Vmware, Inc. (VMW) Stock Rating Reaffirmed by Bank of America Corporation
Vmware, Inc. (NYSE:VMW)‘s stock had its “buy” rating restated by equities researchers at Bank of America Corporation in a research note issued on Thursday. They presently have a $125.00 price target on the virtualization software provider’s stock, up from their prior price target of $120.00. Bank of America Corporation’s price objective would indicate a potential upside of 13.38% from the company’s previous close.
Several other analysts have also issued reports on VMW. Cowen and Company upped their target price on Vmware from $92.00 to $98.00 and gave the stock an “outperform” rating in a research note on Thursday, May 25th. Zacks Investment Research lowered Vmware from a “buy” rating to a “hold” rating in a research note on Tuesday, May 30th. Robert W. Baird raised Vmware from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $90.00 to $115.00 in a research note on Wednesday, May 31st. Royal Bank Of Canada upped their target price on Vmware from $97.00 to $110.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 31st. Finally, J P Morgan Chase & Co reaffirmed an “overweight” rating and issued a $95.00 target price on shares of Vmware in a research note on Thursday, June 1st. Thirteen research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $112.00.
Vmware (VMW) opened at 110.25 on Thursday. The company has a 50-day moving average of $100.28 and a 200-day moving average of $93.70. Vmware has a one year low of $72.05 and a one year high of $111.61. The company has a market cap of $45.09 billion, a price-to-earnings ratio of 39.69 and a beta of 0.74.
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 during the quarter, compared to analyst estimates of $1.89 billion. Vmware had a return on equity of 18.06% and a net margin of 17.81%. Vmware’s revenue for the quarter was up 12.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.97 earnings per share. Equities research analysts expect that Vmware will post $5.06 EPS for the current fiscal year.
Vmware declared that its board has approved a stock repurchase program on Monday, August 14th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the virtualization software provider to buy up to 2.5% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.
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In related news, COO Rajiv Ramaswami sold 20,457 shares of Vmware 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 of the company’s stock, valued at approximately $27,557,252.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider P. Kevan Krysler sold 13,751 shares of Vmware stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $107.69, for a total value of $1,480,845.19. The disclosure for this sale can be found here. Insiders sold 41,342 shares of company stock worth $4,045,490 in the last ninety days. Corporate insiders own 0.52% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the stock. Ameriprise Financial Inc. raised its stake in Vmware by 34.1% during the 1st quarter. Ameriprise Financial Inc. now owns 103,084 shares of the virtualization software provider’s stock valued at $9,495,000 after purchasing an additional 26,199 shares during the period. BNP Paribas Arbitrage SA grew its holdings in Vmware by 64.3% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 35,641 shares of the virtualization software provider’s stock valued at $3,116,000 after buying an additional 13,946 shares in the last quarter. Summit Global Investments purchased a new position in Vmware during the 2nd quarter valued at approximately $631,000. Nordea Investment Management AB grew its holdings in Vmware by 13.5% during the 1st quarter. Nordea Investment Management AB now owns 5,329 shares of the virtualization software provider’s stock valued at $491,000 after buying an additional 632 shares in the last quarter. Finally, NN Investment Partners Holdings N.V. grew its holdings in Vmware by 4.2% during the 1st quarter. NN Investment Partners Holdings N.V. now owns 428,030 shares of the virtualization software provider’s stock valued at $39,438,000 after buying an additional 17,320 shares in the last quarter. 21.81% of the stock is currently owned by institutional investors.
Vmware Company Profile
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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