Pure Storage, Inc. (NYSE:PSTG) had its price target lifted by stock analysts at JMP Securities from $16.00 to $22.00 in a report released on Friday, The Fly reports. The brokerage currently has an “outperform” rating on the technology company’s stock. JMP Securities’ target price would suggest a potential upside of 37.50% from the company’s current price.

A number of other research firms also recently weighed in on PSTG. Jefferies Group LLC restated a “hold” rating and issued a $13.50 price objective on shares of Pure Storage in a report on Friday, August 25th. Susquehanna Bancshares Inc restated a “positive” rating and issued a $20.00 price objective (up from $18.00) on shares of Pure Storage in a report on Thursday, October 5th. ValuEngine upgraded Pure Storage from a “sell” rating to a “hold” rating in a report on Saturday, August 26th. BidaskClub upgraded Pure Storage from a “hold” rating to a “buy” rating in a report on Tuesday, June 27th. Finally, Morgan Stanley restated an “equal weight” rating on shares of Pure Storage in a report on Saturday, September 23rd. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Buy” and an average price target of $16.23.

Pure Storage (NYSE:PSTG) opened at 16.00 on Friday. The company’s market capitalization is $3.38 billion. Pure Storage has a 52-week low of $9.12 and a 52-week high of $16.35. The stock has a 50 day moving average price of $15.12 and a 200 day moving average price of $12.77.

Pure Storage (NYSE:PSTG) last posted its quarterly earnings data on Thursday, August 24th. The technology company reported ($0.11) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.31) by $0.20. The business had revenue of $224.50 million during the quarter, compared to the consensus estimate of $217.97 million. Pure Storage had a negative return on equity of 46.12% and a negative net margin of 29.55%. Pure Storage’s quarterly revenue was up 37.6% on a year-over-year basis. During the same period in the prior year, the business posted ($0.16) earnings per share. Analysts anticipate that Pure Storage will post ($0.22) EPS for the current fiscal year.

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In other news, CFO Timothy Riitters sold 5,000 shares of the stock in a transaction dated Friday, September 8th. The shares were sold at an average price of $14.56, for a total transaction of $72,800.00. Following the transaction, the chief financial officer now owns 282,200 shares of the company’s stock, valued at approximately $4,108,832. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, President David Hatfield sold 30,000 shares of the stock in a transaction dated Monday, September 18th. The stock was sold at an average price of $14.66, for a total transaction of $439,800.00. Following the transaction, the president now directly owns 215,190 shares in the company, valued at approximately $3,154,685.40. The disclosure for this sale can be found here. Insiders have sold a total of 172,028 shares of company stock worth $2,628,735 in the last three months. Insiders own 46.58% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the company. Ameritas Investment Partners Inc. boosted its position in shares of Pure Storage by 38.8% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 8,171 shares of the technology company’s stock worth $105,000 after purchasing an additional 2,284 shares in the last quarter. First Trust Advisors LP bought a new position in shares of Pure Storage during the 1st quarter worth about $135,000. Point72 Asia Hong Kong Ltd boosted its position in shares of Pure Storage by 34.7% during the 1st quarter. Point72 Asia Hong Kong Ltd now owns 13,815 shares of the technology company’s stock worth $136,000 after purchasing an additional 3,557 shares in the last quarter. BNP Paribas Arbitrage SA boosted its position in shares of Pure Storage by 641.5% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 11,649 shares of the technology company’s stock worth $149,000 after purchasing an additional 10,078 shares in the last quarter. Finally, Amalgamated Bank bought a new position in shares of Pure Storage during the 2nd quarter worth about $151,000. 35.30% of the stock is currently owned by institutional investors.

Pure Storage Company Profile

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.

The Fly

Analyst Recommendations for Pure Storage (NYSE:PSTG)

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