New Buy Rating for VMware (VMW), the Technology Giant
In a report released today, Ittai Kidron from Oppenheimer assigned a Buy rating to VMware (VMW), with a price target of $175.00. The company’s shares closed last Tuesday at $150.51.
According to TipRanks.com, Kidron is a top 25 analyst with an average return of 38.0% and a 75.6% success rate. Kidron covers the Technology sector, focusing on stocks such as Zoom Video Communications, Slack Technologies, and Cambium Networks.
VMware has an analyst consensus of Moderate Buy, with a price target consensus of $172.50, implying a 15.0% upside from current levels. In a report issued on November 20, RBC Capital also maintained a Buy rating on the stock with a $185.00 price target.
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Based on VMware’s latest earnings release for the quarter ending July 31, the company reported a quarterly revenue of $2.88 billion and net profit of $447 million. In comparison, last year the company earned revenue of $2.63 billion and had a net profit of $5.3 billion.
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VMware, Inc. engages in the provision of cloud infrastructure and business mobility. Its products include Software-Defined Data Center, Hybrid Cloud Computing, and End-User Computing. It supports modernizing data centers, integrating public clouds, empowering digital workspaces and transforming security. The company was founded by Diane Greene, Mendel Rosenblum, Scott Devine, Edward Wang and Edouard Bugnion in 1998 and is headquartered in Palo Alto, CA.