Pure Storage, Inc. (PSTG) Cut to “Sell” at BidaskClub
Pure Storage, Inc. (NYSE:PSTG) was downgraded by research analysts at BidaskClub from a “hold” rating to a “sell” rating in a report issued on Wednesday.
A number of other analysts have also recently weighed in on PSTG. Morgan Stanley cut shares of Pure Storage from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $17.00 to $12.00 in a research note on Thursday, May 18th. Jefferies Group LLC increased their price target on shares of Pure Storage from $10.00 to $11.50 and gave the stock a “hold” rating in a research note on Thursday, May 25th. Maxim Group reiterated a “buy” rating and set a $20.00 price target on shares of Pure Storage in a research note on Thursday, May 25th. BMO Capital Markets increased their price target on shares of Pure Storage from $13.00 to $15.00 and gave the stock a “buy” rating in a research note on Thursday, May 25th. Finally, Robert W. Baird reiterated a “hold” rating on shares of Pure Storage in a research note on Thursday, May 25th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $15.61.
Pure Storage (NYSE:PSTG) opened at 14.55 on Wednesday. The stock’s market cap is $3.04 billion. Pure Storage has a 12-month low of $9.12 and a 12-month high of $15.14. The firm has a 50 day moving average of $13.31 and a 200-day moving average of $11.97.
Pure Storage (NYSE:PSTG) last issued its quarterly earnings results on Thursday, August 24th. The technology company reported ($0.11) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.31) by $0.20. The firm had revenue of $224.50 million during the quarter, compared to analysts’ expectations of $217.97 million. Pure Storage had a negative net margin of 29.55% and a negative return on equity of 46.12%. Pure Storage’s quarterly revenue was up 37.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.16) EPS. On average, analysts expect that Pure Storage will post ($0.21) earnings per share for the current year.
In related news, CFO Timothy Riitters sold 8,255 shares of the firm’s stock in a transaction that occurred on Thursday, June 22nd. The shares were sold at an average price of $13.14, for a total value of $108,470.70. Following the sale, the chief financial officer now directly owns 242,448 shares of the company’s stock, valued at $3,185,766.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Michelangelo Volpi sold 390,957 shares of the firm’s stock in a transaction that occurred on Tuesday, June 20th. The stock was sold at an average price of $13.33, for a total transaction of $5,211,456.81. The disclosure for this sale can be found here. Insiders have sold a total of 2,348,160 shares of company stock worth $30,984,263 over the last ninety days. 41.47% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Ameritas Investment Partners Inc. boosted its position in shares of Pure Storage by 38.8% in the second quarter. Ameritas Investment Partners Inc. now owns 8,171 shares of the technology company’s stock worth $105,000 after acquiring an additional 2,284 shares during the last quarter. BNP Paribas Arbitrage SA boosted 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 acquiring an additional 10,078 shares during the last quarter. Amalgamated Bank acquired a new stake in shares of Pure Storage in the second quarter worth approximately $151,000. Principal Financial Group Inc. acquired a new stake in shares of Pure Storage in the second quarter worth approximately $166,000. Finally, First Trust Advisors LP acquired a new stake in shares of Pure Storage in the first quarter worth approximately $135,000. 35.77% of the stock is currently owned by institutional investors and hedge funds.
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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