Pivotal Software (PVTL) Announces Earnings Results, Beats Estimates By $0.03 EPS

Pivotal Software (NASDAQ:PVTL) posted its earnings results on Wednesday, September 12th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.03, Briefing.com reports. The company had revenue of $164.40 million for the quarter, compared to analysts’ expectations of $158.12 million. The business’s quarterly revenue was up 30.5% compared to the same quarter last year. Pivotal Software updated its Q3 guidance to ($0.09)-($0.08) EPS and its FY19 guidance to ($0.36)-($0.34) EPS.

Shares of NASDAQ PVTL traded up $0.11 during mid-day trading on Friday, hitting $19.50. The stock had a trading volume of 928,930 shares, compared to its average volume of 1,760,190. Pivotal Software has a twelve month low of $15.11 and a twelve month high of $31.24.

A hedge fund recently bought a new stake in Pivotal Software stock. Bank of New York Mellon Corp bought a new stake in Pivotal Software (NASDAQ:PVTL) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 27,737 shares of the company’s stock, valued at approximately $673,000.

PVTL has been the subject of a number of analyst reports. Citigroup upped their target price on Pivotal Software from $22.00 to $28.00 and gave the stock a “neutral” rating in a report on Friday, September 7th. Morgan Stanley upped their target price on Pivotal Software from $26.00 to $32.00 and gave the stock an “overweight” rating in a report on Thursday, August 30th. Zacks Investment Research lowered Pivotal Software from a “buy” rating to a “hold” rating in a report on Friday, July 20th. Finally, Barclays decreased their price objective on Pivotal Software to $22.00 and set an “equal weight” rating for the company in a report on Thursday, September 13th. Six research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $23.18.

About Pivotal Software

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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