Pure Storage, Inc. (PSTG) Receives Buy Rating from UBS AG
Pure Storage, Inc. (NYSE:PSTG)‘s stock had its “buy” rating reiterated by UBS AG in a research note issued on Monday, www.benzinga.com reports. They currently have a $18.00 target price on the technology company’s stock, up from their previous target price of $15.00. UBS AG’s price objective would suggest a potential upside of 15.09% from the company’s previous close.
Several other research firms also recently weighed in on PSTG. Morgan Stanley restated an “equal weight” rating on shares of Pure Storage in a research report on Saturday. ValuEngine upgraded shares of Pure Storage from a “sell” rating to a “hold” rating in a research report on Saturday, August 26th. Jefferies Group LLC restated a “hold” rating and set a $13.50 price target on shares of Pure Storage in a research report on Friday, August 25th. Maxim Group restated a “hold” rating and set a $15.00 price target on shares of Pure Storage in a research report on Friday, August 25th. Finally, BidaskClub downgraded shares of Pure Storage from a “hold” rating to a “sell” rating in a research report on Wednesday, September 13th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $15.65.
Shares of Pure Storage (NYSE:PSTG) traded down 0.77% on Monday, hitting $15.52. The stock had a trading volume of 1,894,071 shares. The firm’s market cap is $3.28 billion. The firm’s 50-day moving average price is $13.63 and its 200 day moving average price is $12.13. Pure Storage has a 12 month low of $9.12 and a 12 month high of $15.85.
Pure Storage (NYSE:PSTG) last released its quarterly earnings results on Thursday, August 24th. The technology company reported ($0.11) earnings per share for the quarter, topping the consensus estimate of ($0.31) by $0.20. Pure Storage had a negative net margin of 29.55% and a negative return on equity of 46.12%. The firm had revenue of $224.50 million during the quarter, compared to the consensus estimate of $217.97 million. During the same quarter in the prior year, the firm earned ($0.16) EPS. The company’s revenue for the quarter was up 37.6% on a year-over-year basis. Analysts anticipate that Pure Storage will post ($0.21) EPS for the current fiscal year.
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In other news, President David Hatfield sold 30,000 shares of the stock in a transaction that occurred on Monday, September 18th. The shares were sold at an average price of $14.66, for a total value of $439,800.00. Following the completion of the sale, the president now owns 215,190 shares of the company’s stock, valued at approximately $3,154,685.40. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Timothy Riitters sold 55,000 shares of the stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $14.82, for a total transaction of $815,100.00. Following the completion of the sale, the chief financial officer now directly owns 332,200 shares of the company’s stock, valued at approximately $4,923,204. The disclosure for this sale can be found here. In the last three months, insiders sold 105,761 shares of company stock valued at $1,529,634. Corporate insiders own 41.47% of the company’s stock.
Several institutional investors have recently bought and sold shares of PSTG. Ameritas Investment Partners Inc. grew its stake in shares of Pure Storage by 38.8% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 8,171 shares of the technology company’s stock valued at $105,000 after buying an additional 2,284 shares during the period. First Trust Advisors LP acquired a new position in shares of Pure Storage in the 1st quarter worth approximately $135,000. Point72 Asia Hong Kong Ltd lifted its holdings in shares of Pure Storage by 34.7% in the 1st quarter. Point72 Asia Hong Kong Ltd now owns 13,815 shares of the technology company’s stock worth $136,000 after acquiring an additional 3,557 shares during the last quarter. BNP Paribas Arbitrage SA lifted its holdings in shares of Pure Storage by 641.5% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 11,649 shares of the technology company’s stock worth $149,000 after acquiring an additional 10,078 shares during the last quarter. Finally, Amalgamated Bank acquired a new position in shares of Pure Storage in the 2nd quarter worth approximately $151,000. 35.30% of the stock is owned by institutional investors and hedge funds.
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.
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