Pure Storage (PSTG) Now Covered by Analysts at Goldman Sachs Group

Goldman Sachs Group started coverage on shares of Pure Storage (NYSE:PSTG) in a research report issued to clients and investors on Wednesday. The brokerage set a “sell” rating and a $16.00 price target on the technology company’s stock. Goldman Sachs Group’s price objective would indicate a potential downside of 15.79% from the stock’s current price.

Several other research firms also recently commented on PSTG. Barclays raised shares of Pure Storage from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $19.00 to $22.00 in a research report on Wednesday, January 17th. JMP Securities boosted their price objective on shares of Pure Storage from $16.00 to $22.00 and gave the stock an “outperform” rating in a research note on Friday, October 13th. Oppenheimer restated a “buy” rating and issued a $21.00 price objective on shares of Pure Storage in a research note on Wednesday, November 29th. Robert W. Baird restated a “hold” rating and issued a $20.00 price objective on shares of Pure Storage in a research note on Wednesday, November 29th. Finally, Lake Street Capital set a $21.00 price objective on shares of 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. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $19.18.

Pure Storage (PSTG) traded down $0.63 during mid-day trading on Wednesday, reaching $19.00. 281,751 shares of the company’s stock traded hands, compared to its average volume of 2,215,011. The company has a market capitalization of $4,127.53, a P/E ratio of -19.00 and a beta of 1.64. Pure Storage has a 12 month low of $9.12 and a 12 month high of $21.23.

Pure Storage (NYSE:PSTG) last posted its earnings results on Tuesday, November 28th. The technology company reported ($0.01) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.03) by $0.02. The company had revenue of $277.70 million during 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 44.96%. The company’s revenue for the quarter was up 41.0% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.10) earnings per share. equities research analysts forecast that Pure Storage will post -0.93 earnings per share for the current year.

In related news, CFO Timothy Riitters sold 15,747 shares of the company’s stock in a transaction on Monday, January 8th. The shares were sold at an average price of $16.40, for a total transaction of $258,250.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President David Hatfield sold 10,000 shares of the company’s stock in a transaction on Monday, January 29th. The shares were sold at an average price of $20.00, for a total transaction of $200,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 877,362 shares of company stock valued at $15,556,864. Corporate insiders own 41.47% of the company’s stock.

Large investors have recently added to or reduced their stakes in the stock. Voya Investment Management LLC raised its stake in Pure Storage by 64.7% during the 2nd quarter. Voya Investment Management LLC now owns 43,164 shares of the technology company’s stock valued at $553,000 after purchasing an additional 16,955 shares during the last quarter. AXA raised its stake in Pure Storage by 9.4% during the 3rd quarter. AXA now owns 346,700 shares of the technology company’s stock valued at $5,544,000 after purchasing an additional 29,700 shares during the last quarter. Vanguard Group Inc. raised its stake in Pure Storage by 26.7% during the 2nd quarter. Vanguard Group Inc. now owns 7,059,059 shares of the technology company’s stock valued at $90,427,000 after purchasing an additional 1,489,008 shares during the last quarter. Fox Run Management L.L.C. acquired a new position in Pure Storage during the 4th quarter valued at $613,000. Finally, BARING ASSET MANAGEMENT Ltd bought a new stake in Pure Storage in the 3rd quarter valued at $252,000. Hedge funds and other institutional investors own 37.57% of the company’s stock.

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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.

Analyst Recommendations for Pure Storage (NYSE:PSTG)

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