Pivotal Software Inc. (NYSE: PVTL) entered the market relatively quietly on back in April, but now it seems to be making a splash with analysts now that its quiet period has ended. Analysts flocked to issue calls on the newly public cloud company, most with a fairly positive outlook.
Originally, the firm priced its initial public offering of 37.0 million shares at $15 apiece, with an overallotment option for an additional 5.55 million shares. However, since then shares are up roughly 30%.
For some quick background: This company provides a leading cloud-native platform that makes software development and information technology (IT) operations a strategic advantage for its customers. Its cloud-native platform, Pivotal Cloud Foundry, accelerates and streamlines software development by reducing the complexity of building, deploying and operating new cloud-native applications and modernizing legacy applications.
Ultimately, this enables customers’ development and IT operations teams to spend more time writing code, waste less time on mundane tasks and focus on activities that drive business value — building and deploying great software. PCF customers can accelerate their adoption of a modern software development process and their business success using its platform through its complementary strategic services, Pivotal Labs.
As for analysts, here’s what they’re saying:
- Credit Suisse initiated coverage with an Outperform rating and a $22 price target.
- UBS initiated coverage with a Neutral rating and a $20 price target.
- Morgan Stanley initiated coverage with an Overweight rating and a $24 target.
- Citigroup initiated coverage with a Neutral rating and a $21 target price.
- RBC initiated coverage with a Sector Perform rating and a $21 price target.
- KeyCorp initiated coverage with an Overweight rating and a $24 target.
- William Blair initiated coverage with an Outperform rating.
- Merrill Lynch initiated coverage with a Neutral rating.
- Barclays initiated coverage with an Equal Weight rating and a $19 target.
- Goldman Sachs initiated coverage with a Buy rating and a $21 price target.
Shares of Pivotal were last seen up about 3% at $19.52, with a post-IPO range of $15.11 to $19.62.