Vetr Inc. Downgrades Pure Storage Inc. (PSTG) to Hold
Pure Storage Inc. (NYSE:PSTG) was downgraded by Vetr from a “buy” rating to a “hold” rating in a research report issued on Tuesday. They currently have a $14.72 price target on the stock. Vetr‘s price target suggests a potential downside of 0.74% from the stock’s previous close.
PSTG has been the subject of several other research reports. JMP Securities reiterated a “buy” rating on shares of Pure Storage in a report on Sunday, July 17th. Macquarie assumed coverage on shares of Pure Storage in a report on Wednesday, June 29th. They issued an “outperform” rating and a $15.00 price target for the company. Robert W. Baird assumed coverage on shares of Pure Storage in a report on Tuesday, June 28th. They issued a “neutral” rating and a $12.00 price target for the company. Stifel Nicolaus reiterated a “buy” rating and issued a $20.00 price target on shares of Pure Storage in a report on Friday, August 26th. Finally, KeyCorp upped their price target on shares of Pure Storage from $17.00 to $18.00 and gave the company an “overweight” rating in a report on Friday, August 26th. Eleven investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. Pure Storage presently has an average rating of “Buy” and an average target price of $17.47.
Shares of Pure Storage (NYSE:PSTG) opened at 14.83 on Tuesday. Pure Storage has a one year low of $9.62 and a one year high of $20.60. The company has a 50-day moving average price of $12.89 and a 200 day moving average price of $12.83. The firm’s market capitalization is $2.92 billion.
Pure Storage (NYSE:PSTG) last issued its earnings results on Thursday, August 25th. The company reported ($0.16) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.23) by $0.07. Pure Storage had a negative net margin of 38.27% and a negative return on equity of 38.48%. The firm earned $163.21 million during the quarter, compared to the consensus estimate of $155.14 million. During the same quarter in the prior year, the firm earned ($0.33) earnings per share. The business’s quarterly revenue was up 92.8% on a year-over-year basis. Analysts expect that Pure Storage will post ($0.63) earnings per share for the current fiscal year.
In related news, CFO Timothy Riitters sold 3,231 shares of the firm’s stock in a transaction dated Wednesday, September 21st. The shares were sold at an average price of $13.50, for a total transaction of $43,618.50. Following the transaction, the chief financial officer now directly owns 31,769 shares of the company’s stock, valued at $428,881.50. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 46.58% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in PSTG. Macquarie Group Ltd. raised its position in Pure Storage by 145.7% in the second quarter. Macquarie Group Ltd. now owns 36,123 shares of the company’s stock worth $394,000 after buying an additional 21,423 shares in the last quarter. Royal Bank of Canada raised its position in Pure Storage by 5,486.4% in the second quarter. Royal Bank of Canada now owns 13,966 shares of the company’s stock worth $152,000 after buying an additional 13,716 shares in the last quarter. Schwab Charles Investment Management Inc. raised its position in Pure Storage by 163.6% in the second quarter. Schwab Charles Investment Management Inc. now owns 210,799 shares of the company’s stock worth $2,298,000 after buying an additional 130,819 shares in the last quarter. Metropolitan Life Insurance Co. NY raised its position in Pure Storage by 70.1% in the second quarter. Metropolitan Life Insurance Co. NY now owns 44,725 shares of the company’s stock worth $488,000 after buying an additional 18,431 shares in the last quarter. Finally, Firsthand Capital Management Inc. raised its position in Pure Storage by 714.3% in the second quarter. Firsthand Capital Management Inc. now owns 114,000 shares of the company’s stock worth $1,243,000 after buying an additional 100,000 shares in the last quarter. 49.35% of the stock is currently owned by institutional investors and hedge funds.
About Pure Storage
Pure Storage, Inc provides an enterprise data storage platform. The Company’s storage platform consists of approximately three integrated components, including the Purity Operating Environment, which is its flash-optimized software; FlashArray, which is its modular and scalable all-flash array hardware, and Pure1, which is its cloud-based management and support.
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