Shares of Pure Storage Inc (NYSE:PSTG) have been given an average recommendation of “Buy” by the twenty-five research firms that are currently covering the firm, MarketBeat reports. One analyst has rated the stock with a sell recommendation, eight have assigned a hold recommendation, fourteen have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month target price among brokers that have covered the stock in the last year is $18.74.
A number of research firms have recently issued reports on PSTG. Jefferies Group restated a “hold” rating and issued a $13.50 price target on shares of Pure Storage in a research report on Friday, August 25th. William Blair restated an “ourperform” rating on shares of Pure Storage in a research report on Friday, August 25th. Lake Street Capital set a $21.00 price target on Pure Storage and gave the company a “buy” rating in a research report on Wednesday, November 29th. They noted that the move was a valuation call. KeyCorp restated a “buy” rating and issued a $24.00 price target on shares of Pure Storage in a research report on Wednesday, November 29th. Finally, BMO Capital Markets upped their price target on Pure Storage to $22.00 and gave the company an “outperform” rating in a research report on Wednesday, November 29th.
In other news, Director Scott Dietzen sold 200,000 shares of the firm’s stock in a transaction on Thursday, December 7th. The stock was sold at an average price of $17.22, for a total transaction of $3,444,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Timothy Riitters sold 25,000 shares of the firm’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $15.85, for a total value of $396,250.00. The disclosure for this sale can be found here. Insiders sold 537,435 shares of company stock valued at $9,109,025 over the last quarter. 41.47% of the stock is currently owned by company insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in PSTG. Vanguard Group Inc. boosted its position in shares of Pure Storage by 26.7% during the second quarter. Vanguard Group Inc. now owns 7,059,059 shares of the technology company’s stock worth $90,427,000 after buying an additional 1,489,008 shares during the period. Renaissance Technologies LLC boosted its position in shares of Pure Storage by 91.7% during the second quarter. Renaissance Technologies LLC now owns 2,461,000 shares of the technology company’s stock worth $31,525,000 after buying an additional 1,177,000 shares during the period. UBS Oconnor LLC purchased a new position in shares of Pure Storage during the second quarter worth $13,130,000. AO Asset Management LLC purchased a new position in shares of Pure Storage during the second quarter worth $12,170,000. Finally, BlackRock Inc. boosted its position in shares of Pure Storage by 6.3% during the second quarter. BlackRock Inc. now owns 14,513,166 shares of the technology company’s stock worth $185,913,000 after buying an additional 863,990 shares during the period. Institutional investors and hedge funds own 38.46% of the company’s stock.
Pure Storage (NYSE PSTG) traded up $0.01 during mid-day trading on Friday, hitting $16.68. The stock had a trading volume of 2,035,093 shares, compared to its average volume of 1,770,427. Pure Storage has a 1-year low of $9.12 and a 1-year high of $19.27.
Pure Storage (NYSE:PSTG) last posted its quarterly earnings results on Tuesday, November 28th. The technology company reported ($0.01) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.02. The business had revenue of $277.70 million during the quarter, compared to analyst estimates of $272.07 million. Pure Storage had a negative return on equity of 44.86% and a negative net margin of 22.86%. The business’s revenue was up 41.0% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.10) earnings per share. sell-side analysts predict that Pure Storage will post -0.93 EPS for the current fiscal year.
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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.
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