Royal Bank of Canada Raises VMware (VMW) Price Target to $150.00

VMware (NYSE:VMW) had its price objective raised by Royal Bank of Canada to $150.00 in a research report report published on Wednesday, The Fly reports. The brokerage currently has an outperform rating on the virtualization software provider’s stock. The analysts noted that the move was a valuation call.

Several other brokerages also recently commented on VMW. Cowen raised VMware from a market perform rating to an outperform rating in a report on Thursday, January 11th. Stifel Nicolaus reaffirmed a buy rating and set a $152.00 target price (up from $150.00) on shares of VMware in a report on Monday, November 27th. Bank of America upped their target price on VMware from $125.00 to $148.00 and gave the company a buy rating in a report on Monday, November 27th. CIBC upped their target price on VMware from $120.00 to $135.00 and gave the company an outperform rating in a report on Friday, December 1st. Finally, BMO Capital Markets reaffirmed a market perform rating and set a $136.00 target price (up from $114.00) on shares of VMware in a report on Monday, November 27th. Ten analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the stock. VMware has a consensus rating of Buy and a consensus target price of $126.20.

Shares of VMware (NYSE:VMW) opened at $136.04 on Wednesday. VMware has a fifty-two week low of $81.26 and a fifty-two week high of $136.62. The company has a market capitalization of $54,677.61, a price-to-earnings ratio of 39.09, a PEG ratio of 3.12 and a beta of 0.67. The company has a current ratio of 2.86, a quick ratio of 2.86 and a debt-to-equity ratio of 0.51.

VMware (NYSE:VMW) last announced its earnings results on Thursday, November 30th. The virtualization software provider reported $1.34 EPS for the quarter, beating the consensus estimate of $1.27 by $0.07. VMware had a return on equity of 18.57% and a net margin of 18.97%. The business had revenue of $1.98 billion during the quarter, compared to the consensus estimate of $1.97 billion. During the same period in the prior year, the business posted $1.14 earnings per share. VMware’s revenue was up 11.1% compared to the same quarter last year. sell-side analysts anticipate that VMware will post 3.77 EPS for the current year.

In other VMware news, COO Rajiv Ramaswami sold 9,747 shares of the company’s stock in a transaction dated Thursday, November 2nd. The stock was sold at an average price of $118.16, for a total value of $1,151,705.52. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Sanjay Poonen sold 10,000 shares of the company’s stock in a transaction dated Tuesday, January 9th. The stock was sold at an average price of $129.71, for a total value of $1,297,100.00. The disclosure for this sale can be found here. Insiders have sold 484,155 shares of company stock worth $53,551,032 over the last three months. 34.40% of the stock is owned by insiders.

Hedge funds have recently modified their holdings of the business. Sapphire Star Partners LP increased its position in VMware by 20.0% in the 3rd quarter. Sapphire Star Partners LP now owns 2,880 shares of the virtualization software provider’s stock worth $314,000 after purchasing an additional 480 shares during the last quarter. BP PLC acquired a new position in VMware in the 3rd quarter worth about $928,000. Dynamic Technology Lab Private Ltd acquired a new position in VMware in the 2nd quarter worth about $1,121,000. Stifel Financial Corp increased its position in VMware by 3.1% in the 3rd quarter. Stifel Financial Corp now owns 93,216 shares of the virtualization software provider’s stock worth $10,206,000 after purchasing an additional 2,777 shares during the last quarter. Finally, Chicago Equity Partners LLC increased its position in VMware by 82.6% in the 3rd quarter. Chicago Equity Partners LLC now owns 67,155 shares of the virtualization software provider’s stock worth $7,333,000 after purchasing an additional 30,375 shares during the last quarter. 22.53% of the stock is currently owned by institutional investors.

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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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