EMC Corporation (NYSE:EMC) announced Chad Sakac (@sakacc) has been appointed President, VCE effective immediately. Reporting to David Goulden, CEO, EMC Information Infrastructure, Sakac will be responsible for continued innovation of VCE converged infrastructure and solutions to meet customers’ evolving data center requirements. Sakac, a veteran EMC leader, has been a leading advocate for converged platforms and solutions in the market. He succeeds Praveen Akkiraju who, since taking over VCE in 2012, has played a critical role in growing VCE into a business that exits FY15 on an even higher run rate than the $2 billion+ we previously disclosed. Akkiraju will continue to work for David Goulden in an advisory role.
VCE, which became an EMC business in December 2014, will now become the EMC Converged Platforms Division. As part of this new model, VCE is poised to fully leverage EMC in helping customers implement their IT transformation plans. Tighter alignment within EMC will further simplify technology options and deployment, and provide an even richer customer experience at enterprise scale to drive business competitiveness. With a broad portfolio of converged and hyper-converged offerings, EMC customers can confidently simplify operations and shift resources to increase focus on innovation and business agility.
“Under Praveen Akkiraju’s leadership VCE became the clear converged infrastructure leader with VCE Vblock Systems that were born from our strong partnership with Cisco, and he successfully expanded VCE’s portfolio to accelerate customer adoption of hybrid cloud,” said Goulden. “Going forward, having the VCE team more deeply integrated within EMC allows us to leverage synergies, simplify our go-to-market and improve time to market for our customers. EMC has never been better positioned to capture the huge opportunity that exists for converged infrastructure and solutions, and I am confident that Chad’s passion and industry knowledge will enable us to achieve success.”
“In the past year, VCE has evolved from having a single product to having one of the industry’s broadest portfolios of converged infrastructure and solutions with Blocks, Racks and Appliances,” said Sakac. “I am ecstatic to lead a team that has an incredible track record for success and is laser focused on developing innovative technologies that our customers care about. Converged and Hyper-Converged infrastructure form fundamental, foundational platforms on which Hybrid Clouds, Cloud Native Applications and Data Lake Analytics are built.” (Original Source)
Shares of EMC Corporation closed yesterday at $25.51, down $0.08 or -0.31%. EMC has a 1-year high of $29.81 and a 1-year low of $22.66. The stock’s 50-day moving average is $25.56 and its 200-day moving average is $25.51.
On the ratings front, EMC Corporation has been the subject of a number of recent research reports. In a report issued on December 4, CLSA analyst Louis Miscioscia upgraded EMC to Buy, with a price target of $30, which represents a potential upside of 17.6% from where the stock is currently trading. Separately, on November 25, Wells Fargo’s Maynard Um maintained a Hold rating on the stock .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Louis Miscioscia and Maynard Um have a total average return of 4.9% and 8.2% respectively. Miscioscia has a success rate of 54.5% and is ranked #1147 out of 3647 analysts, while Um has a success rate of 52.2% and is ranked #444.
Overall, 9 research analysts have assigned a Hold rating and 9 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $29.80 which is 16.8% above where the stock closed yesterday.
EMC Corp supports the businesses and service providers to transform information technology (IT) operations to an as a service model (ITaaS). It operates in three segments: EMC Information Infrastructure, Pivotal and VMware Virtual Infrastructure.