Pure Storage Inc (NYSE:PSTG) – Equities research analysts at Oppenheimer increased their FY2018 earnings per share (EPS) estimates for shares of Pure Storage in a research note issued to investors on Wednesday. Oppenheimer analyst I. Kidron now anticipates that the technology company will post earnings per share of ($0.94) for the year, up from their prior forecast of ($1.03). Oppenheimer has a “Buy” rating and a $21.00 price objective on the stock. Oppenheimer also issued estimates for Pure Storage’s Q4 2018 earnings at ($0.16) EPS, Q1 2019 earnings at ($0.35) EPS, Q3 2019 earnings at ($0.20) EPS, Q4 2019 earnings at ($0.12) EPS and FY2019 earnings at ($0.96) EPS.

Pure Storage (NYSE:PSTG) last announced its quarterly earnings data on Tuesday, November 28th. The technology company reported ($0.01) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.03) by $0.02. The company had revenue of $277.70 million for the quarter, compared to the consensus estimate of $272.07 million. Pure Storage had a negative net margin of 22.86% and a negative return on equity of 44.86%. Pure Storage’s revenue for the quarter was up 41.0% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.10) EPS.

A number of other research analysts have also weighed in on PSTG. KeyCorp reissued a “buy” rating and issued a $24.00 target price on shares of Pure Storage in a report on Wednesday, November 29th. Robert W. Baird set a $14.00 target price on shares of Pure Storage and gave the company a “hold” rating in a research note on Monday, August 14th. Maxim Group restated a “hold” rating and issued a $20.00 price objective (up from $15.00) on shares of Pure Storage in a report on Wednesday, November 29th. Lake Street Capital set a $21.00 price objective on Pure Storage and gave the company a “buy” rating in a report on Wednesday, November 29th. They noted that the move was a valuation call. Finally, BidaskClub upgraded shares of Pure Storage from a “sell” rating to a “hold” rating in a report on Tuesday, September 26th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $18.57.

Shares of Pure Storage (NYSE PSTG) opened at $16.97 on Monday. Pure Storage has a 1 year low of $9.12 and a 1 year high of $19.27.

In related news, President David Hatfield sold 130,000 shares of the stock in a transaction on Wednesday, November 22nd. The stock was sold at an average price of $18.05, for a total transaction of $2,346,500.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Timothy Riitters sold 5,000 shares of the stock in a transaction on Friday, September 8th. The stock was sold at an average price of $14.56, for a total value of $72,800.00. Following the sale, the chief financial officer now owns 282,200 shares of the company’s stock, valued at $4,108,832. The disclosure for this sale can be found here. Over the last three months, insiders have sold 317,028 shares of company stock valued at $5,304,635. Corporate insiders own 41.47% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the stock. AXA raised its stake in shares of Pure Storage by 9.4% in the third quarter. AXA now owns 346,700 shares of the technology company’s stock valued at $5,544,000 after acquiring an additional 29,700 shares during the last quarter. Janney Montgomery Scott LLC bought a new stake in shares of Pure Storage during the 3rd quarter valued at $700,000. Cubist Systematic Strategies LLC grew its holdings in shares of Pure Storage by 2,440.5% in the 3rd quarter. Cubist Systematic Strategies LLC now owns 43,188 shares of the technology company’s stock valued at $691,000 after buying an additional 41,488 shares during the period. Granahan Investment Management Inc. MA grew its holdings in shares of Pure Storage by 14.3% in the 3rd quarter. Granahan Investment Management Inc. MA now owns 197,173 shares of the technology company’s stock valued at $3,153,000 after buying an additional 24,663 shares during the period. Finally, Maple Rock Capital Partners Inc. acquired a new position in shares of Pure Storage in the 3rd quarter valued at $12,792,000. 38.46% of the stock is currently owned by institutional investors and hedge funds.

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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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