Citigroup Inc. restated their buy rating on shares of VMware, Inc. (NYSE:VMW) in a research note published on Monday. The brokerage currently has a $124.00 price objective on the virtualization software provider’s stock.

Several other equities research analysts have also issued reports on VMW. Cowen and Company raised their target price on VMware from $92.00 to $98.00 and gave the company an outperform rating in a research report on Thursday, May 25th. Zacks Investment Research lowered VMware from a buy rating to a hold rating in a report on Tuesday, May 30th. Robert W. Baird raised VMware from a neutral rating to an outperform rating and lifted their price objective for the stock from $90.00 to $115.00 in a report on Wednesday, May 31st. Royal Bank Of Canada lifted their price objective on VMware from $97.00 to $110.00 and gave the stock an outperform rating in a report on Wednesday, May 31st. Finally, J P Morgan Chase & Co reissued an overweight rating and issued a $95.00 price objective on shares of VMware in a report on Thursday, June 1st. Sixteen investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. The company presently has an average rating of Buy and a consensus price target of $106.04.

Shares of VMware (VMW) opened at 106.96 on Monday. The firm has a 50-day moving average of $93.36 and a 200-day moving average of $91.99. VMware has a one year low of $71.81 and a one year high of $107.24. The company has a market capitalization of $43.82 billion, a P/E ratio of 38.50 and a beta of 0.77.

VMware (NYSE:VMW) last announced its earnings results on Thursday, August 24th. The virtualization software provider reported $1.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.04. VMware had a return on equity of 16.08% and a net margin of 17.58%. The firm had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.89 billion. During the same period last year, the firm posted $0.97 EPS. The business’s revenue was up 12.2% compared to the same quarter last year. Equities research analysts expect that VMware will post $5.06 EPS for the current fiscal year.

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VMware declared that its board has initiated a stock buyback plan on Monday, August 14th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the virtualization software provider to repurchase up to 2.5% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

In other news, EVP Maurizio Carli sold 11,237 shares of the business’s stock in a transaction that occurred on Monday, June 5th. The stock was sold at an average price of $94.66, for a total transaction of $1,063,694.42. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO Rajiv Ramaswami sold 20,457 shares of the company’s stock in a transaction on Monday, July 10th. The stock was sold at an average price of $87.84, for a total value of $1,796,942.88. Following the completion of the sale, the chief operating officer now directly owns 313,721 shares in the company, valued at $27,557,252.64. The disclosure for this sale can be found here. 0.52% of the stock is currently owned by insiders.

A number of large investors have recently modified their holdings of VMW. Advantage Investment Management LLC purchased a new stake in shares of VMware during the first quarter valued at $139,000. Oppenheimer Asset Management Inc. purchased a new stake in shares of VMware during the first quarter valued at $141,000. Penserra Capital Management LLC boosted its stake in shares of VMware by 9.5% in the first quarter. Penserra Capital Management LLC now owns 1,840 shares of the virtualization software provider’s stock valued at $169,000 after buying an additional 160 shares during the last quarter. BlueMountain Capital Management LLC purchased a new stake in shares of VMware during the second quarter valued at $191,000. Finally, Eagle Global Advisors LLC purchased a new stake in shares of VMware during the second quarter valued at $203,000. 21.80% of the stock is currently owned by institutional investors.

About VMware

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).

Analyst Recommendations for VMware (NYSE:VMW)

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