KeyCorp Reiterates Buy Rating for Pure Storage, Inc. (PSTG)
Pure Storage, Inc. (NYSE:PSTG)‘s stock had its “buy” rating restated by equities research analysts at KeyCorp in a research note issued on Wednesday.
Several other equities analysts have also recently issued reports on the stock. BidaskClub upgraded shares of Pure Storage from a “hold” rating to a “buy” rating in a research note on Wednesday, July 19th. ValuEngine cut shares of Pure Storage from a “hold” rating to a “sell” rating in a research note on Monday, September 11th. UBS AG restated a “buy” rating and set a $18.00 target price (up previously from $15.00) on shares of Pure Storage in a research note on Monday, September 25th. BTIG Research upped their target price on shares of Pure Storage from $14.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, October 19th. Finally, Jefferies Group LLC restated a “hold” rating and set a $13.50 target price on shares of Pure Storage in a research note on Friday, August 25th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. Pure Storage currently has a consensus rating of “Buy” and a consensus target price of $16.36.
Pure Storage (NYSE PSTG) traded up 0.12% during mid-day trading on Wednesday, reaching $16.45. 642,688 shares of the company were exchanged. The stock has a 50-day moving average price of $15.71 and a 200 day moving average price of $13.36. Pure Storage has a one year low of $9.12 and a one year high of $16.64. The company’s market capitalization is $3.48 billion.
Pure Storage (NYSE:PSTG) last posted its earnings results on Thursday, August 24th. The technology company reported ($0.11) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.31) by $0.20. The business had revenue of $224.50 million for the quarter, compared to analysts’ expectations of $217.97 million. Pure Storage had a negative net margin of 29.55% and a negative return on equity of 46.12%. The business’s revenue for the quarter was up 37.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.16) EPS. Analysts predict that Pure Storage will post ($0.22) EPS for the current year.
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In other Pure Storage news, 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 sale was disclosed in a legal filing with the SEC, which is available at this link. Also, President David Hatfield sold 70,000 shares of the stock in a transaction that occurred on Wednesday, October 18th. The shares were sold at an average price of $16.35, for a total transaction of $1,144,500.00. The disclosure for this sale can be found here. Insiders sold a total of 242,028 shares of company stock valued at $3,773,235 over the last three months. 41.47% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently made changes to their positions in the business. Ameritas Investment Partners Inc. grew its holdings in Pure Storage by 38.8% during 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 in the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in Pure Storage during the 4th quarter valued at approximately $129,000. First Trust Advisors LP purchased a new stake in Pure Storage during the 1st quarter valued at approximately $135,000. Point72 Asia Hong Kong Ltd grew its holdings in 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 valued at $136,000 after buying an additional 3,557 shares in the last quarter. Finally, Ladenburg Thalmann Financial Services Inc. grew its holdings in Pure Storage by 88.7% during the 4th quarter. Ladenburg Thalmann Financial Services Inc. now owns 12,170 shares of the technology company’s stock valued at $138,000 after buying an additional 5,720 shares in the last quarter. 35.45% of the stock is owned by institutional investors and hedge funds.
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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