Pure Storage Inc. (PSTG) Receives Consensus Recommendation of “Buy” from Analysts
Shares of Pure Storage Inc. (NYSE:PSTG) have received an average rating of “Buy” from the twenty-seven ratings firms that are currently covering the company. Eleven equities research analysts have rated the stock with a hold recommendation, fifteen have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $17.25.
A number of brokerages have commented on PSTG. JMP Securities reaffirmed a “buy” rating on shares of Pure Storage in a research note on Sunday, July 17th. Wells Fargo & Co. began coverage on shares of Pure Storage in a research note on Tuesday, August 2nd. They issued a “market perform” rating on the stock. Vetr raised shares of Pure Storage from a “buy” rating to a “strong-buy” rating and set a $13.48 price target on the stock in a research note on Thursday, September 1st. Summit Research reissued a “hold” rating and issued a $10.00 price target on shares of Pure Storage in a research note on Thursday, June 23rd. Finally, Robert W. Baird began coverage on shares of Pure Storage in a research note on Tuesday, June 28th. They issued a “neutral” rating and a $12.00 price target on the stock.
In other news, CFO Timothy Riitters sold 3,231 shares of the business’s stock in a transaction that occurred on Wednesday, September 21st. The shares were sold at an average price of $13.50, for a total transaction of $43,618.50. Following the completion of the sale, the chief financial officer now owns 31,769 shares in the company, valued at approximately $428,881.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 46.58% of the company’s stock.
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A number of hedge funds have recently added to or reduced their stakes in the stock. Raymond James & Associates acquired a new stake in Pure Storage during the second quarter valued at approximately $133,000. State Board of Administration of Florida Retirement System acquired a new stake in Pure Storage during the second quarter valued at approximately $140,000. Menta Capital LLC acquired a new stake in Pure Storage during the first quarter valued at approximately $149,000. Royal Bank of Canada increased 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 valued at $152,000 after buying an additional 13,716 shares during the period. Finally, UBS Asset Management Americas Inc. acquired a new stake in Pure Storage during the second quarter valued at approximately $195,000. Hedge funds and other institutional investors own 49.38% of the company’s stock.
Pure Storage (NYSE:PSTG) traded up 2.412% during midday trading on Wednesday, reaching $12.525. 613,291 shares of the company’s stock were exchanged. The stock’s 50-day moving average is $13.28 and its 200-day moving average is $12.84. The stock’s market capitalization is $2.46 billion. Pure Storage has a 12-month low of $9.62 and a 12-month high of $19.86.
Pure Storage (NYSE:PSTG) last issued its earnings results on Thursday, August 25th. The company reported ($0.16) EPS for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.07. Pure Storage had a negative net margin of 38.27% and a negative return on equity of 38.48%. The company had revenue of $163.21 million for the quarter, compared to the consensus estimate of $155.14 million. During the same period in the previous year, the firm earned ($0.33) earnings per share. Pure Storage’s quarterly revenue was up 92.8% compared to the same quarter last year. On average, equities analysts forecast that Pure Storage will post ($0.63) earnings per share for the current year.
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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