Pure Storage, Inc. (PSTG) Upgraded by Summit Redstone to “Buy”
Other equities analysts also recently issued research reports about the company. JMP Securities set a $16.00 target price on Pure Storage and gave the company a buy rating in a research report on Friday, May 26th. BMO Capital Markets upped their target price on Pure Storage from $13.00 to $15.00 and gave the company a buy rating in a research report on Thursday, May 25th. Maxim Group reaffirmed a buy rating and issued a $20.00 target price on shares of Pure Storage in a research report on Thursday, May 25th. BidaskClub raised Pure Storage from a hold rating to a buy rating in a research report on Tuesday, June 27th. Finally, Morgan Stanley downgraded Pure Storage from an overweight rating to an equal weight rating and decreased their target price for the company from $17.00 to $12.00 in a research report on Thursday, May 18th. Eleven investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of Buy and a consensus price target of $15.61.
Pure Storage (NYSE PSTG) traded up 19.03% during trading on Friday, reaching $14.95. The company’s stock had a trading volume of 11,448,954 shares. The stock’s 50-day moving average is $12.94 and its 200 day moving average is $11.75. Pure Storage has a 52-week low of $9.12 and a 52-week high of $15.14. The firm’s market capitalization is $3.13 billion.
Pure Storage (NYSE:PSTG) last posted its earnings results on Thursday, August 24th. The technology company reported ($0.11) EPS for the quarter, beating the consensus estimate of ($0.31) by $0.20. Pure Storage had a negative return on equity of 45.43% and a negative net margin of 29.55%. The company had revenue of $224.50 million for the quarter, compared to the consensus estimate of $217.97 million. During the same quarter in the prior year, the business earned ($0.16) earnings per share. The firm’s revenue for the quarter was up 37.6% on a year-over-year basis. On average, analysts predict that Pure Storage will post ($0.28) EPS for the current fiscal year.
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In other Pure Storage news, Director Michelangelo Volpi sold 1,425,000 shares of the company’s stock in a transaction on Friday, June 16th. The stock was sold at an average price of $13.15, for a total transaction of $18,738,750.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Timothy Riitters sold 10,248 shares of the company’s stock in a transaction on Thursday, July 6th. The stock was sold at an average price of $12.81, for a total value of $131,276.88. Following the sale, the chief financial officer now owns 227,200 shares of the company’s stock, valued at $2,910,432. The disclosure for this sale can be found here. Insiders have sold 2,312,246 shares of company stock valued at $30,410,081 over the last 90 days. Corporate insiders own 46.58% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the company. Bangor Savings Bank acquired a new stake in Pure Storage during the second quarter valued at $1,026,000. Verition Fund Management LLC acquired a new stake in Pure Storage during the second quarter valued at $184,000. Ameritas Investment Partners Inc. boosted its stake in Pure Storage by 38.8% in the second quarter. Ameritas Investment Partners Inc. now owns 8,171 shares of the technology company’s stock valued at $105,000 after buying an additional 2,284 shares during the last quarter. California State Teachers Retirement System boosted its stake in Pure Storage by 22.9% in the second quarter. California State Teachers Retirement System now owns 164,907 shares of the technology company’s stock valued at $2,112,000 after buying an additional 30,691 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in Pure Storage by 33.4% in the second quarter. The Manufacturers Life Insurance Company now owns 75,526 shares of the technology company’s stock valued at $968,000 after buying an additional 18,918 shares during the last quarter. Hedge funds and other institutional investors own 34.86% of the company’s stock.
Pure Storage Company Profile
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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