Northland Securities Initiates Coverage on Pure Storage (NYSE:PSTG)

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Equities research analysts at Northland Securities assumed coverage on shares of Pure Storage (NYSE:PSTG) in a note issued to investors on Thursday, The Fly reports. The firm set an “outperform” rating and a $21.00 price target on the technology company’s stock. Northland Securities’ price target would indicate a potential upside of 49.57% from the stock’s current price.

Other equities research analysts have also issued reports about the stock. ValuEngine raised shares of Pure Storage from a “hold” rating to a “buy” rating in a report on Tuesday. Morgan Stanley reduced their target price on shares of Pure Storage from $17.00 to $12.00 and set an “equal weight” rating on the stock in a report on Wednesday. Cowen reduced their target price on shares of Pure Storage from $19.00 to $18.00 and set an “outperform” rating on the stock in a report on Friday, February 28th. Wells Fargo & Co reissued a “buy” rating on shares of Pure Storage in a report on Monday, December 9th. Finally, TheStreet raised shares of Pure Storage from a “d+” rating to a “c-” rating in a report on Thursday, February 27th. Four analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. Pure Storage has a consensus rating of “Buy” and an average target price of $20.35.

Shares of NYSE:PSTG traded up $1.49 during midday trading on Thursday, hitting $14.04. The stock had a trading volume of 285,202 shares, compared to its average volume of 5,463,159. The company’s 50-day moving average price is $15.38 and its 200-day moving average price is $17.16. The company has a market capitalization of $3.30 billion, a P/E ratio of -17.28 and a beta of 1.66. The company has a quick ratio of 3.23, a current ratio of 3.31 and a debt-to-equity ratio of 0.73. Pure Storage has a fifty-two week low of $7.93 and a fifty-two week high of $23.53.

Pure Storage (NYSE:PSTG) last issued its earnings results on Thursday, February 27th. The technology company reported $0.23 EPS for the quarter, beating the consensus estimate of $0.22 by $0.01. The company had revenue of $492.00 million during the quarter, compared to analysts’ expectations of $488.45 million. Pure Storage had a negative net margin of 12.23% and a negative return on equity of 21.33%. The business’s revenue for the quarter was up 16.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.14 EPS. Research analysts expect that Pure Storage will post -0.63 EPS for the current fiscal year.

In other Pure Storage news, Director Scott Dietzen sold 185,000 shares of the company’s stock in a transaction on Friday, February 21st. The shares were sold at an average price of $17.96, for a total transaction of $3,322,600.00. Following the transaction, the director now owns 114,705 shares in the company, valued at $2,060,101.80. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 10.00% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Piedmont Investment Advisors Inc. grew its stake in shares of Pure Storage by 3.2% in the 4th quarter. Piedmont Investment Advisors Inc. now owns 17,628 shares of the technology company’s stock worth $302,000 after acquiring an additional 553 shares in the last quarter. Alliancebernstein L.P. grew its stake in shares of Pure Storage by 0.5% in the 4th quarter. Alliancebernstein L.P. now owns 104,390 shares of the technology company’s stock worth $1,786,000 after acquiring an additional 560 shares in the last quarter. Victory Capital Management Inc. grew its stake in shares of Pure Storage by 5.0% in the 4th quarter. Victory Capital Management Inc. now owns 16,663 shares of the technology company’s stock worth $285,000 after acquiring an additional 786 shares in the last quarter. Utah Retirement Systems grew its stake in shares of Pure Storage by 1.8% in the 4th quarter. Utah Retirement Systems now owns 44,189 shares of the technology company’s stock worth $756,000 after acquiring an additional 800 shares in the last quarter. Finally, Sunbelt Securities Inc. bought a new stake in shares of Pure Storage in the 4th quarter worth $4,106,000. Hedge funds and other institutional investors own 80.17% of the company’s stock.

Pure Storage Company Profile

Pure Storage, Inc engages in building a data platform that enables businesses to enhance performance and reduce complexity and costs worldwide. The company delivers its data platform through Purity Operating Environment, an optimized software for solid-state memory that offers enterprise-class storage and protocol services; FlashArray and FlashBlade optimized hardware products for solid-state memory to enhance the performance and density of flash, optimize its advanced software services, and reduce solution cost for customers; Pure1, a cloud-based management and support software; and FlashStack and Artificial Intelligence Ready Infrastructure converged infrastructure solutions.

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Analyst Recommendations for Pure Storage (NYSE:PSTG)

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