Pure Storage, Inc. (NYSE:PSTG)‘s stock had its “outperform” rating reiterated by research analysts at BMO Capital Markets in a research note issued on Friday, August 25th. They presently have a $16.00 price target on the technology company’s stock, up from their prior price target of $15.00. BMO Capital Markets’ price target points to a potential upside of 9.97% from the stock’s previous close.
PSTG has been the subject of several other reports. Robert W. Baird set a $14.00 target price on Pure Storage and gave the stock a “hold” rating in a research note on Monday, August 14th. BidaskClub downgraded Pure Storage from a “buy” rating to a “hold” rating in a research note on Saturday, June 10th. Morgan Stanley reaffirmed an “equal weight” rating and set a $13.00 target price (up from $12.00) on shares of Pure Storage in a research note on Wednesday, June 14th. Pacific Crest reaffirmed an “overweight” rating and set a $17.00 target price on shares of Pure Storage in a research note on Friday, June 16th. Finally, Maxim Group downgraded Pure Storage from a “buy” rating to a “hold” rating and reduced their target price for the stock from $20.00 to $15.00 in a research note on Monday, August 14th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $15.61.
Shares of Pure Storage (PSTG) opened at 14.55 on Friday. The firm’s market capitalization is $3.04 billion. The stock’s 50 day moving average is $13.31 and its 200 day moving average is $11.97. Pure Storage has a 52-week low of $9.12 and a 52-week high of $15.14.
Pure Storage (NYSE:PSTG) last announced its quarterly earnings results on Thursday, August 24th. The technology company reported ($0.11) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.31) by $0.20. Pure Storage had a negative return on equity of 46.12% and a negative net margin of 29.55%. The company had revenue of $224.50 million during the quarter, compared to the consensus estimate of $217.97 million. During the same period in the previous year, the company posted ($0.16) earnings per share. Pure Storage’s revenue for the quarter was up 37.6% on a year-over-year basis. On average, equities research analysts forecast that Pure Storage will post ($0.21) EPS for the current year.
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In other Pure Storage news, CFO Timothy Riitters sold 8,255 shares of the stock in a transaction dated Thursday, June 22nd. The stock was sold at an average price of $13.14, for a total value of $108,470.70. Following the sale, the chief financial officer now owns 242,448 shares of the company’s stock, valued at approximately $3,185,766.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michelangelo Volpi sold 35,673 shares of the stock in a transaction dated Thursday, June 22nd. The shares were sold at an average price of $13.03, for a total value of $464,819.19. The disclosure for this sale can be found here. Insiders sold a total of 2,348,160 shares of company stock worth $30,984,263 in the last ninety days. 41.47% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. raised its position in shares of Pure Storage by 6.3% during the 2nd quarter. BlackRock Inc. now owns 14,513,166 shares of the technology company’s stock worth $185,913,000 after acquiring an additional 863,990 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Pure Storage by 26.7% during the 2nd quarter. Vanguard Group Inc. now owns 7,059,059 shares of the technology company’s stock worth $90,427,000 after acquiring an additional 1,489,008 shares in the last quarter. FMR LLC raised its position in shares of Pure Storage by 10.9% during the 2nd quarter. FMR LLC now owns 6,359,676 shares of the technology company’s stock worth $81,467,000 after acquiring an additional 622,600 shares in the last quarter. Franklin Resources Inc. raised its position in shares of Pure Storage by 5.0% during the 2nd quarter. Franklin Resources Inc. now owns 3,097,439 shares of the technology company’s stock worth $39,679,000 after acquiring an additional 146,411 shares in the last quarter. Finally, Renaissance Technologies LLC raised its position in shares of Pure Storage by 91.7% during the 2nd quarter. Renaissance Technologies LLC now owns 2,461,000 shares of the technology company’s stock worth $31,525,000 after acquiring an additional 1,177,000 shares in the last quarter. 35.77% of the stock is currently owned by institutional investors and hedge funds.
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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