BMO Capital Markets reissued their outperform rating on shares of Pure Storage, Inc. (NYSE:PSTG) in a research report released on Friday morning. The brokerage currently has a $16.00 price objective on the technology company’s stock, up from their previous price objective of $15.00.
A number of other research firms have also recently commented on PSTG. J P Morgan Chase & Co increased their target price on shares of Pure Storage from $10.50 to $13.00 and gave the stock a neutral rating in a report on Thursday, May 25th. Morgan Stanley lowered shares of Pure Storage from an overweight rating to an equal weight rating and dropped their price objective for the company from $17.00 to $12.00 in a report on Thursday, May 18th. JMP Securities set a $16.00 price objective on shares of Pure Storage and gave the company a buy rating in a report on Friday, May 26th. BidaskClub upgraded shares of Pure Storage from a hold rating to a buy rating in a report on Tuesday, June 27th. Finally, ValuEngine upgraded shares of Pure Storage from a sell rating to a hold rating in a report on Friday, June 16th. Eleven equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. Pure Storage currently has a consensus rating of Buy and a consensus price target of $15.61.
Shares of Pure Storage (PSTG) opened at 14.25 on Friday. The company’s 50 day moving average is $12.94 and its 200-day moving average is $11.75. Pure Storage has a 12 month low of $9.12 and a 12 month high of $15.14. The company’s market cap is $2.98 billion.
Pure Storage (NYSE:PSTG) last posted its earnings results on Thursday, August 24th. The technology company reported ($0.11) EPS for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.20. The firm had revenue of $224.50 million during the quarter, compared to analysts’ expectations of $217.97 million. Pure Storage had a negative net margin of 29.55% and a negative return on equity of 45.43%. The business’s revenue for the quarter was up 37.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.16) earnings per share. Analysts expect that Pure Storage will post ($0.22) EPS for the current fiscal year.
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In other Pure Storage news, CFO Timothy Riitters sold 5,000 shares of the firm’s stock in a transaction on Thursday, June 1st. The stock was sold at an average price of $13.12, for a total transaction of $65,600.00. Following the transaction, the chief financial officer now directly owns 245,703 shares in the company, valued at approximately $3,223,623.36. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Michelangelo Volpi sold 19,086 shares of the firm’s stock in a transaction on Friday, June 9th. The shares were sold at an average price of $13.00, for a total value of $248,118.00. The disclosure for this sale can be found here. In the last three months, insiders sold 2,312,246 shares of company stock valued at $30,410,081. 41.47% of the stock is currently owned by insiders.
Institutional investors have recently modified their holdings of the stock. Norges Bank bought a new position in shares of Pure Storage during the fourth quarter valued at $1,697,000. Bank of Montreal Can bought a new position in shares of Pure Storage during the first quarter valued at $1,894,000. Fox Run Management L.L.C. boosted its position in shares of Pure Storage by 8.2% in the first quarter. Fox Run Management L.L.C. now owns 21,000 shares of the technology company’s stock valued at $206,000 after buying an additional 1,600 shares during the period. Wesbanco Bank Inc. bought a new position in shares of Pure Storage during the first quarter valued at $462,000. Finally, Wells Fargo & Company MN boosted its position in shares of Pure Storage by 0.3% in the first quarter. Wells Fargo & Company MN now owns 57,389 shares of the technology company’s stock valued at $564,000 after buying an additional 150 shares during the period. Institutional investors and hedge funds own 35.77% of the company’s stock.
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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