Pure Storage (PSTG) Trading 1.3% Higher

Pure Storage Inc (NYSE:PSTG) traded up 1.3% during mid-day trading on Thursday . The stock traded as high as $21.91 and last traded at $21.99. 2,341,006 shares were traded during mid-day trading, a decline of 1% from the average session volume of 2,364,456 shares. The stock had previously closed at $21.71.

Several equities research analysts recently issued reports on the company. Vetr downgraded Pure Storage from a “strong-buy” rating to a “buy” rating and set a $23.17 price objective on the stock. in a report on Wednesday. Goldman Sachs Group assumed coverage on Pure Storage in a report on Wednesday, February 7th. They issued a “sell” rating and a $16.00 price objective on the stock. ValuEngine upgraded Pure Storage from a “sell” rating to a “hold” rating in a report on Friday, February 2nd. Barclays upgraded Pure Storage from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $19.00 to $22.00 in a report on Wednesday, January 17th. Finally, KeyCorp reiterated a “buy” rating and issued a $24.00 price objective on shares of Pure Storage in a report on Wednesday, November 29th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and fifteen have issued a buy rating to the stock. Pure Storage presently has a consensus rating of “Buy” and a consensus price target of $19.18.

Pure Storage (NYSE:PSTG) last issued its quarterly earnings results on Tuesday, November 28th. The technology company reported ($0.01) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.03) by $0.02. The company had revenue of $277.70 million for the quarter, compared to the consensus estimate of $272.07 million. Pure Storage had a negative return on equity of 44.96% and a negative net margin of 22.86%. Pure Storage’s revenue was up 41.0% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.10) EPS. equities research analysts predict that Pure Storage Inc will post -0.93 earnings per share for the current fiscal year.

In other news, major shareholder James N. White sold 95,123 shares of the company’s stock in a transaction dated Thursday, January 11th. The stock was sold at an average price of $16.62, for a total transaction of $1,580,944.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, President David Hatfield sold 130,000 shares of the company’s stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $18.05, for a total value of $2,346,500.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 877,362 shares of company stock valued at $15,556,864. Insiders own 46.58% of the company’s stock.

Large investors have recently added to or reduced their stakes in the company. Ameritas Investment Partners Inc. boosted its position in shares of Pure Storage by 38.8% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 8,171 shares of the technology company’s stock worth $105,000 after acquiring an additional 2,284 shares in the last quarter. Fortaleza Asset Management Inc. acquired a new position in shares of Pure Storage during the 4th quarter worth about $154,000. Ardsley Advisory Partners acquired a new position in shares of Pure Storage during the 4th quarter worth about $159,000. SG Americas Securities LLC acquired a new position in shares of Pure Storage during the 4th quarter worth about $162,000. Finally, Great West Life Assurance Co. Can boosted its position in shares of Pure Storage by 151.3% during the 3rd quarter. Great West Life Assurance Co. Can now owns 11,310 shares of the technology company’s stock worth $180,000 after acquiring an additional 6,810 shares in the last quarter. 39.56% of the stock is owned by institutional investors and hedge funds.

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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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