Piper Jaffray Companies started coverage on shares of Pure Storage (NYSE:PSTG) in a report released on Thursday. The firm issued an overweight rating and a $26.00 target price on the technology company’s stock.
A number of other research firms also recently commented on PSTG. Barclays upgraded shares of Pure Storage from an equal weight rating to an overweight rating and boosted their price target for the stock from $19.00 to $22.00 in a research report on Wednesday, January 17th. Oppenheimer restated a buy rating and set a $21.00 price target on shares of Pure Storage in a research report on Wednesday, November 29th. Robert W. Baird restated a hold rating and set a $20.00 price target on shares of Pure Storage in a research report on Wednesday, November 29th. Vetr downgraded shares of Pure Storage from a strong-buy rating to a buy rating and set a $23.17 price target on the stock. in a research report on Wednesday, February 14th. Finally, Lake Street Capital set a $21.00 price target on shares of Pure Storage and gave the stock a buy rating in a research report on Wednesday, November 29th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, seven have issued a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of Buy and a consensus target price of $19.55.
Shares of Pure Storage (NYSE:PSTG) traded down $0.45 during trading hours on Thursday, reaching $21.56. 470,797 shares of the company traded hands, compared to its average volume of 2,336,784. The company has a market cap of $4,561.09, a P/E ratio of -21.72 and a beta of 1.64. Pure Storage has a 12-month low of $9.12 and a 12-month high of $22.46.
Pure Storage (NYSE:PSTG) last released its quarterly earnings results on Tuesday, November 28th. The technology company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.02. Pure Storage had a negative net margin of 22.86% and a negative return on equity of 44.96%. The company had revenue of $277.70 million for the quarter, compared to the consensus estimate of $272.07 million. During the same period in the previous year, the firm earned ($0.10) EPS. Pure Storage’s revenue was up 41.0% on a year-over-year basis. sell-side analysts expect that Pure Storage will post -0.93 EPS for the current fiscal year.
In other news, President David Hatfield sold 70,000 shares of Pure Storage stock in a transaction that occurred on Monday, December 18th. The shares were sold at an average price of $16.95, for a total value of $1,186,500.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Timothy Riitters sold 11,749 shares of Pure Storage stock in a transaction that occurred on Wednesday, December 13th. The stock was 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. Insiders sold a total of 747,362 shares of company stock worth $13,210,364 in the last ninety days. Corporate insiders own 46.58% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the company. Ameritas Investment Partners Inc. grew its stake in shares of Pure Storage by 38.8% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 8,171 shares of the technology company’s stock worth $105,000 after purchasing an additional 2,284 shares during the last quarter. Fortaleza Asset Management Inc. purchased a new position in shares of Pure Storage in the fourth quarter worth approximately $154,000. Ardsley Advisory Partners purchased a new position in shares of Pure Storage in the fourth quarter worth approximately $159,000. SG Americas Securities LLC purchased a new position in shares of Pure Storage in the fourth quarter worth approximately $162,000. Finally, Great West Life Assurance Co. Can increased its position 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 worth $180,000 after acquiring an additional 6,810 shares in the last quarter. 43.82% of the stock is currently owned by institutional investors.
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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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