Pure Storage, Inc. (PSTG) Upgraded at BidaskClub
BidaskClub upgraded shares of Pure Storage, Inc. (NYSE:PSTG) from a sell rating to a hold rating in a research note released on Tuesday morning.
A number of other equities analysts also recently weighed in on PSTG. Vetr upgraded Pure Storage from a buy rating to a strong-buy rating and set a $15.00 target price on the stock in a report on Tuesday, May 30th. Robert W. Baird reiterated a hold rating and issued a $14.00 target price on shares of Pure Storage in a report on Wednesday, June 14th. Susquehanna Bancshares Inc reiterated a positive rating and issued a $16.00 target price on shares of Pure Storage in a report on Wednesday, June 14th. Morgan Stanley reiterated an equal weight rating and issued a $13.00 target price (up previously from $12.00) on shares of Pure Storage in a report on Wednesday, June 14th. Finally, BMO Capital Markets reiterated a buy rating on shares of Pure Storage in a report on Wednesday, June 14th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of Buy and an average target price of $15.65.
Shares of Pure Storage (NYSE PSTG) opened at 15.99 on Tuesday. The stock’s market capitalization is $3.38 billion. The stock’s 50 day moving average is $13.63 and its 200-day moving average is $12.13. Pure Storage has a one year low of $9.12 and a one year high of $16.16.
Pure Storage (NYSE:PSTG) last posted its quarterly earnings data on Thursday, August 24th. The technology company reported ($0.11) EPS for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.20. Pure Storage had a negative net margin of 29.55% and a negative return on equity of 46.12%. The company had revenue of $224.50 million during the quarter, compared to analyst estimates of $217.97 million. During the same period in the prior year, the firm earned ($0.16) earnings per share. The business’s quarterly revenue was up 37.6% on a year-over-year basis. On average, equities research analysts expect that Pure Storage will post ($0.22) EPS for the current year.
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In related news, CFO Timothy Riitters sold 5,000 shares of Pure Storage stock in a transaction dated Friday, September 8th. The stock was sold at an average price of $14.56, for a total value of $72,800.00. Following the completion of the sale, the chief financial officer now directly owns 282,200 shares in the company, valued at $4,108,832. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, President David Hatfield sold 40,000 shares of Pure Storage stock in a transaction dated Wednesday, September 27th. The stock was sold at an average price of $16.00, for a total value of $640,000.00. Following the completion of the sale, the president now owns 225,190 shares of the company’s stock, valued at $3,603,040. The disclosure for this sale can be found here. Over the last quarter, insiders sold 145,761 shares of company stock valued at $2,169,634. Corporate insiders own 46.58% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Renaissance Technologies LLC boosted its holdings in Pure Storage by 480.2% during the first quarter. Renaissance Technologies LLC now owns 1,284,000 shares of the technology company’s stock worth $12,622,000 after buying an additional 1,062,700 shares during the last quarter. Marcus Capital LLC boosted its holdings in Pure Storage by 57.6% during the second quarter. Marcus Capital LLC now owns 231,500 shares of the technology company’s stock worth $2,966,000 after buying an additional 84,600 shares during the last quarter. First Trust Advisors LP bought a new position in Pure Storage during the first quarter worth about $135,000. Retirement Systems of Alabama bought a new position in Pure Storage during the second quarter worth about $4,484,000. Finally, SG Americas Securities LLC boosted its holdings in Pure Storage by 364.2% during the first quarter. SG Americas Securities LLC now owns 48,386 shares of the technology company’s stock worth $476,000 after buying an additional 37,963 shares during the last quarter. Hedge funds and other institutional investors own 35.30% 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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