Wells Fargo & Company initiated coverage on shares of Pure Storage, Inc. (NYSE:PSTG) in a report released on Tuesday morning. The firm issued an outperform rating and a $22.00 price objective on the technology company’s stock.

A number of other research firms also recently commented on PSTG. JMP Securities increased their target price on shares of Pure Storage from $16.00 to $22.00 and gave the company an outperform rating in a research report on Friday, October 13th. Jefferies Group LLC reaffirmed a hold rating and issued a $13.50 target price on shares of Pure Storage in a research report on Friday, August 25th. Susquehanna Bancshares Inc reaffirmed a positive rating and issued a $20.00 target price (up from $18.00) on shares of Pure Storage in a research report on Thursday, October 5th. ValuEngine raised shares of Pure Storage from a sell rating to a hold rating in a research report on Saturday, August 26th. Finally, Morgan Stanley reaffirmed an equal weight rating on shares of Pure Storage in a research report on Saturday, September 23rd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the stock. Pure Storage has an average rating of Buy and an average price target of $16.82.

Shares of Pure Storage (PSTG) traded down $0.01 on Tuesday, hitting $16.77. 1,573,900 shares of the stock were exchanged, compared to its average volume of 1,692,092. Pure Storage has a fifty-two week low of $9.12 and a fifty-two week high of $16.90.

Pure Storage (NYSE:PSTG) last announced its quarterly earnings data 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. Pure Storage had a negative net margin of 29.55% and a negative return on equity of 46.12%. The business had revenue of $224.50 million for the quarter, compared to analyst estimates of $217.97 million. During the same period last year, the business earned ($0.16) EPS. The company’s revenue was up 37.6% on a year-over-year basis. sell-side analysts anticipate that Pure Storage will post -0.97 earnings per share for the current fiscal year.

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In related news, President David Hatfield sold 70,000 shares of the firm’s stock in a transaction dated Wednesday, October 18th. The shares were sold at an average price of $16.35, for a total value of $1,144,500.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Timothy Riitters sold 55,000 shares of the firm’s stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $14.82, for a total transaction of $815,100.00. Following the completion of the sale, the chief financial officer now owns 332,200 shares of the company’s stock, valued at approximately $4,923,204. The disclosure for this sale can be found here. Insiders sold a total of 242,028 shares of company stock valued at $3,773,235 in the last 90 days. Company insiders own 41.47% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Ameritas Investment Partners Inc. lifted its stake 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 valued at $105,000 after purchasing an additional 2,284 shares during the period. Great West Life Assurance Co. Can lifted its stake in shares of Pure Storage by 151.3% in the third quarter. Great West Life Assurance Co. Can now owns 11,310 shares of the technology company’s stock valued at $180,000 after purchasing an additional 6,810 shares during the period. BNP Paribas Arbitrage SA lifted its stake 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 valued at $149,000 after purchasing an additional 10,078 shares during the period. Invictus RG acquired a new stake in shares of Pure Storage in the third quarter valued at about $187,000. Finally, Amalgamated Bank acquired a new stake in shares of Pure Storage in the second quarter valued at about $151,000. Hedge funds and other institutional investors own 35.17% of the company’s stock.

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.

Analyst Recommendations for Pure Storage (NYSE:PSTG)

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