Zacks Investment Research lowered shares of Pivotal Software (NYSE:PVTL) from a buy rating to a hold rating in a research note issued to investors on Wednesday, Zacks.com reports.

According to Zacks, “Pivotal Software Inc. provides platform-as-a-service solutions. The Company serves automotive, financial services, industrial, insurance, media, retail, technology and telecommunications sectors. Pivotal Software Inc. is based in San Francisco, United States. “

A number of other brokerages have also recently issued reports on PVTL. Needham & Company LLC cut Pivotal Software from a buy rating to a hold rating in a research note on Friday, August 23rd. Credit Suisse Group cut Pivotal Software from an outperform rating to a neutral rating and lowered their price objective for the company from $20.00 to $15.00 in a research note on Monday, August 26th. Wedbush reiterated a neutral rating and set a $15.00 price objective on shares of Pivotal Software in a research note on Thursday, August 15th. Citigroup lifted their price objective on Pivotal Software from $14.00 to $15.00 and gave the company a neutral rating in a research note on Friday, September 6th. Finally, Royal Bank of Canada reiterated a sector perform rating on shares of Pivotal Software in a research note on Monday, September 9th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the stock. Pivotal Software presently has a consensus rating of Hold and an average target price of $17.30.

Shares of PVTL traded up $0.02 on Wednesday, reaching $15.01. The stock had a trading volume of 362,797 shares, compared to its average volume of 1,146,394. The company has a current ratio of 2.42, a quick ratio of 2.42 and a debt-to-equity ratio of 0.09. The company has a 50-day simple moving average of $14.94 and a 200-day simple moving average of $14.34. Pivotal Software has a 12-month low of $8.03 and a 12-month high of $24.39.

Pivotal Software (NYSE:PVTL) last released its earnings results on Wednesday, September 4th. The company reported ($0.09) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.13) by $0.04. The company had revenue of $193.00 million during the quarter, compared to analysts’ expectations of $186.50 million. Pivotal Software had a negative return on equity of 9.92% and a negative net margin of 18.66%. The firm’s revenue for the quarter was up 17.4% compared to the same quarter last year. During the same quarter last year, the business posted ($0.06) EPS. Equities research analysts predict that Pivotal Software will post -0.45 earnings per share for the current fiscal year.

In other news, CEO Robert C. Mee sold 20,653 shares of the business’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $14.86, for a total value of $306,903.58. Also, SVP Onsi Fakhouri sold 6,250 shares of the business’s stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $14.87, for a total value of $92,937.50. Insiders have sold 45,491 shares of company stock valued at $676,245 in the last quarter. 64.90% of the stock is owned by company insiders.

Several hedge funds have recently bought and sold shares of PVTL. First Trust Advisors LP purchased a new position in shares of Pivotal Software in the second quarter worth $29,077,000. Gabelli Funds LLC bought a new stake in shares of Pivotal Software in the third quarter worth $25,626,000. Vanguard Group Inc. grew its holdings in shares of Pivotal Software by 28.9% in the second quarter. Vanguard Group Inc. now owns 6,807,530 shares of the company’s stock worth $71,887,000 after acquiring an additional 1,527,435 shares during the period. GABELLI & Co INVESTMENT ADVISERS INC. bought a new stake in shares of Pivotal Software in the third quarter worth $19,809,000. Finally, ARP Americas LP bought a new stake in shares of Pivotal Software in the third quarter worth $15,157,000. Hedge funds and other institutional investors own 24.37% of the company’s stock.

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.

Featured Article: The mechanics of the bid-ask spread in trading

Get a free copy of the Zacks research report on Pivotal Software (PVTL)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Pivotal Software (NYSE:PVTL)

Receive News & Ratings for Pivotal Software Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pivotal Software and related companies with MarketBeat.com's FREE daily email newsletter.