VMware, Inc. (VMW) Earns Buy Rating from Citigroup Inc.
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.
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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