Pure Storage Inc. (PSTG) Rating Increased to Strong-Buy at Vetr Inc.
Pure Storage Inc. (NYSE:PSTG) was upgraded by investment analysts at Vetr from a “buy” rating to a “strong-buy” rating in a report released on Monday. The firm currently has a $14.72 price target on the stock. Vetr‘s target price indicates a potential upside of 20.36% from the stock’s current price.
Other equities analysts have also issued research reports about the company. JMP Securities restated a “buy” rating on shares of Pure Storage in a research note on Sunday, July 17th. BTIG Research restated a “buy” rating and issued a $17.00 target price on shares of Pure Storage in a research note on Monday, June 27th. Stifel Nicolaus restated a “buy” rating and issued a $20.00 target price on shares of Pure Storage in a research note on Friday, August 26th. Needham & Company LLC restated a “buy” rating on shares of Pure Storage in a research note on Monday, August 29th. Finally, Morgan Stanley restated a “buy” rating and issued a $21.00 target price on shares of Pure Storage in a research note on Monday, September 12th. Eleven research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the stock. Pure Storage has an average rating of “Buy” and an average target price of $17.07.
Pure Storage (NYSE:PSTG) opened at 12.23 on Monday. The stock has a 50 day moving average price of $13.28 and a 200-day moving average price of $12.84. The company’s market cap is $2.40 billion. Pure Storage has a 1-year low of $9.62 and a 1-year high of $19.86.
Pure Storage (NYSE:PSTG) last issued its earnings results on Thursday, August 25th. The company reported ($0.16) earnings per share (EPS) for the quarter, topping the Zacks’ 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 firm’s quarterly revenue was up 92.8% on a year-over-year basis. During the same quarter last year, the business posted ($0.33) EPS. On average, equities research analysts forecast that Pure Storage will post ($0.63) EPS for the current year.
In related news, CFO Timothy Riitters sold 3,231 shares of Pure Storage 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 sale, the chief financial officer now directly owns 31,769 shares in the company, valued at approximately $428,881.50. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 46.58% of the stock is owned by corporate insiders.
A number of large investors have recently bought and sold shares of PSTG. Franklin Resources Inc. boosted its stake in Pure Storage by 177.5% in the first quarter. Franklin Resources Inc. now owns 2,299,005 shares of the company’s stock valued at $31,473,000 after buying an additional 1,470,420 shares during the last quarter. BlackRock Inc. boosted its stake in Pure Storage by 48.9% in the first quarter. BlackRock Inc. now owns 43,223 shares of the company’s stock valued at $592,000 after buying an additional 14,197 shares during the last quarter. BlackRock Group LTD boosted its stake in Pure Storage by 38.6% in the first quarter. BlackRock Group LTD now owns 1,109,042 shares of the company’s stock valued at $15,183,000 after buying an additional 308,673 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in Pure Storage by 146.8% in the first quarter. JPMorgan Chase & Co. now owns 84,475 shares of the company’s stock valued at $1,156,000 after buying an additional 50,243 shares during the last quarter. Finally, Menta Capital LLC purchased a new stake in Pure Storage during the first quarter valued at about $149,000. Institutional investors own 49.38% of the company’s stock.
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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