Pure Storage Inc. (PSTG) Upgraded to Buy at Vetr Inc.
Vetr upgraded shares of Pure Storage Inc. (NYSE:PSTG) from a hold rating to a buy rating in a research note issued to investors on Tuesday morning. They currently have $14.72 target price on the stock.
PSTG has been the subject of several other research reports. JMP Securities reiterated a buy rating on shares of Pure Storage in a research report on Sunday, July 17th. Macquarie assumed coverage on Pure Storage in a research report on Wednesday, June 29th. They issued an outperform rating and a $15.00 target price for the company. Robert W. Baird assumed coverage on Pure Storage in a research report on Tuesday, June 28th. They issued a neutral rating and a $12.00 target price for the company. Stifel Nicolaus restated a buy rating and set a $20.00 price objective on shares of Pure Storage in a research report on Friday, August 26th. Finally, KeyCorp boosted their price objective on Pure Storage from $17.00 to $18.00 and gave the company an overweight rating in a research report on Friday, August 26th. Ten research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. The company presently has an average rating of Buy and an average target price of $17.24.
Pure Storage (NYSE:PSTG) opened at 14.03 on Tuesday. The stock’s market capitalization is $2.76 billion. The stock’s 50 day moving average is $13.11 and its 200 day moving average is $12.87. Pure Storage has a 12-month low of $9.62 and a 12-month high of $20.60.
Pure Storage (NYSE:PSTG) last issued its earnings results on Thursday, August 25th. The company reported ($0.16) EPS for the quarter, topping the consensus estimate of ($0.23) by $0.07. The company earned $163.21 million during the quarter, compared to analyst estimates of $155.14 million. Pure Storage had a negative return on equity of 38.48% and a negative net margin of 38.27%. The business’s revenue was up 92.8% on a year-over-year basis. During the same quarter last year, the firm earned ($0.33) EPS. Equities research analysts forecast that Pure Storage will post ($0.63) EPS for the current fiscal year.
In other Pure Storage news, CFO Timothy Riitters sold 3,231 shares of the business’s stock in a transaction dated Wednesday, September 21st. The stock was sold at an average price of $13.50, for a total value of $43,618.50. Following the transaction, the chief financial officer now owns 31,769 shares in the company, valued at $428,881.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 46.58% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. California State Teachers Retirement System increased its stake in Pure Storage by 110.1% in the second quarter. California State Teachers Retirement System now owns 128,016 shares of the company’s stock valued at $1,395,000 after buying an additional 67,099 shares during the period. Bank of New York Mellon Corp increased its stake in Pure Storage by 140.8% in the second quarter. Bank of New York Mellon Corp now owns 217,941 shares of the company’s stock valued at $2,375,000 after buying an additional 127,444 shares during the period. Gradient Investments LLC bought a new stake in Pure Storage during the second quarter valued at about $330,000. Squarepoint Ops LLC increased its stake in Pure Storage by 83.8% in the first quarter. Squarepoint Ops LLC now owns 49,800 shares of the company’s stock valued at $682,000 after buying an additional 22,700 shares during the period. Finally, Westend Capital Management LLC bought a new stake in Pure Storage during the first quarter valued at about $488,000. Hedge funds and other institutional investors own 49.35% of the company’s stock.
Pure Storage Company Profile
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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