Pivotal Software (PVTL) Short Interest Up 51.4% in October

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Pivotal Software (NASDAQ:PVTL) was the recipient of a large increase in short interest during the month of October. As of October 15th, there was short interest totalling 9,060,248 shares, an increase of 51.4% from the September 28th total of 5,985,020 shares. Currently, 19.4% of the company’s shares are short sold. Based on an average trading volume of 1,951,999 shares, the short-interest ratio is presently 4.6 days.

In other Pivotal Software news, SVP Edward Hieatt sold 44,792 shares of the firm’s stock in a transaction dated Friday, October 19th. The shares were sold at an average price of $20.00, for a total value of $895,840.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President William Cook sold 2,297 shares of the firm’s stock in a transaction dated Friday, October 19th. The stock was sold at an average price of $20.00, for a total transaction of $45,940.00. The disclosure for this sale can be found here.

Large investors have recently modified their holdings of the company. FMR LLC purchased a new position in shares of Pivotal Software during the second quarter worth approximately $45,355,000. CIBC World Markets Inc. purchased a new position in shares of Pivotal Software during the second quarter worth approximately $260,000. BlackRock Inc. purchased a new position in shares of Pivotal Software during the second quarter worth approximately $40,940,000. DSAM Partners London Ltd purchased a new position in shares of Pivotal Software during the second quarter worth approximately $2,798,000. Finally, TRUE Private Wealth Advisors purchased a new position in shares of Pivotal Software during the second quarter worth approximately $959,000.

Several analysts have issued reports on the stock. Barclays decreased their price objective on shares of Pivotal Software to $22.00 and set an “equal weight” rating for the company in a research note on Thursday, September 13th. Morgan Stanley reissued a “buy” rating and issued a $29.00 price objective on shares of Pivotal Software in a research note on Thursday, September 13th. Citigroup raised their price objective on shares of Pivotal Software from $22.00 to $28.00 and gave the stock a “neutral” rating in a research note on Friday, September 7th. Finally, Zacks Investment Research raised shares of Pivotal Software from a “hold” rating to a “buy” rating and set a $29.00 price objective for the company in a research note on Wednesday, July 18th. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $23.46.

Shares of NASDAQ:PVTL opened at $20.40 on Thursday. Pivotal Software has a one year low of $15.11 and a one year high of $31.24.

Pivotal Software (NASDAQ:PVTL) last issued its earnings results on Wednesday, September 12th. The company reported ($0.06) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.09) by $0.03. The company had revenue of $164.40 million for the quarter, compared to analysts’ expectations of $158.12 million. The firm’s revenue was up 30.5% compared to the same quarter last year.

Pivotal Software Company Profile

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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