EMC Corporation (NYSE:EMC) today announced that EMC CFO Zane Rowe will move to VMware, Inc. to become VMware’s Chief Financial Officer effective March 1. The appointment is made as EMC prepares to complete its previously announced combination with Dell. Once the transaction closes, EMC will be combined with Dell and VMware will remain a publicly-traded company.
Joe Tucci, EMC Chairman and Chief Executive Officer, commented, “I’d like to thank Zane for his extraordinary accomplishments and leadership since joining EMC, and for enthusiastically embracing the opportunity to become CFO of VMware. As we drive our business forward, while working towards completing the Dell transaction, we are highly confident that Zane’s broad industry expertise and skills will serve VMware and its shareholders well.”
Zane Rowe commented, “It’s very exciting to be joining VMware, one of the world’s premier software companies. Since joining EMC, I have worked closely with VMware CEO, Pat Gelsinger, and the VMware executive team. VMware has tremendous long-term growth potential. I look forward to joining the team to help drive long-term growth and shareholder value while, at the same time, continuing to collaborate closely with the EMC and Dell teams as we build toward our future as one of the world’s IT powerhouses.” (Original Source)
Shares of EMC Corporation are down 2.55% to $23.65 in after-hours trading. EMC has a 1-year high of $29.24 and a 1-year low of $22.66. The stock’s 50-day moving average is $25.24 and its 200-day moving average is $25.34.
On the ratings front, EMC 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 implies an upside of 23.9% from current levels. 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 both a total average return of 6.9%. Miscioscia has a success rate of 54.5% and is ranked #713 out of 3593 analysts, while Um has a success rate of 52.7% and is ranked #407.
Overall, one research analyst has assigned a Hold rating and 3 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 $30.00 which is 23.9% above where the stock opened today.
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.