Pure Storage, Inc. (PSTG) Given New $20.00 Price Target at BTIG Research
Pure Storage, Inc. (NYSE:PSTG) had its price target hoisted by equities research analysts at BTIG Research from $14.00 to $20.00 in a report released on Thursday. The brokerage presently has a “buy” rating on the technology company’s stock. BTIG Research’s price objective suggests a potential upside of 22.03% from the company’s previous close.
Other research analysts also recently issued research reports about the company. Summit Redstone raised Pure Storage from a “hold” rating to a “buy” rating in a report on Friday, August 25th. BidaskClub upgraded Pure Storage from a “hold” rating to a “buy” rating in a research note on Wednesday, July 19th. UBS AG reaffirmed a “buy” rating and set a $18.00 price objective (up from $15.00) on shares of Pure Storage in a report on Monday, September 25th. Morgan Stanley reaffirmed an “equal weight” rating and set a $15.00 price objective (up from $13.00) on shares of Pure Storage in a report on Friday, August 25th. Finally, Robert W. Baird reaffirmed a “hold” rating and set a $14.00 price objective on shares of Pure Storage in a report on Thursday, August 24th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $16.36.
Shares of Pure Storage (NYSE:PSTG) traded up 0.73% during mid-day trading on Thursday, hitting $16.51. The company had a trading volume of 1,312,566 shares. The firm has a 50-day moving average of $15.37 and a 200-day moving average of $12.98. Pure Storage has a 12 month low of $9.12 and a 12 month high of $16.57. The company’s market cap is $3.49 billion.
Pure Storage (NYSE:PSTG) last issued its quarterly earnings results on Thursday, August 24th. The technology company reported ($0.11) EPS for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.20. The firm 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 revenue for the quarter was up 37.6% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.16) earnings per share. On average, analysts expect that Pure Storage will post ($0.22) EPS for the current year.
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In other news, CFO Timothy Riitters sold 15,175 shares of the stock in a transaction dated Friday, October 6th. The shares were sold at an average price of $15.55, for a total transaction of $235,971.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 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 owns 215,190 shares of the company’s stock, valued at $3,154,685.40. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 172,028 shares of company stock valued at $2,628,735. Company insiders own 46.58% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. Ameritas Investment Partners Inc. boosted its stake 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 buying an additional 2,284 shares during the last quarter. BNP Paribas Arbitrage SA boosted its stake 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 buying an additional 10,078 shares during the last quarter. Amalgamated Bank acquired a new position in shares of Pure Storage during the 2nd quarter worth about $151,000. Principal Financial Group Inc. acquired a new position in shares of Pure Storage during the 2nd quarter worth about $166,000. Finally, First Trust Advisors LP acquired a new position in shares of Pure Storage during the 1st quarter worth about $135,000. Institutional investors own 35.30% of the company’s stock.
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.
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