What Analysts Are Saying About Pivotal Software After the Quiet Period

By Chris Lange Updated Jan 11, 11:36PM EST · Published May 15, 11:00AM EDT

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What Analysts Are Saying About Pivotal Software After the Quiet Period — © Thinkstock

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.

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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.

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About the Author Chris Lange →

Chris Lange is a writer for 24/7 Wall St., based in Houston. He has covered financial markets over the past decade with an emphasis on healthcare, tech, and IPOs. During this time, he has published thousands of articles with insightful analysis across these complex fields. Currently, Lange's focus is on military and geopolitical topics.

Lange's work has been quoted or mentioned in Forbes, The New York Times, Business Insider, USA Today, MSN, Yahoo, The Verge, Vice, The Intelligencer, Quartz, Nasdaq, The Motley Fool, Fox Business, International Business Times, The Street, Seeking Alpha, Barron’s, Benzinga, and many other major publications.

A graduate of Southwestern University in Georgetown, Texas, Lange majored in business with a particular focus on investments. He has previous experience in the banking industry and startups.