Everpure, Inc. $P Stake Lowered by Summit Creek Advisors LLC

Summit Creek Advisors LLC reduced its stake in shares of Everpure, Inc. (NYSE:P) by 71.6% during the 3rd quarter, HoldingsChannel reports. The fund owned 20,418 shares of the company’s stock after selling 51,554 shares during the period. Summit Creek Advisors LLC’s holdings in Everpure were worth $2,670,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the stock. JANA Partners Management LP purchased a new stake in shares of Everpure during the second quarter worth $77,939,000. Assenagon Asset Management S.A. boosted its position in Everpure by 504.0% during the third quarter. Assenagon Asset Management S.A. now owns 994,061 shares of the company’s stock valued at $130,003,000 after purchasing an additional 829,476 shares during the last quarter. Artemis Investment Management LLP grew its stake in Everpure by 100.1% in the third quarter. Artemis Investment Management LLP now owns 775,776 shares of the company’s stock valued at $101,456,000 after purchasing an additional 388,066 shares in the last quarter. Raiffeisen Bank International AG purchased a new position in Everpure in the second quarter valued at about $25,525,000. Finally, Engineers Gate Manager LP purchased a new position in Everpure in the second quarter valued at about $25,859,000. 83.42% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on P. Evercore upped their target price on Everpure from $145.00 to $155.00 and gave the stock an “outperform” rating in a research report on Monday, October 5th. Weiss Ratings upgraded Everpure from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, October 14th. Cantor Fitzgerald reiterated a “neutral” rating on shares of Everpure in a report on Monday, October 12th. Susquehanna boosted their price target on Everpure from $145.00 to $175.00 and gave the company a “positive” rating in a research note on Friday, September 25th. Finally, JPMorgan Chase & Co. increased their price objective on Everpure from $145.00 to $165.00 and gave the stock an “overweight” rating in a report on Thursday, September 24th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $148.65.

Insider Buying and Selling

In other news, insider John Colgrove sold 200,000 shares of Everpure stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $96.98, for a total value of $19,396,000.00. Following the transaction, the insider owned 6,474,080 shares of the company’s stock, valued at $627,856,278.40. This trade represents a 3.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Scott Dietzen sold 60,000 shares of the business’s stock in a transaction on Wednesday, October 14th. The stock was sold at an average price of $141.60, for a total transaction of $8,496,000.00. Following the completion of the sale, the director owned 70,000 shares of the company’s stock, valued at $9,912,000. The trade was a 46.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 1,110,186 shares of company stock worth $131,424,120. Insiders own 5.10% of the company’s stock.

Everpure Price Performance

Shares of P stock opened at $96.93 on Friday. The firm has a 50 day moving average of $119.98. Everpure, Inc. has a twelve month low of $56.78 and a twelve month high of $157.57. The company has a market cap of $32.30 billion, a P/E ratio of 132.78, a price-to-earnings-growth ratio of 3.23 and a beta of 1.43.

Everpure (NYSE:P) last posted 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 firm had revenue of $1.19 billion during the quarter. Everpure had a return on equity of 19.06% and a net margin of 5.94%. The business’s quarterly revenue was up 37.7% on a year-over-year basis. Sell-side analysts predict that Everpure, Inc. will post 0.95 earnings per share for the current fiscal year.

Everpure Company Profile

Everpure, formerly known as Pure Storage, provides data storage and management technology for businesses and other organizations. Its offerings are designed to support applications, databases, analytics, cloud environments and other data-intensive workloads.

The company’s portfolio includes FlashArray systems for block and file storage, FlashBlade systems for unstructured data and high-performance workloads, and Pure1 software for monitoring and managing storage environments. Everpure also offers subscription-based services, including its Evergreen storage model.

Founded as Pure Storage in 2009, the company serves customers internationally.