Robert W. Baird reaffirmed their buy rating on shares of Vmware, Inc. (NYSE:VMW) in a research report report published on Tuesday morning. The firm currently has a $125.00 price objective on the virtualization software provider’s stock.
VMW has been the subject of a number of other reports. Berenberg Bank reaffirmed a hold rating and issued a $94.00 price objective on shares of Vmware in a research note on Tuesday, August 29th. Stifel Nicolaus reaffirmed a buy rating and issued a $118.00 price objective (up from $109.00) on shares of Vmware in a research note on Friday, August 25th. BMO Capital Markets lifted their price objective on Vmware from $105.00 to $110.00 and gave the company a market perform rating in a research note on Tuesday, August 15th. MKM Partners reaffirmed a buy rating and issued a $120.00 price objective (up from $110.00) on shares of Vmware in a research note on Monday, August 28th. Finally, Deutsche Bank AG raised Vmware from a hold rating to a buy rating and lifted their price objective for the company from $110.00 to $120.00 in a research note on Tuesday, August 22nd. Fourteen analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. The company presently has an average rating of Buy and a consensus target price of $109.88.
Shares of Vmware (NYSE:VMW) opened at 109.60 on Tuesday. The firm has a 50 day moving average price of $98.22 and a 200 day moving average price of $93.18. Vmware has a one year low of $72.05 and a one year high of $109.67. The stock has a market capitalization of $44.90 billion, a PE ratio of 39.45 and a beta of 0.74.
Vmware (NYSE:VMW) last issued its quarterly earnings data on Thursday, August 24th. The virtualization software provider reported $1.19 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.15 by $0.04. Vmware had a return on equity of 18.06% and a net margin of 17.81%. The business had revenue of $1.90 billion during the quarter, compared to analysts’ expectations of $1.89 billion. During the same period in the previous year, the firm posted $0.97 earnings per share. The company’s revenue was up 12.2% on a year-over-year basis. Analysts predict that Vmware will post $5.06 earnings per share for the current fiscal year.
Vmware declared that its Board of Directors has initiated a stock buyback plan 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 stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.
In related news, CFO Zane Rowe sold 6,000 shares of the business’s stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $107.82, for a total value of $646,920.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, COO Rajiv Ramaswami sold 20,457 shares of the business’s stock in a transaction dated Monday, July 10th. The shares were sold at an average price of $87.84, for a total value of $1,796,942.88. Following the completion of the transaction, 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. Insiders sold a total of 41,342 shares of company stock worth $4,045,490 in the last 90 days. 0.52% of the stock is currently owned by insiders.
Hedge funds have recently modified their holdings of the stock. Oppenheimer Asset Management Inc. acquired a new position in Vmware in the 1st quarter valued at about $141,000. Penserra Capital Management LLC increased its position in Vmware by 9.5% in the 1st quarter. Penserra Capital Management LLC now owns 1,840 shares of the virtualization software provider’s stock valued at $169,000 after acquiring an additional 160 shares during the period. BlueMountain Capital Management LLC acquired a new position in Vmware in the 2nd quarter valued at about $191,000. Eagle Global Advisors LLC acquired a new position in Vmware in the 2nd quarter valued at about $203,000. Finally, BB&T Securities LLC acquired a new position in Vmware in the 1st quarter valued at about $209,000. Hedge funds and other institutional investors own 21.81% of the company’s stock.
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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