Pure Storage Inc. (PSTG) Coverage Initiated at JPMorgan Chase & Co.
Stock analysts at JPMorgan Chase & Co. assumed coverage on shares of Pure Storage Inc. (NYSE:PSTG) in a research report issued on Tuesday, The Fly reports. The firm set a “neutral” rating on the stock.
Several other research analysts have also issued reports on the company. Vetr raised Pure Storage from a “buy” rating to a “strong-buy” rating and set a $14.72 target price for the company in a research report on Monday. Morgan Stanley reaffirmed a “buy” rating and set a $21.00 price objective on shares of Pure Storage in a research report on Monday, September 12th. Robert W. Baird reaffirmed a “hold” rating on shares of Pure Storage in a research report on Friday, September 9th. Oppenheimer Holdings Inc. raised Pure Storage from a “market perform” rating to an “outperform” rating and set a $15.00 price objective for the company in a research report on Wednesday, August 31st. Finally, Needham & Company LLC reaffirmed a “buy” rating on shares of Pure Storage in a research report on Monday, August 29th. Eleven research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. Pure Storage presently has an average rating of “Buy” and an average target price of $17.24.
Shares of Pure Storage (NYSE:PSTG) opened at 12.38 on Tuesday. The company’s market capitalization is $2.43 billion. The firm has a 50 day moving average price of $13.26 and a 200 day moving average price of $12.86. Pure Storage has a 52 week low of $9.62 and a 52 week high of $19.86.
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Pure Storage (NYSE:PSTG) last announced its earnings results on Thursday, August 25th. The company reported ($0.16) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.23) by $0.07. Pure Storage had a negative return on equity of 38.48% and a negative net margin of 38.27%. The firm earned $163.21 million during the quarter, compared to analyst estimates of $155.14 million. During the same quarter in the prior year, the company earned ($0.33) EPS. The business’s revenue was up 92.8% compared to the same quarter last year. Equities analysts forecast that Pure Storage will post ($0.63) EPS for the current year.
In related news, CFO Timothy Riitters sold 3,231 shares of Pure Storage stock in a transaction on Wednesday, September 21st. The stock was sold at an average price of $13.50, for a total transaction of $43,618.50. Following the transaction, the chief financial officer now directly owns 31,769 shares in the company, valued at $428,881.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 46.58% of the company’s stock.
A number of large investors have recently bought and sold shares of PSTG. Barclays PLC boosted its stake in Pure Storage by 26.9% in the second quarter. Barclays PLC now owns 18,150 shares of the company’s stock worth $198,000 after buying an additional 3,850 shares in the last quarter. Menta Capital LLC acquired a new stake in Pure Storage during the first quarter worth approximately $149,000. Raymond James & Associates acquired a new stake in Pure Storage during the second quarter worth approximately $133,000. State Board of Administration of Florida Retirement System acquired a new stake in Pure Storage during the second quarter worth approximately $140,000. Finally, Royal Bank of Canada boosted its stake in Pure Storage by 5,486.4% in the second quarter. Royal Bank of Canada now owns 13,966 shares of the company’s stock worth $152,000 after buying an additional 13,716 shares in the last quarter. 49.38% of the stock is currently 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.
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