Vmware, Inc. (VMW) Price Target Increased to $124.00 by Analysts at Citigroup Inc.

Vmware, Inc. (NYSE:VMW) had its price objective increased by stock analysts at Citigroup Inc. from $120.00 to $124.00 in a research report issued on Friday. The firm presently has a “buy” rating on the virtualization software provider’s stock. Citigroup Inc.’s target price indicates a potential upside of 34.86% from the stock’s previous close.

Several other brokerages also recently issued reports on VMW. Jefferies Group LLC reissued a “buy” rating and set a $110.00 price target (up from $105.00) on shares of Vmware in a report on Saturday, June 3rd. MKM Partners reaffirmed a “buy” rating and issued a $110.00 target price (up from $100.00) on shares of Vmware in a research note on Thursday, June 1st. Morgan Stanley reaffirmed an “overweight” rating and issued a $107.00 target price (up from $100.00) on shares of Vmware in a research note on Saturday, June 3rd. Barclays PLC raised shares of Vmware to a “hold” rating and set a $100.00 target price for the company in a research note on Monday, June 5th. Finally, Drexel Hamilton reaffirmed a “buy” rating and issued a $113.00 target price (up from $105.00) on shares of Vmware in a research note on Monday, June 5th. Seventeen equities research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. Vmware presently has an average rating of “Buy” and an average target price of $98.92.

Shares of Vmware (NYSE:VMW) opened at 91.95 on Friday. The company’s 50-day moving average is $90.67 and its 200 day moving average is $91.18. Vmware has a 1-year low of $70.32 and a 1-year high of $98.00. The firm has a market cap of $37.55 billion, a price-to-earnings ratio of 33.10 and a beta of 0.77.

Vmware (NYSE:VMW) last announced its quarterly earnings results on Thursday, June 1st. The virtualization software provider reported $0.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.04. Vmware had a net margin of 17.36% and a return on equity of 17.19%. The firm had revenue of $1.74 billion during the quarter, compared to the consensus estimate of $1.71 billion. During the same period last year, the firm posted $0.86 EPS. The firm’s quarterly revenue was up 9.3% on a year-over-year basis. On average, equities research analysts expect that Vmware will post $4.94 EPS for the current fiscal year.

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

Several hedge funds have recently made changes to their positions in the company. BlackRock Inc. raised its stake in shares of Vmware by 4,817.7% in the first quarter. BlackRock Inc. now owns 5,098,863 shares of the virtualization software provider’s stock worth $469,811,000 after buying an additional 4,995,179 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Vmware by 9.9% in the first quarter. Vanguard Group Inc. now owns 3,930,665 shares of the virtualization software provider’s stock worth $362,171,000 after buying an additional 352,516 shares in the last quarter. Investec Asset Management LTD raised its stake in shares of Vmware by 3.0% in the second quarter. Investec Asset Management LTD now owns 2,669,142 shares of the virtualization software provider’s stock worth $233,363,000 after buying an additional 78,558 shares in the last quarter. Clearbridge Investments LLC raised its stake in shares of Vmware by 10.6% in the first quarter. Clearbridge Investments LLC now owns 2,556,102 shares of the virtualization software provider’s stock worth $235,519,000 after buying an additional 244,512 shares in the last quarter. Finally, FIL Ltd raised its stake in shares of Vmware by 2.0% in the first quarter. FIL Ltd now owns 2,359,764 shares of the virtualization software provider’s stock worth $217,429,000 after buying an additional 45,525 shares in the last quarter. 21.86% of the stock is currently owned by institutional investors and hedge funds.

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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