Pure Storage, Inc. (PSTG) Receives Consensus Recommendation of “Buy” from Brokerages
Shares of Pure Storage, Inc. (NYSE:PSTG) have been given an average recommendation of “Buy” by the twenty-seven research firms that are currently covering the company, MarketBeat reports. Two analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $15.89.
Several equities analysts recently weighed in on the stock. BidaskClub upgraded shares of Pure Storage from a “hold” rating to a “buy” rating in a research report on Wednesday, July 19th. Pacific Crest reiterated an “overweight” rating and set a $17.00 target price on shares of Pure Storage in a research report on Friday, June 16th. Wells Fargo & Company reiterated a “market perform” rating on shares of Pure Storage in a research report on Friday, June 16th. ValuEngine upgraded shares of Pure Storage from a “sell” rating to a “hold” rating in a research report on Friday, June 16th. Finally, Vetr upgraded shares of Pure Storage from a “buy” rating to a “strong-buy” rating and set a $15.00 target price for the company in a research report on Tuesday, May 30th.
Shares of Pure Storage (NYSE PSTG) opened at 12.78 on Tuesday. The company’s market cap is $2.67 billion. The company’s 50-day moving average price is $13.04 and its 200 day moving average price is $11.62. Pure Storage has a one year low of $9.12 and a one year high of $15.14.
Pure Storage (NYSE:PSTG) last posted its earnings results on Wednesday, May 24th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.22) by $0.08. Pure Storage had a negative net margin of 31.62% and a negative return on equity of 44.04%. The firm had revenue of $182.60 million during the quarter, compared to analyst estimates of $176.13 million. During the same quarter in the prior year, the business posted ($0.22) EPS. The business’s revenue was up 30.5% compared to the same quarter last year. Equities analysts forecast that Pure Storage will post ($0.27) EPS for the current fiscal year.
In other news, CFO Timothy Riitters sold 5,000 shares of Pure Storage stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $13.12, for a total value of $65,600.00. Following the completion of the transaction, the chief financial officer now owns 245,703 shares of the company’s stock, valued at approximately $3,223,623.36. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Michelangelo Volpi sold 19,086 shares of Pure Storage stock in a transaction dated Friday, June 9th. The stock was sold at an average price of $13.00, for a total value of $248,118.00. The disclosure for this sale can be found here. Insiders have sold 2,312,246 shares of company stock valued at $30,410,081 in the last three months. Insiders own 41.47% of the company’s stock.
Several institutional investors have recently bought and sold shares of PSTG. First Trust Advisors LP acquired a new position in shares of Pure Storage during the first quarter worth $135,000. Point72 Asia Hong Kong Ltd raised its position in shares of Pure Storage by 34.7% in the first quarter. Point72 Asia Hong Kong Ltd now owns 13,815 shares of the technology company’s stock worth $136,000 after buying an additional 3,557 shares during the period. Ladenburg Thalmann Financial Services Inc. raised its position in shares of Pure Storage by 88.7% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 12,170 shares of the technology company’s stock worth $138,000 after buying an additional 5,720 shares during the period. BNP Paribas Arbitrage SA raised its position in shares of Pure Storage by 641.5% in the second quarter. BNP Paribas Arbitrage SA now owns 11,649 shares of the technology company’s stock worth $149,000 after buying an additional 10,078 shares during the period. Finally, American National Insurance Co. TX acquired a new position in shares of Pure Storage during the first quarter worth $150,000. 34.45% of the stock is owned by hedge funds and other institutional investors.
About Pure Storage
Pure Storage, Inc provides a data platform. The Company is focused on delivering software-defined all-flash solutions that are fast and cloud-capable for customers, enabling customers to put data to work for their businesses. Its data platform replaces storage systems designed for mechanical disk with all-flash systems optimized end-to-end for solid-state memory.
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