Pure Storage, Inc. (PSTG) Rating Reiterated by KeyCorp

Pure Storage, Inc. (NYSE:PSTG)‘s stock had its “buy” rating reiterated by stock analysts at KeyCorp in a note issued to investors on Wednesday, November 1st.

PSTG has been the topic of several other research reports. Summit Redstone upgraded shares of Pure Storage from a “hold” rating to a “buy” rating in a research note on Friday, August 25th. BidaskClub upgraded shares of Pure Storage from a “sell” rating to a “hold” rating in a report on Tuesday, October 17th. 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. Morgan Stanley reiterated an “equal weight” rating and issued a $15.00 price target (up from $13.00) on shares of Pure Storage in a report on Friday, August 25th. Finally, BMO Capital Markets reiterated an “outperform” rating and issued a $16.00 price target (up from $15.00) on shares of Pure Storage in a report on Friday, August 25th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company. Pure Storage has a consensus rating of “Buy” and a consensus target price of $16.82.

Shares of Pure Storage (NYSE PSTG) opened at $17.55 on Wednesday. Pure Storage has a 1 year low of $9.12 and a 1 year high of $17.63.

Pure Storage (NYSE:PSTG) last posted its earnings results on Thursday, August 24th. The technology company reported ($0.11) EPS for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.20. The business had revenue of $224.50 million during the quarter, compared to the consensus estimate of $217.97 million. Pure Storage had a negative net margin of 29.55% and a negative return on equity of 46.12%. The firm’s revenue was up 37.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.16) EPS. equities analysts predict that Pure Storage will post -0.97 earnings per share for the current fiscal year.

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In other news, President David Hatfield sold 70,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 18th. The shares were sold at an average price of $16.35, for a total value of $1,144,500.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Timothy Riitters sold 55,000 shares of the company’s stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $14.82, for a total transaction of $815,100.00. Following the completion of the sale, the chief financial officer now directly owns 332,200 shares of the company’s stock, valued at approximately $4,923,204. The disclosure for this sale can be found here. Over the last three months, insiders sold 242,028 shares of company stock valued at $3,773,235. 41.47% of the stock is owned by corporate insiders.

A number of large investors have recently bought and sold shares of PSTG. BlackRock Inc. lifted its position in Pure Storage by 18,167.3% during the first quarter. BlackRock Inc. now owns 13,649,176 shares of the technology company’s stock valued at $134,172,000 after acquiring an additional 13,574,457 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in Pure Storage by 3,403.9% during the first quarter. Goldman Sachs Group Inc. now owns 1,738,819 shares of the technology company’s stock valued at $17,093,000 after acquiring an additional 1,689,194 shares during the last quarter. Vanguard Group Inc. lifted its position in Pure Storage by 26.7% during the second quarter. Vanguard Group Inc. now owns 7,059,059 shares of the technology company’s stock valued at $90,427,000 after acquiring an additional 1,489,008 shares during the last quarter. Renaissance Technologies LLC lifted its position in Pure Storage by 91.7% during the second quarter. Renaissance Technologies LLC now owns 2,461,000 shares of the technology company’s stock valued at $31,525,000 after acquiring an additional 1,177,000 shares during the last quarter. Finally, UBS Oconnor LLC acquired a new position in Pure Storage during the 2nd quarter valued at approximately $13,130,000. 36.98% of the stock is owned by institutional investors.

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.

Analyst Recommendations for Pure Storage (NYSE:PSTG)

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