Pure Storage, Inc. (NYSE:PSTG)‘s stock had its “buy” rating reaffirmed by analysts at KeyCorp in a report issued on Wednesday, November 1st.
PSTG has been the subject of several other reports. Robert W. Baird set a $14.00 price target on shares of Pure Storage and gave the stock a “hold” rating in a research note on Monday, August 14th. BidaskClub upgraded shares of Pure Storage from a “sell” rating to a “hold” rating in a research report on Tuesday, September 26th. Maxim Group cut shares of Pure Storage from a “buy” rating to a “hold” rating and decreased their price objective for the company from $20.00 to $15.00 in a research report on Monday, August 14th. BMO Capital Markets restated an “outperform” rating and issued a $16.00 price objective (up previously from $15.00) on shares of Pure Storage in a research report on Friday, August 25th. Finally, ValuEngine cut shares of Pure Storage from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. One analyst has rated the stock with a sell rating, nine have given a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $16.36.
Pure Storage (NYSE PSTG) traded up $0.25 on Wednesday, hitting $16.83. 1,974,600 shares of the stock were exchanged, compared to its average volume of 1,694,938. 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 quarterly earnings results on Thursday, August 24th. The technology company reported ($0.11) EPS for the quarter, beating analysts’ consensus estimates 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 for the quarter was up 37.6% on a year-over-year basis. During the same period in the previous year, the business earned ($0.16) EPS. sell-side analysts anticipate that Pure Storage will post -0.97 earnings per share for the current fiscal 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 value of $815,100.00. Following the transaction, the chief financial officer now directly owns 332,200 shares in the company, valued at $4,923,204. 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 40,000 shares of the stock in a transaction on Wednesday, September 27th. The stock was sold at an average price of $16.00, for a total transaction of $640,000.00. Following the completion of the sale, the president now directly owns 225,190 shares of the company’s stock, valued at $3,603,040. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 242,028 shares of company stock worth $3,773,235. 46.58% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Wells Fargo & Company MN grew its stake in Pure Storage by 0.3% during the first quarter. Wells Fargo & Company MN now owns 57,389 shares of the technology company’s stock valued at $564,000 after acquiring an additional 150 shares in the last quarter. First Trust Advisors LP purchased a new position in Pure Storage during the first quarter valued at $135,000. Bank of New York Mellon Corp grew its stake in Pure Storage by 9.4% during the first quarter. Bank of New York Mellon Corp now owns 276,581 shares of the technology company’s stock valued at $2,718,000 after acquiring an additional 23,682 shares in the last quarter. UBS Asset Management Americas Inc. grew its stake in Pure Storage by 52.3% during the first quarter. UBS Asset Management Americas Inc. now owns 26,500 shares of the technology company’s stock valued at $260,000 after acquiring an additional 9,100 shares in the last quarter. Finally, Ameriprise Financial Inc. grew its stake in Pure Storage by 32.7% during the first quarter. Ameriprise Financial Inc. now owns 26,350 shares of the technology company’s stock valued at $259,000 after acquiring an additional 6,500 shares in the last quarter. 35.46% of the stock is owned by hedge funds and other institutional investors.
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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