Pure Storage Inc (PSTG) Receives Consensus Rating of “Buy” from Brokerages

Shares of Pure Storage Inc (NYSE:PSTG) have been given an average rating of “Buy” by the twenty-five ratings firms that are covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $18.89.

Several equities research analysts have weighed in on PSTG shares. UBS Group reissued a “buy” rating and set a $22.00 price objective (up from $18.00) on shares of Pure Storage in a research note on Wednesday, November 29th. Lake Street Capital set a $21.00 price objective on Pure Storage and gave the stock a “buy” rating in a research note on Wednesday, November 29th. They noted that the move was a valuation call. KeyCorp reissued a “buy” rating on shares of Pure Storage in a research note on Wednesday, November 1st. BTIG Research boosted their price objective on Pure Storage from $14.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, October 19th. Finally, Oppenheimer restated a “buy” rating and set a $21.00 target price on shares of Pure Storage in a research report on Wednesday, November 29th.

Shares of Pure Storage (NYSE:PSTG) traded up $0.36 during midday trading on Friday, reaching $19.91. The company’s stock had a trading volume of 4,461,504 shares, compared to its average volume of 2,011,108. Pure Storage has a 52 week low of $9.12 and a 52 week high of $19.91. The company has a market capitalization of $4,238.09, a PE ratio of -19.91 and a beta of 0.97.

Pure Storage (NYSE:PSTG) last issued its quarterly earnings data on Tuesday, November 28th. The technology company reported ($0.01) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.03) by $0.02. Pure Storage had a negative return on equity of 44.96% and a negative net margin of 22.86%. The company had revenue of $277.70 million for the quarter, compared to analysts’ expectations of $272.07 million. During the same period in the previous year, the firm posted ($0.10) earnings per share. The firm’s revenue for the quarter was up 41.0% on a year-over-year basis. research analysts expect that Pure Storage will post -0.93 EPS for the current fiscal year.

In related news, CFO Timothy Riitters sold 15,747 shares of the business’s stock in a transaction that occurred on Monday, January 8th. The stock was sold at an average price of $16.40, for a total value of $258,250.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, President David Hatfield sold 130,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $18.05, for a total value of $2,346,500.00. The disclosure for this sale can be found here. Insiders have sold 742,362 shares of company stock valued at $12,913,114 in the last 90 days. Company insiders own 46.58% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Ameritas Investment Partners Inc. boosted its holdings in shares of Pure Storage by 38.8% in the second quarter. Ameritas Investment Partners Inc. now owns 8,171 shares of the technology company’s stock valued at $105,000 after purchasing an additional 2,284 shares during the period. Amalgamated Bank purchased a new stake in shares of Pure Storage in the second quarter valued at approximately $151,000. SG Americas Securities LLC purchased a new stake in shares of Pure Storage in the fourth quarter valued at approximately $162,000. Principal Financial Group Inc. purchased a new stake in shares of Pure Storage in the second quarter valued at approximately $166,000. Finally, Great West Life Assurance Co. Can boosted its holdings in shares of Pure Storage by 151.3% in the third quarter. Great West Life Assurance Co. Can now owns 11,310 shares of the technology company’s stock valued at $180,000 after purchasing an additional 6,810 shares during the period. Hedge funds and other institutional investors own 37.43% of the company’s stock.

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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.

Analyst Recommendations for Pure Storage (NYSE:PSTG)

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