BidaskClub upgraded shares of Pure Storage, Inc. (NYSE:PSTG) from a sell rating to a hold rating in a research report sent to investors on Tuesday, October 17th.
Several other research analysts have also issued reports on PSTG. ValuEngine lowered Pure Storage from a hold rating to a sell rating in a research report on Monday, September 11th. UBS AG reissued a buy rating and issued a $18.00 price objective (up from $15.00) on shares of Pure Storage in a research report on Monday, September 25th. Jefferies Group LLC reissued a hold rating and issued a $13.50 price objective on shares of Pure Storage in a research report on Friday, August 25th. JMP Securities lifted their price objective on Pure Storage from $16.00 to $22.00 and gave the stock an outperform rating in a research report on Friday, October 13th. Finally, Susquehanna Bancshares Inc restated a positive rating and issued a $20.00 target price (up from $18.00) on shares of Pure Storage in a research note on Thursday, October 5th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of Buy and a consensus target price of $16.36.
Pure Storage (PSTG) traded up $0.03 on Tuesday, reaching $16.52. The company had a trading volume of 546,084 shares, compared to its average volume of 1,215,057. Pure Storage has a fifty-two week low of $9.12 and a fifty-two week high of $16.64.
Pure Storage (NYSE:PSTG) last issued its quarterly earnings results on Thursday, August 24th. The technology company reported ($0.11) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.31) by $0.20. The business had revenue of $224.50 million for the quarter, compared to the consensus estimate of $217.97 million. Pure Storage had a negative return on equity of 46.12% and a negative net margin of 29.55%. The firm’s quarterly revenue was up 37.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.16) earnings per share. analysts expect that Pure Storage will post -0.97 EPS for the current fiscal year.
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In other news, President David Hatfield sold 70,000 shares of the firm’s stock in a transaction on Wednesday, October 18th. The shares were sold at an average price of $16.35, for a total transaction of $1,144,500.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Timothy Riitters sold 5,000 shares of Pure Storage stock in a transaction on 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 in the company, valued at $4,108,832. The disclosure for this sale can be found here. Insiders sold 242,028 shares of company stock worth $3,773,235 over the last quarter. Insiders own 41.47% of the company’s stock.
Several large investors have recently modified their holdings of PSTG. BlackRock Inc. grew its stake in shares of Pure Storage by 18,167.3% in the 1st quarter. BlackRock Inc. now owns 13,649,176 shares of the technology company’s stock worth $134,172,000 after buying an additional 13,574,457 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Pure Storage by 3,403.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,738,819 shares of the technology company’s stock worth $17,093,000 after buying an additional 1,689,194 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Pure Storage by 26.7% in the 2nd quarter. Vanguard Group Inc. now owns 7,059,059 shares of the technology company’s stock worth $90,427,000 after buying an additional 1,489,008 shares in the last quarter. Renaissance Technologies LLC grew its stake in shares of Pure Storage by 91.7% in the 2nd quarter. Renaissance Technologies LLC now owns 2,461,000 shares of the technology company’s stock worth $31,525,000 after buying an additional 1,177,000 shares in the last quarter. Finally, UBS Oconnor LLC purchased a new position in shares of Pure Storage in the 2nd quarter worth $13,130,000. 35.46% of the stock is owned by institutional investors and hedge funds.
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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