Shares of Pure Storage Inc (NYSE:PSTG) have been given an average recommendation of “Buy” by the twenty-four research firms that are presently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, seven have assigned a hold recommendation, fourteen have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $19.45.
A number of brokerages recently weighed in on PSTG. Vetr upgraded shares of Pure Storage from a “buy” rating to a “strong-buy” rating and set a $24.02 price target on the stock in a research report on Tuesday. Goldman Sachs Group assumed coverage on Pure Storage in a research note on Wednesday, February 7th. They set a “sell” rating and a $16.00 target price for the company. ValuEngine raised Pure Storage from a “sell” rating to a “hold” rating in a research note on Friday, February 2nd. Barclays raised Pure Storage from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $19.00 to $22.00 in a research note on Wednesday, January 17th. Finally, KeyCorp reissued a “buy” rating and set a $24.00 target price on shares of Pure Storage in a research note on Wednesday, November 29th.
In other news, insider John Colgrove sold 2,167 shares of the firm’s stock in a transaction that occurred on Monday, January 8th. The shares were sold at an average price of $16.50, for a total transaction of $35,755.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Stefan A. Dyckerhoff sold 25,407 shares of the firm’s stock in a transaction that occurred on Thursday, December 7th. The stock was sold at an average price of $17.05, for a total transaction of $433,189.35. The disclosure for this sale can be found here. Insiders have sold a total of 747,362 shares of company stock valued at $13,210,364 over the last ninety days. Company insiders own 41.47% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the company. Ameritas Investment Partners Inc. grew its stake 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 buying an additional 2,284 shares in the last quarter. Fortaleza Asset Management Inc. bought a new position in shares of Pure Storage in the fourth quarter valued at $154,000. Ardsley Advisory Partners bought a new position in shares of Pure Storage in the fourth quarter valued at $159,000. SG Americas Securities LLC bought a new position in shares of Pure Storage in the fourth quarter valued at $162,000. Finally, Great West Life Assurance Co. Can grew its stake 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 buying an additional 6,810 shares in the last quarter. 43.82% of the stock is owned by institutional investors.
Shares of Pure Storage (NYSE PSTG) traded down $0.28 during trading hours on Wednesday, hitting $21.16. 1,612,866 shares of the company were exchanged, compared to its average volume of 2,342,475. The firm has a market cap of $4,686.83, a P/E ratio of -21.37 and a beta of 1.64. Pure Storage has a 1-year low of $9.12 and a 1-year high of $22.22.
Pure Storage (NYSE:PSTG) last announced its quarterly earnings results on Tuesday, November 28th. The technology company reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.02. The business had revenue of $277.70 million for 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%. Pure Storage’s revenue for the quarter was up 41.0% on a year-over-year basis. During the same period last year, the company posted ($0.10) EPS. analysts forecast that Pure Storage will post -0.93 EPS for the current year.
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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.
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