Barclays Upgrades Pure Storage (PSTG) to “Overweight”

Pure Storage (NYSE:PSTG) was upgraded by research analysts at Barclays from an “equal weight” rating to an “overweight” rating in a report issued on Wednesday. The brokerage presently has a $22.00 price target on the technology company’s stock, up from their prior price target of $19.00. Barclays’ price objective indicates a potential upside of 23.53% from the company’s current price.

A number of other analysts have also weighed in on PSTG. Morgan Stanley reiterated an “equal weight” rating on shares of Pure Storage in a research note on Saturday, September 23rd. UBS Group reiterated a “buy” rating and issued a $18.00 price objective (up previously from $15.00) on shares of Pure Storage in a research note on Monday, September 25th. BidaskClub upgraded shares of Pure Storage from a “sell” rating to a “hold” rating in a research note on Tuesday, September 26th. Susquehanna Bancshares reiterated a “positive” rating and issued a $20.00 price objective (up previously from $18.00) on shares of Pure Storage in a research note on Thursday, October 5th. Finally, JMP Securities increased 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. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $18.70.

Pure Storage (NYSE:PSTG) opened at $17.81 on Wednesday. Pure Storage has a 52 week low of $9.12 and a 52 week high of $19.27. The stock has a market cap of $3,860.00 and a P/E ratio of -17.29.

Pure Storage (NYSE:PSTG) last released its quarterly earnings data on Tuesday, November 28th. The technology company reported ($0.01) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.03) by $0.02. The firm had revenue of $277.70 million for the quarter, compared to analyst estimates of $272.07 million. Pure Storage had a negative net margin of 22.86% and a negative return on equity of 44.96%. The business’s quarterly revenue was up 41.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.10) earnings per share. research analysts forecast that Pure Storage will post -0.93 earnings per share for the current year.

In other Pure Storage news, President David Hatfield sold 2,169 shares of the stock in a transaction on Monday, January 8th. The shares were sold at an average price of $16.49, for a total transaction of $35,766.81. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Timothy Riitters sold 11,749 shares of the stock in a transaction on Wednesday, December 13th. The shares were sold at an average price of $16.74, for a total transaction of $196,678.26. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 552,362 shares of company stock worth $9,517,585. 46.58% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently bought and sold shares of the business. Voya Investment Management LLC lifted its holdings in Pure Storage by 64.7% during the second 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 in the last quarter. Vanguard Group Inc. lifted its holdings in Pure Storage by 26.7% during the second 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 in the last quarter. AXA lifted its holdings in Pure Storage by 9.4% during the third 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 in the last quarter. BARING ASSET MANAGEMENT Ltd purchased a new position in Pure Storage during the third quarter valued at $252,000. Finally, Legal & General Group Plc lifted its holdings in Pure Storage by 42.7% during the second quarter. Legal & General Group Plc now owns 23,623 shares of the technology company’s stock valued at $303,000 after purchasing an additional 7,068 shares in the last quarter. 37.50% of the stock is currently owned by institutional investors and hedge funds.

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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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