Pure Storage Inc (NYSE:PSTG) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $21.42 and last traded at $21.48, with a volume of 1596978 shares. The stock had previously closed at $20.40.

Several brokerages have recently weighed in on PSTG. BidaskClub upgraded Pure Storage from a “sell” rating to a “hold” rating in a report on Tuesday, October 17th. BTIG Research boosted their target price on Pure Storage from $14.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, October 19th. KeyCorp restated a “buy” rating on shares of Pure Storage in a report on Wednesday, November 1st. Wells Fargo & Co began coverage on Pure Storage in a report on Tuesday, November 14th. They set an “outperform” rating and a $22.00 target price on the stock. Finally, UBS Group restated a “buy” rating and set a $22.00 target price (up from $18.00) on shares of Pure Storage in a report on Wednesday, November 29th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $19.18.

The firm has a market capitalization of $4,316.13, a price-to-earnings ratio of -20.68 and a beta of 1.64.

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

In other Pure Storage news, President David Hatfield sold 130,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 22nd. The stock was sold at an average price of $18.05, for a total value of $2,346,500.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Scott Dietzen sold 125,000 shares of the business’s stock in a transaction that occurred on Friday, January 26th. The shares were sold at an average price of $19.55, for a total value of $2,443,750.00. The disclosure for this sale can be found here. Insiders sold 877,362 shares of company stock worth $15,556,864 over the last quarter. 41.47% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in PSTG. Ameritas Investment Partners Inc. raised its position in 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. Amalgamated Bank purchased a new stake in shares of Pure Storage during the second quarter worth $151,000. Fortaleza Asset Management Inc. purchased a new stake in shares of Pure Storage during the fourth quarter worth $154,000. SG Americas Securities LLC purchased a new stake in shares of Pure Storage during the fourth quarter worth $162,000. Finally, Principal Financial Group Inc. purchased a new stake in shares of Pure Storage during the second quarter worth $166,000. 39.56% of the stock is currently owned by institutional investors.

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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.

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