19 earnings per share for the quarter, topping the consensus estimate of $1.15 by $0.04. Vmware had a net margin of 17.81% and a return on equity of 18.34%. The business had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.89 billion. During the same quarter in the prior year, the firm earned $0.97 earnings per share. The business’s quarterly revenue was up 12.2% compared to the same quarter last year. On average, equities research analysts forecast that Vmware will post $5.01 earnings per share for the current fiscal year.
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Vmware announced that its Board of Directors has initiated a share buyback program on Monday, August 14th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the virtualization software provider to reacquire up to 2.5% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.
In related news, EVP Maurizio Carli sold 11,237 shares of the firm’s stock in a transaction that occurred on Monday, June 5th. The shares were sold at an average price of $94.66, for a total transaction of $1,063,694.42. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Rajiv Ramaswami sold 20,457 shares of the firm’s stock in a transaction that occurred on Monday, July 10th. The stock was sold at an average price of $87.84, for a total transaction of $1,796,942.88. Following the sale, the chief operating officer now owns 313,721 shares in the company, valued at approximately $27,557,252.64. The disclosure for this sale can be found here. 0.52% of the stock is currently owned by company insiders.
Hedge funds have recently made changes to their positions in the company. Capstone Asset Management Co. raised its stake in shares of Vmware by 8.4% in the first quarter. Capstone Asset Management Co. now owns 3,739 shares of the virtualization software provider’s stock worth $345,000 after buying an additional 290 shares during the period. Fox Run Management L.L.C. bought a new position in shares of Vmware during the first quarter worth $304,000. Fisher Asset Management LLC bought a new position in shares of Vmware during the first quarter worth $338,000. Acadian Asset Management LLC raised its position in shares of Vmware by 10.9% in the first quarter. Acadian Asset Management LLC now owns 37,818 shares of the virtualization software provider’s stock worth $3,486,000 after buying an additional 3,708 shares during the period. Finally, Glen Harbor Capital Management LLC raised its position in shares of Vmware by 177.6% in the first quarter. Glen Harbor Capital Management LLC now owns 29,986 shares of the virtualization software provider’s stock worth $2,763,000 after buying an additional 19,184 shares during the period. Hedge funds and other institutional investors own 21.80% 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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