Pure Storage Inc. (PSTG) Raised to Mixed at OTR Global
PSTG has been the topic of a number of other research reports. Vetr upgraded shares of Pure Storage from a buy rating to a strong-buy rating and set a $14.00 target price on the stock in a research report on Thursday, October 27th. Robert W. Baird reiterated a neutral rating and set a $12.00 price target on shares of Pure Storage in a report on Monday, August 22nd. Oppenheimer Holdings Inc. upgraded shares of Pure Storage from a market perform rating to an outperform rating and set a $15.00 price target on the stock in a report on Wednesday, August 31st. Jefferies Group lifted their price target on shares of Pure Storage from $11.00 to $13.00 and gave the stock a hold rating in a report on Friday, August 26th. Finally, Morgan Stanley reiterated a buy rating and set a $21.00 price target on shares of Pure Storage in a report on Monday, September 12th. Ten research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of Buy and an average target price of $16.26.
Pure Storage (NYSE:PSTG) opened at 14.40 on Monday. The company has a 50-day moving average price of $13.20 and a 200 day moving average price of $12.60. Pure Storage has a 1-year low of $9.62 and a 1-year high of $18.39. The firm’s market capitalization is $2.83 billion.
Pure Storage (NYSE:PSTG) last issued its earnings results on Thursday, August 25th. The company reported ($0.16) earnings per share for the quarter, beating analysts’ consensus estimates 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 had revenue of $163.21 million for the quarter, compared to analyst estimates of $155.14 million. During the same quarter last year, the business posted ($0.33) earnings per share. The company’s quarterly revenue was up 92.8% on a year-over-year basis. Equities analysts anticipate that Pure Storage will post ($0.64) earnings per share for the current year.
In other news, CFO Timothy Riitters sold 3,231 shares of Pure Storage stock in a transaction that occurred on Wednesday, September 21st. The shares were sold at an average price of $13.50, for a total value of $43,618.50. Following the completion of the sale, the chief financial officer now directly owns 31,769 shares in the company, valued at $428,881.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 46.58% of the stock is currently owned by insiders.
Several institutional investors have recently bought and sold shares of PSTG. JPMorgan Chase & Co. increased its position in shares of 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 period. Jacobs Levy Equity Management Inc. bought a new stake in shares of Pure Storage during the first quarter worth about $431,000. A.R.T. Advisors LLC acquired a new stake in shares of Pure Storage during the first quarter worth about $859,000. Westend Capital Management LLC acquired a new position in shares of Pure Storage during the first quarter worth $488,000. Finally, Squarepoint Ops LLC raised its position in shares of Pure Storage by 83.8% in the first quarter. Squarepoint Ops LLC now owns 49,800 shares of the company’s stock worth $682,000 after buying an additional 22,700 shares in the last quarter. Hedge funds and other institutional investors own 49.70% 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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