KeyCorp Boosts Pure Storage, Inc. (PSTG) Price Target to $18.00
Pure Storage, Inc. (NYSE:PSTG) had its price objective boosted by KeyCorp from $17.00 to $18.00 in a research report sent to investors on Friday morning. The brokerage currently has an overweight rating on the technology company’s stock.
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 $15.50 price target on the stock in a report on Wednesday, June 14th. Morgan Stanley downgraded Pure Storage from an overweight rating to an equal weight rating and cut their price target for the company from $17.00 to $12.00 in a report on Thursday, May 18th. Susquehanna Bancshares Inc reiterated a positive rating and issued a $16.00 price target on shares of Pure Storage in a report on Wednesday, June 14th. BidaskClub upgraded Pure Storage from a sell rating to a hold rating in a report on Thursday, August 24th. Finally, ValuEngine downgraded Pure Storage from a hold rating to a sell rating in a report on Thursday, July 27th. Eleven analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. Pure Storage presently has a consensus rating of Buy and a consensus price target of $15.61.
Shares of Pure Storage (NYSE PSTG) opened at 14.25 on Friday. The firm’s market cap is $2.98 billion. Pure Storage has a 52-week low of $9.12 and a 52-week high of $15.14. The firm’s 50-day moving average is $12.94 and its 200-day moving average is $11.75.
Pure Storage (NYSE:PSTG) last issued its earnings results on Thursday, August 24th. The technology company reported ($0.11) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.31) by $0.20. The business had revenue of $224.50 million during the quarter, compared to analyst estimates of $217.97 million. Pure Storage had a negative return on equity of 45.43% and a negative net margin of 29.55%. Pure Storage’s revenue was up 37.6% on a year-over-year basis. During the same period in the previous year, the company posted ($0.16) EPS. Analysts anticipate that Pure Storage will post ($0.22) earnings per share for the current year.
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In related news, CFO Timothy Riitters sold 5,000 shares of the company’s 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 Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michelangelo Volpi sold 1,425,000 shares of the company’s stock in a transaction dated Friday, June 16th. The stock was sold at an average price of $13.15, for a total value of $18,738,750.00. The disclosure for this sale can be found here. In the last three months, insiders sold 2,312,246 shares of company stock valued at $30,410,081. Insiders own 41.47% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. boosted its position in Pure Storage by 6.3% in the second quarter. BlackRock Inc. now owns 14,513,166 shares of the technology company’s stock worth $185,913,000 after buying an additional 863,990 shares during the last quarter. Vanguard Group Inc. boosted its position in Pure Storage by 26.7% in the second quarter. Vanguard Group Inc. now owns 7,059,059 shares of the technology company’s stock worth $90,427,000 after buying an additional 1,489,008 shares during the last quarter. FMR LLC boosted its position in Pure Storage by 10.9% in the second quarter. FMR LLC now owns 6,359,676 shares of the technology company’s stock worth $81,467,000 after buying an additional 622,600 shares during the last quarter. Franklin Resources Inc. boosted its position in Pure Storage by 5.0% in the second quarter. Franklin Resources Inc. now owns 3,097,439 shares of the technology company’s stock worth $39,679,000 after buying an additional 146,411 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its position in Pure Storage by 91.7% in the second quarter. Renaissance Technologies LLC now owns 2,461,000 shares of the technology company’s stock worth $31,525,000 after buying an additional 1,177,000 shares during the last quarter. 35.77% of the stock is owned by 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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