Pure Storage Inc. (PSTG) Stock Rating Reaffirmed by Needham & Company LLC
Pure Storage Inc. (NYSE:PSTG)‘s stock had its “buy” rating reaffirmed by analysts at Needham & Company LLC in a research note issued on Thursday.
A number of other brokerages also recently issued reports on PSTG. Vetr upgraded Pure Storage from a “buy” rating to a “strong-buy” rating and set a $14.00 price objective for the company in a research note on Thursday, October 27th. Wells Fargo & Co. restated a “market perform” rating and issued a $13.00 price objective on shares of Pure Storage in a research note on Friday, October 21st. Morgan Stanley restated a “buy” rating and issued a $21.00 price objective on shares of Pure Storage in a research note on Monday, September 12th. Jefferies Group upped their price objective on Pure Storage from $11.00 to $13.00 and gave the company a “hold” rating in a research note on Friday, August 26th. Finally, BMO Capital Markets upped their price objective on Pure Storage from $13.00 to $14.00 and gave the company a “market perform” rating in a research note on Friday, August 26th. Ten analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $16.26.
Pure Storage (NYSE:PSTG) opened at 13.95 on Thursday. The company has a 50-day moving average price of $13.21 and a 200-day moving average price of $12.59. Pure Storage has a 1-year low of $9.62 and a 1-year high of $18.39. The firm’s market cap is $2.74 billion.
Pure Storage (NYSE:PSTG) last released its quarterly earnings results on Wednesday, November 30th. The company reported ($0.10) EPS for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.05. The business earned $197 million during the quarter, compared to analyst estimates of $192.36 million. Pure Storage had a negative return on equity of 38.48% and a negative net margin of 38.27%. Pure Storage’s quarterly revenue was up 49.9% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.18) EPS. On average, equities research analysts forecast that Pure Storage will post ($0.64) EPS 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 stock was 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 approximately $428,881.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 46.58% of the company’s stock.
Several institutional investors have recently made changes to their positions in the stock. GAM Holding AG purchased a new position in shares of Pure Storage during the third quarter worth $5,392,000. Swiss National Bank purchased a new position in shares of Pure Storage during the second quarter worth $743,000. Jacobs Levy Equity Management Inc. purchased a new position in shares of Pure Storage during the first quarter worth $431,000. Bank of New York Mellon Corp boosted its position in shares of 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 worth $2,375,000 after buying an additional 127,444 shares in the last quarter. Finally, A.R.T. Advisors LLC purchased a new position in shares of Pure Storage during the first quarter worth $859,000. 49.91% of the stock is currently owned by institutional investors.
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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