Cowen reiterated their outperform rating on shares of Pure Storage (NYSE:PSTG) in a report released on Thursday, The Fly reports. They currently have a $23.00 target price on the technology company’s stock, down from their prior target price of $28.00.

A number of other brokerages also recently commented on PSTG. Morgan Stanley lowered their price objective on shares of Pure Storage from $22.00 to $21.00 and set an equal weight rating on the stock in a research report on Wednesday, May 22nd. Barclays initiated coverage on shares of Pure Storage in a research report on Wednesday, August 7th. They set an overweight rating and a $18.00 price objective on the stock. Credit Suisse Group lowered their price objective on shares of Pure Storage from $23.00 to $18.00 and set a neutral rating on the stock in a research report on Wednesday, May 22nd. Piper Jaffray Companies lowered their price objective on shares of Pure Storage from $25.00 to $20.00 and set an overweight rating on the stock in a research report on Wednesday, May 22nd. Finally, Wells Fargo & Co lowered their price objective on shares of Pure Storage from $30.00 to $26.00 and set an outperform rating on the stock in a research report on Wednesday, May 22nd. Seven analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Pure Storage currently has a consensus rating of Buy and a consensus target price of $22.32.

Shares of PSTG opened at $15.63 on Thursday. The company’s 50 day moving average price is $14.77 and its 200 day moving average price is $18.35. Pure Storage has a 52 week low of $12.68 and a 52 week high of $29.14. The company has a quick ratio of 3.25, a current ratio of 3.35 and a debt-to-equity ratio of 0.75.

Pure Storage (NYSE:PSTG) last announced its quarterly earnings data on Wednesday, August 21st. The technology company reported ($0.23) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.28) by $0.05. Pure Storage had a negative net margin of 14.51% and a negative return on equity of 25.30%. The firm had revenue of $396.30 million for the quarter, compared to the consensus estimate of $392.34 million. During the same period in the previous year, the firm posted $0.01 earnings per share. The firm’s revenue was up 28.3% on a year-over-year basis. As a group, equities research analysts anticipate that Pure Storage will post -0.79 earnings per share for the current year.

In other Pure Storage news, CFO Timothy Riitters sold 10,420 shares of Pure Storage stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $15.59, for a total value of $162,447.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold 31,260 shares of company stock valued at $492,553 over the last quarter. Corporate insiders own 10.00% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of PSTG. Treasurer of the State of North Carolina increased its holdings in Pure Storage by 40.1% in the 2nd quarter. Treasurer of the State of North Carolina now owns 91,763 shares of the technology company’s stock valued at $1,401,000 after buying an additional 26,250 shares during the period. Ladenburg Thalmann Financial Services Inc. increased its holdings in Pure Storage by 1,638.9% in the 2nd quarter. Ladenburg Thalmann Financial Services Inc. now owns 35,925 shares of the technology company’s stock valued at $549,000 after buying an additional 33,859 shares during the period. United Services Automobile Association increased its holdings in Pure Storage by 7.6% in the 2nd quarter. United Services Automobile Association now owns 253,326 shares of the technology company’s stock valued at $3,868,000 after buying an additional 17,850 shares during the period. Essex Investment Management Co. LLC increased its holdings in Pure Storage by 20.4% in the 2nd quarter. Essex Investment Management Co. LLC now owns 17,065 shares of the technology company’s stock valued at $261,000 after buying an additional 2,897 shares during the period. Finally, Nuveen Asset Management LLC bought a new stake in Pure Storage in the 2nd quarter valued at $42,990,000. Hedge funds and other institutional investors own 81.14% of the company’s stock.

About Pure Storage

Pure Storage, Inc engages in building a data platform that enables businesses to enhance performance and reduce complexity and costs worldwide. The company delivers its data platform through Purity Operating Environment, an optimized software for solid-state memory that offers enterprise-class storage and protocol services; FlashArray and FlashBlade optimized hardware products for solid-state memory to enhance the performance and density of flash, optimize its advanced software services, and reduce solution cost for customers; Pure1, a cloud-based management and support software; and FlashStack and Artificial Intelligence Ready Infrastructure converged infrastructure solutions.

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The Fly

Analyst Recommendations for Pure Storage (NYSE:PSTG)

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