Pivotal Software (NYSE:PVTL) dropped 5.8% during mid-day trading on Friday . The company traded as low as $8.27 and last traded at $8.35, approximately 1,624,619 shares traded hands during mid-day trading. A decline of 26% from the average daily volume of 2,186,119 shares. The stock had previously closed at $8.86.
PVTL has been the subject of a number of research analyst reports. William Blair reissued an “outperform” rating on shares of Pivotal Software in a research report on Wednesday, June 5th. Morgan Stanley dropped their price objective on Pivotal Software from $26.00 to $18.00 and set an “overweight” rating on the stock in a report on Wednesday, June 5th. Needham & Company LLC dropped their price objective on Pivotal Software from $28.00 to $21.00 and set a “buy” rating on the stock in a report on Wednesday, June 5th. Barclays dropped their price objective on Pivotal Software from $21.00 to $15.00 and set an “equal weight” rating on the stock in a report on Wednesday, June 5th. Finally, Bank of America downgraded Pivotal Software from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $16.00 to $12.00 in a report on Tuesday, June 25th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $18.50.
The business has a fifty day moving average of $10.19.
In other Pivotal Software news, SVP Andrew M. Cohen sold 4,240 shares of the stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $11.27, for a total transaction of $47,784.80. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Onsi Fakhouri sold 6,250 shares of the stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $11.35, for a total value of $70,937.50. The disclosure for this sale can be found here. Insiders sold 50,658 shares of company stock worth $572,236 in the last 90 days.
Hedge funds have recently made changes to their positions in the business. Norges Bank acquired a new position in Pivotal Software during the fourth quarter valued at approximately $15,533,000. Timpani Capital Management LLC acquired a new position in Pivotal Software during the first quarter valued at approximately $1,560,000. Mercer Global Advisors Inc. ADV acquired a new position in Pivotal Software during the first quarter valued at approximately $272,000. SG Americas Securities LLC acquired a new position in Pivotal Software during the first quarter valued at approximately $242,000. Finally, Washington Capital Management Inc. grew its holdings in Pivotal Software by 25.9% during the first quarter. Washington Capital Management Inc. now owns 23,300 shares of the company’s stock valued at $486,000 after purchasing an additional 4,800 shares during the last quarter.
About Pivotal Software (NYSE: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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