Pure Storage, Inc. (PSTG) Price Target Raised to $22.00
Pure Storage, Inc. (NYSE:PSTG) had its target price hoisted by JMP Securities from $16.00 to $22.00 in a research report released on Friday. They currently have an outperform rating on the technology company’s stock.
Several other research firms have also issued reports on PSTG. Jefferies Group LLC reissued a hold rating and set a $13.50 target price on shares of Pure Storage in a research note on Friday, August 25th. Susquehanna Bancshares Inc reissued a positive rating and set a $20.00 target price (up previously from $18.00) on shares of Pure Storage in a research note on Thursday, October 5th. ValuEngine raised Pure Storage from a sell rating to a hold rating in a research note on Saturday, August 26th. BidaskClub raised Pure Storage from a hold rating to a buy rating in a research report on Tuesday, June 27th. Finally, Morgan Stanley reaffirmed an equal weight rating on shares of Pure Storage in a research report on Saturday, September 23rd. Two analysts have rated the stock with a sell rating, eight have given a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of Buy and a consensus target price of $16.23.
Pure Storage (NYSE PSTG) traded up 1.37% during mid-day trading on Friday, hitting $16.25. The company had a trading volume of 338,971 shares. The company’s market capitalization is $3.44 billion. Pure Storage has a 52-week low of $9.12 and a 52-week high of $16.35. The company has a 50-day moving average price of $15.23 and a 200 day moving average price of $12.86.
Pure Storage (NYSE:PSTG) last posted its earnings results on Thursday, August 24th. The technology company reported ($0.11) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.31) by $0.20. Pure Storage had a negative return on equity of 46.12% and a negative net margin of 29.55%. The firm had revenue of $224.50 million for the quarter, compared to analyst estimates of $217.97 million. During the same quarter in the prior year, the company earned ($0.16) EPS. Pure Storage’s revenue was up 37.6% on a year-over-year basis. On average, analysts forecast that Pure Storage will post ($0.22) EPS for the current fiscal year.
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In other news, CFO Timothy Riitters sold 15,175 shares of the stock in a transaction dated Friday, October 6th. The stock was sold at an average price of $15.55, for a total value of $235,971.25. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, President David Hatfield sold 30,000 shares of the firm’s stock in a transaction that occurred on Monday, September 18th. The stock was sold at an average price of $14.66, for a total value of $439,800.00. Following the transaction, the president now owns 215,190 shares in the company, valued at approximately $3,154,685.40. The disclosure for this sale can be found here. In the last quarter, insiders sold 172,028 shares of company stock worth $2,628,735. Company insiders own 41.47% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in PSTG. Ameritas Investment Partners Inc. grew its stake in Pure Storage by 38.8% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 8,171 shares of the technology company’s stock worth $105,000 after buying an additional 2,284 shares during the last quarter. First Trust Advisors LP purchased a new position in Pure Storage during the 1st quarter worth approximately $135,000. Point72 Asia Hong Kong Ltd grew its stake in Pure Storage by 34.7% during the 1st 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 last quarter. BNP Paribas Arbitrage SA grew its stake in Pure Storage by 641.5% during the 2nd 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 last quarter. Finally, Amalgamated Bank purchased a new position in Pure Storage during the 2nd quarter worth approximately $151,000. 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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