Pure Storage (NYSE:PSTG) was upgraded by equities researchers at Barclays from an “equal weight” rating to an “overweight” rating in a research note issued on Wednesday, Marketbeat Ratings reports. The brokerage presently has a $22.00 price target on the technology company’s stock, up from their previous price target of $19.00. Barclays’ price target points to a potential upside of 23.53% from the company’s previous close.

Several other research firms also recently weighed in on PSTG. Lake Street Capital set a $21.00 price target on shares of Pure Storage and gave the stock a “buy” rating in a research note on Wednesday, November 29th. They noted that the move was a valuation call. Maxim Group restated a “hold” rating and set a $20.00 price objective (up from $15.00) on shares of Pure Storage in a research report on Wednesday, November 29th. UBS Group restated a “buy” rating and set a $22.00 price objective (up from $18.00) on shares of Pure Storage in a research report on Wednesday, November 29th. BMO Capital Markets raised their price objective on shares of Pure Storage to $22.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 29th. Finally, Oppenheimer restated a “buy” rating and set a $21.00 price objective on shares of Pure Storage in a research report on Wednesday, November 29th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $18.70.

Pure Storage (PSTG) opened at $17.81 on Wednesday. The firm has a market cap of $3,860.00 and a PE ratio of -17.29. Pure Storage has a 52 week low of $9.12 and a 52 week high of $19.27.

Pure Storage (NYSE:PSTG) last posted its quarterly earnings results on Tuesday, November 28th. The technology company reported ($0.01) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.03) by $0.02. The firm had revenue of $277.70 million for the quarter, compared to the consensus estimate of $272.07 million. Pure Storage had a negative net margin of 22.86% and a negative return on equity of 44.96%. The company’s revenue for the quarter was up 41.0% on a year-over-year basis. During the same period last year, the firm posted ($0.10) earnings per share. analysts anticipate that Pure Storage will post -0.93 EPS for the current fiscal year.

In other Pure Storage news, President David Hatfield sold 130,000 shares of Pure Storage stock in a transaction dated Wednesday, November 22nd. The shares were sold at an average price of $18.05, for a total transaction of $2,346,500.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Scott Dietzen sold 200,000 shares of Pure Storage stock in a transaction dated Thursday, December 7th. The shares were sold at an average price of $17.22, for a total transaction of $3,444,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 552,362 shares of company stock valued at $9,517,585. Company insiders own 46.58% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in PSTG. Ameritas Investment Partners Inc. grew its holdings 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 in the last quarter. BNP Paribas Arbitrage SA grew its holdings 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 in the last quarter. Amalgamated Bank acquired a new position in shares of Pure Storage in the second quarter valued at approximately $151,000. Principal Financial Group Inc. acquired a new position in shares of Pure Storage in the second quarter valued at approximately $166,000. Finally, Great West Life Assurance Co. Can grew its holdings 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 in the last quarter. Institutional investors and hedge funds own 37.50% of the company’s stock.

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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.

Analyst Recommendations for Pure Storage (NYSE:PSTG)

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