Wells Fargo & Company initiated coverage on shares of Pure Storage, Inc. (NYSE:PSTG) in a report issued on Tuesday, The Fly reports. The brokerage set an “outperform” rating on the technology company’s stock.

Several other research firms have also issued reports on PSTG. JMP Securities raised their target price on shares of Pure Storage from $16.00 to $22.00 and gave the stock an “outperform” rating in a report on Friday, October 13th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $13.50 price target on shares of Pure Storage in a research note on Friday, August 25th. Susquehanna Bancshares Inc reaffirmed a “positive” rating and issued a $20.00 price target (up previously from $18.00) on shares of Pure Storage in a research note on Thursday, October 5th. ValuEngine raised shares of Pure Storage from a “sell” rating to a “hold” rating in a research note on Saturday, August 26th. Finally, Morgan Stanley reaffirmed an “equal weight” rating on shares of Pure Storage in a research note on Saturday, September 23rd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the stock. Pure Storage currently has an average rating of “Buy” and a consensus target price of $16.36.

Pure Storage (NYSE PSTG) traded down $0.05 during trading on Tuesday, hitting $16.78. 1,189,700 shares of the stock traded hands, compared to its average volume of 1,692,631. Pure Storage has a 12-month low of $9.12 and a 12-month high of $16.87.

Pure Storage (NYSE:PSTG) last released its earnings results on Thursday, August 24th. The technology company reported ($0.11) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.31) by $0.20. The firm had revenue of $224.50 million during the quarter, compared to analyst estimates 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 was up 37.6% on a year-over-year basis. During the same quarter last year, the business earned ($0.16) EPS. research analysts expect that Pure Storage will post -0.97 earnings per share for the current fiscal year.

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In other news, President David Hatfield sold 70,000 shares of the firm’s stock in a transaction dated Wednesday, October 18th. The shares were sold at an average price of $16.35, for a total value of $1,144,500.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Timothy Riitters sold 25,000 shares of the firm’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $15.85, for a total transaction of $396,250.00. The disclosure for this sale can be found here. Insiders have sold a total of 242,028 shares of company stock worth $3,773,235 in the last three months. Insiders own 41.47% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the company. First Trust Advisors LP boosted its holdings in shares of Pure Storage by 14.0% in the 2nd quarter. First Trust Advisors LP now owns 15,607 shares of the technology company’s stock valued at $200,000 after buying an additional 1,919 shares in the last quarter. Gradient Investments LLC boosted its holdings in shares of Pure Storage by 10.3% in the 2nd quarter. Gradient Investments LLC now owns 22,710 shares of the technology company’s stock valued at $291,000 after buying an additional 2,122 shares in the last quarter. Ameritas Investment Partners Inc. boosted its holdings 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 in the last quarter. New York State Common Retirement Fund boosted its holdings in shares of Pure Storage by 4.5% in the 2nd quarter. New York State Common Retirement Fund now owns 99,500 shares of the technology company’s stock valued at $1,275,000 after buying an additional 4,278 shares in the last quarter. Finally, American International Group Inc. boosted its holdings in shares of Pure Storage by 8.1% in the 3rd quarter. American International Group Inc. now owns 62,411 shares of the technology company’s stock valued at $998,000 after buying an additional 4,666 shares in the last quarter. Institutional investors and hedge funds own 35.17% of the company’s stock.

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.

The Fly

Analyst Recommendations for Pure Storage (NYSE:PSTG)

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