Pure Storage, Inc. (NYSE:PSTG)‘s stock had its “positive” rating reiterated by equities researchers at Susquehanna Bancshares Inc in a research note issued to investors on Thursday, October 5th. They presently have a $20.00 target price on the technology company’s stock, up from their prior target price of $18.00. Susquehanna Bancshares Inc’s price target would indicate a potential upside of 23.38% from the company’s current price.
Several other equities research analysts have also commented on PSTG. Robert W. Baird set a $14.00 price target on shares of Pure Storage and gave the company a “hold” rating in a report on Monday, August 14th. BidaskClub upgraded shares of Pure Storage from a “sell” rating to a “hold” rating in a report on Tuesday, September 26th. Morgan Stanley restated an “equal weight” rating and issued a $13.00 price target (up previously from $12.00) on shares of Pure Storage in a report on Wednesday, June 14th. Pacific Crest reiterated an “overweight” rating and set a $17.00 price objective on shares of Pure Storage in a research note on Friday, June 16th. Finally, Maxim Group lowered shares of Pure Storage from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $20.00 to $15.00 in a research note on Monday, August 14th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. Pure Storage has an average rating of “Buy” and a consensus target price of $16.23.
Pure Storage (NYSE:PSTG) opened at 16.21 on Thursday. The stock’s 50 day moving average is $15.23 and its 200 day moving average is $12.86. The company’s market capitalization is $3.43 billion. Pure Storage has a 52 week low of $9.12 and a 52 week high of $16.36.
Pure Storage (NYSE:PSTG) last announced its quarterly earnings data on Thursday, August 24th. The technology company reported ($0.11) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.20. Pure Storage had a negative net margin of 29.55% and a negative return on equity of 46.12%. The company had revenue of $224.50 million during the quarter, compared to analyst estimates of $217.97 million. During the same quarter last year, the business posted ($0.16) EPS. The firm’s revenue for the quarter was up 37.6% on a year-over-year basis. On average, equities research analysts expect that Pure Storage will post ($0.22) earnings per share for the current year.
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In other news, President David Hatfield sold 30,000 shares of the stock in a transaction dated Monday, September 18th. The shares were sold at an average price of $14.66, for a total value of $439,800.00. Following the completion of the sale, the president now directly owns 215,190 shares in the company, valued at $3,154,685.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Timothy Riitters sold 5,000 shares of the stock in a transaction dated Friday, September 8th. The shares were sold at an average price of $14.56, for a total transaction of $72,800.00. Following the completion of the sale, the chief financial officer now owns 282,200 shares of the company’s stock, valued at $4,108,832. The disclosure for this sale can be found here. Insiders have sold 172,028 shares of company stock valued at $2,628,735 over the last 90 days. 41.47% of the stock is currently owned by company insiders.
Several institutional investors and hedge funds have recently made changes to their positions in PSTG. Wells Fargo & Company MN grew its holdings 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 purchasing an additional 150 shares during the period. First Trust Advisors LP purchased a new stake in shares of Pure Storage in the first quarter valued at about $135,000. Bank of New York Mellon Corp grew its holdings in shares of Pure Storage by 9.4% in the first quarter. Bank of New York Mellon Corp now owns 276,581 shares of the technology company’s stock valued at $2,718,000 after purchasing an additional 23,682 shares during the period. UBS Asset Management Americas Inc. boosted its stake in Pure Storage by 52.3% during the first quarter. UBS Asset Management Americas Inc. now owns 26,500 shares of the technology company’s stock worth $260,000 after buying an additional 9,100 shares during the period. Finally, Ameriprise Financial Inc. boosted its stake in Pure Storage by 32.7% during the first quarter. Ameriprise Financial Inc. now owns 26,350 shares of the technology company’s stock worth $259,000 after buying an additional 6,500 shares during the period. 35.30% of the stock is owned by hedge funds and other institutional investors.
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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