Pivotal Software (PVTL) Stock Price Down 7.2%

Shares of Pivotal Software (NASDAQ:PVTL) fell 7.2% during trading on Friday . The company traded as low as $19.77 and last traded at $19.90. 1,080,338 shares changed hands during mid-day trading, a decline of 31% from the average session volume of 1,560,582 shares. The stock had previously closed at $21.44.

A number of brokerages have commented on PVTL. Bank of America reiterated a “neutral” rating and issued a $25.00 price target (up previously from $22.00) on shares of Pivotal Software in a research note on Friday, March 15th. Goldman Sachs Group cut shares of Pivotal Software from a “buy” rating to a “neutral” rating and cut their price target for the company from $25.00 to $24.00 in a research note on Wednesday, March 6th. Wedbush increased their price target on shares of Pivotal Software from $25.00 to $26.00 and gave the company an “outperform” rating in a research note on Friday, March 15th. Zacks Investment Research upgraded shares of Pivotal Software from a “hold” rating to a “buy” rating and set a $25.00 price target for the company in a research note on Saturday, March 16th. Finally, Morgan Stanley increased their price target on shares of Pivotal Software from $24.00 to $26.00 and gave the company an “overweight” rating in a research note on Monday, March 18th. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $25.33.

Pivotal Software (NASDAQ:PVTL) last posted its earnings results on Thursday, March 14th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.05). The firm had revenue of $169.20 million for the quarter, compared to the consensus estimate of $170.21 million. The firm’s revenue was up 27.0% on a year-over-year basis.

In other news, President William Cook sold 45,734 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $19.84, for a total transaction of $907,362.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Andrew M. Cohen sold 12,900 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $21.60, for a total transaction of $278,640.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 274,794 shares of company stock valued at $5,573,094.

Several hedge funds and other institutional investors have recently bought and sold shares of PVTL. FMR LLC grew its holdings in Pivotal Software by 104.1% during the 1st quarter. FMR LLC now owns 10,583,689 shares of the company’s stock worth $220,670,000 after acquiring an additional 5,397,569 shares during the last quarter. Jane Street Group LLC grew its holdings in Pivotal Software by 1,412.2% during the 1st quarter. Jane Street Group LLC now owns 320,654 shares of the company’s stock worth $6,685,000 after acquiring an additional 299,450 shares during the last quarter. Morgan Stanley grew its holdings in Pivotal Software by 373.2% during the 1st quarter. Morgan Stanley now owns 571,785 shares of the company’s stock worth $11,922,000 after acquiring an additional 450,961 shares during the last quarter. Man Group plc grew its holdings in Pivotal Software by 53.1% during the 1st quarter. Man Group plc now owns 32,247 shares of the company’s stock worth $673,000 after acquiring an additional 11,180 shares during the last quarter. Finally, Wellington Management Group LLP grew its holdings in Pivotal Software by 40.5% during the 1st quarter. Wellington Management Group LLP now owns 5,491,499 shares of the company’s stock worth $114,498,000 after acquiring an additional 1,581,856 shares during the last quarter.

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About Pivotal Software (NASDAQ:PVTL)

Pivotal Software, Inc, together with its subsidiaries, provides an integrated solution that combines a cloud-native application platform and services in the United States. Its cloud-native platform, Pivotal Cloud Foundry (PCF), accelerates and streamlines software development by reducing the complexity of building, deploying, and operating modern applications.

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