Pure Storage Inc. (PSTG) Upgraded to Buy by Vetr Inc.
Pure Storage Inc. (NYSE:PSTG) was upgraded by stock analysts at Vetr from a “hold” rating to a “buy” rating in a report issued on Wednesday. The firm currently has a $14.72 price target on the stock. Vetr‘s price target would indicate a potential upside of 11.01% from the stock’s previous close.
A number of other research firms have also weighed in on PSTG. William Blair reiterated an “outperform” rating on shares of Pure Storage in a report on Wednesday, May 25th. Needham & Company LLC reiterated a “buy” rating on shares of Pure Storage in a report on Monday, August 29th. Stifel Nicolaus reiterated a “buy” rating and set a $20.00 target price (down from $24.00) on shares of Pure Storage in a report on Friday, May 27th. Maxim Group lowered their price objective on shares of Pure Storage from $27.00 to $20.00 and set a “buy” rating for the company in a report on Thursday, May 26th. Finally, Morgan Stanley restated a “buy” rating and issued a $21.00 price objective on shares of Pure Storage in a report on Monday, September 12th. Ten analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $17.47.
Pure Storage (NYSE:PSTG) opened at 13.26 on Wednesday. The stock’s market cap is $2.61 billion. Pure Storage has a 52 week low of $9.62 and a 52 week high of $20.60. The stock has a 50 day moving average price of $12.69 and a 200-day moving average price of $12.75.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at http://www.americanbankingnews.com/2016/09/21/pure-storage-inc-pstg-upgraded-to-buy-by-vetr-inc.html
Pure Storage (NYSE:PSTG) last posted its earnings results on Thursday, August 25th. The company reported ($0.16) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.23) by $0.07. The company earned $163.21 million during the quarter, compared to analyst estimates of $155.14 million. Pure Storage had a negative net margin of 38.27% and a negative return on equity of 38.48%. Pure Storage’s revenue for the quarter was up 92.8% on a year-over-year basis. During the same period in the prior year, the business posted ($0.33) earnings per share. On average, equities analysts anticipate that Pure Storage will post ($0.63) EPS for the current fiscal year.
A number of large investors have recently bought and sold shares of PSTG. Marcus Capital LLC bought a new stake in Pure Storage during the first quarter worth approximately $685,000. BlackRock Inc. boosted its position in shares of Pure Storage by 48.9% in the first quarter. BlackRock Inc. now owns 43,223 shares of the company’s stock valued at $592,000 after buying an additional 14,197 shares in the last quarter. Jacobs Levy Equity Management Inc. acquired a new position in shares of Pure Storage during the first quarter valued at $431,000. A.R.T. Advisors LLC acquired a new position in shares of Pure Storage during the first quarter valued at $859,000. Finally, Geode Capital Management LLC boosted its position in shares of Pure Storage by 10.7% in the first quarter. Geode Capital Management LLC now owns 187,413 shares of the company’s stock valued at $2,565,000 after buying an additional 18,178 shares in the last quarter. 49.91% of the stock is owned by institutional investors and hedge funds.
Pure Storage Company Profile
Pure Storage, Inc provides an enterprise data storage platform. The Company’s storage platform consists of approximately three integrated components, including the Purity Operating Environment, which is its flash-optimized software; FlashArray, which is its modular and scalable all-flash array hardware, and Pure1, which is its cloud-based management and support.
Receive News & Ratings for Pure Storage Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pure Storage Inc. and related companies with MarketBeat.com's FREE daily email newsletter.