Pure Storage, Inc. (NYSE:PSTG) Receives Consensus Recommendation of “Buy” from Brokerages
Shares of Pure Storage, Inc. (NYSE:PSTG) have been given an average rating of “Buy” by the twenty-six research firms that are presently covering the company, Marketbeat reports. Ten 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. The average 12 month price target among brokers that have covered the stock in the last year is $15.89.
A number of equities analysts have issued reports on PSTG shares. Oppenheimer Holdings, Inc. set a $15.00 price objective on Pure Storage and gave the stock a “buy” rating in a report on Monday, April 3rd. Vetr upgraded Pure Storage from a “buy” rating to a “strong-buy” rating and set a $15.50 price target for the company in a report on Wednesday, June 14th. William Blair restated a “buy” rating on shares of Pure Storage in a report on Friday, April 14th. Morgan Stanley downgraded Pure Storage from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $17.00 to $12.00 in a report on Thursday, May 18th. Finally, Susquehanna Bancshares Inc restated a “positive” rating and set a $16.00 price target on shares of Pure Storage in a report on Wednesday, June 14th.
In other Pure Storage news, Director Michelangelo Volpi sold 1,425,000 shares of the firm’s stock in a transaction dated Friday, June 16th. The stock was sold at an average price of $13.15, for a total value of $18,738,750.00. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Timothy Riitters sold 5,000 shares of the firm’s stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $13.12, for a total value of $65,600.00. Following the completion of the transaction, the chief financial officer now directly owns 245,703 shares in the company, valued at $3,223,623.36. The disclosure for this sale can be found here. Insiders have sold 2,312,246 shares of company stock worth $30,410,081 over the last ninety days. 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. GSA Capital Partners LLP purchased a new position in shares of Pure Storage during the fourth quarter valued at about $228,000. Wesbanco Bank Inc. purchased a new position in shares of Pure Storage during the first quarter valued at about $462,000. Norges Bank purchased a new position in shares of Pure Storage during the fourth quarter valued at about $1,697,000. Renaissance Technologies LLC purchased a new position in shares of Pure Storage during the fourth quarter valued at about $2,503,000. Finally, State Street Corp boosted its position in shares of Pure Storage by 4.4% in the fourth quarter. State Street Corp now owns 1,129,901 shares of the technology company’s stock valued at $12,779,000 after buying an additional 47,633 shares during the last quarter. 34.41% of the stock is currently owned by institutional investors and hedge funds.
Shares of Pure Storage (NYSE:PSTG) traded down 0.47% during mid-day trading on Tuesday, reaching $12.72. 738,004 shares of the company’s stock were exchanged. Pure Storage has a one year low of $9.12 and a one year high of $15.14. The stock has a 50-day moving average of $12.41 and a 200 day moving average of $11.39. The firm’s market capitalization is $2.65 billion.
Pure Storage (NYSE:PSTG) last posted its quarterly earnings data on Wednesday, May 24th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.08. The business had revenue of $182.60 million during the quarter, compared to the consensus estimate of $176.13 million. Pure Storage had a negative return on equity of 44.04% and a negative net margin of 31.62%. The firm’s quarterly revenue was up 30.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.22) earnings per share. On average, analysts forecast that Pure Storage will post ($0.27) EPS for the current fiscal year.
About Pure Storage
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.
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.