Pure Storage, Inc. (NYSE:PSTG) has received an average rating of “Buy” from the twenty-eight ratings firms that are covering the firm, Marketbeat.com reports. Eleven investment analysts have rated the stock with a hold recommendation, fifteen have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price objective among analysts that have covered the stock in the last year is $15.85.
PSTG has been the topic of several research reports. J P Morgan Chase & Co boosted their price target on shares of Pure Storage from $10.50 to $13.00 and gave the company a “neutral” rating in a research report on Thursday, May 25th. Jefferies Group LLC reissued a “hold” rating and issued a $13.50 price target on shares of Pure Storage in a research report on Friday, August 25th. Morgan Stanley lowered shares of Pure Storage from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $17.00 to $12.00 in a research report on Thursday, May 18th. JMP Securities set a $16.00 price target on shares of Pure Storage and gave the company a “buy” rating in a research report on Friday, May 26th. Finally, ValuEngine raised shares of Pure Storage from a “sell” rating to a “hold” rating in a research report on Saturday, August 26th.
In other Pure Storage news, Director Michelangelo Volpi sold 390,957 shares of the business’s stock in a transaction that occurred on Tuesday, June 20th. The shares were sold at an average price of $13.33, for a total value of $5,211,456.81. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Timothy Riitters sold 10,248 shares of the business’s stock in a transaction that occurred on Thursday, July 6th. The stock was sold at an average price of $12.81, for a total transaction of $131,276.88. Following the completion of the transaction, the chief financial officer now directly owns 227,200 shares of the company’s stock, valued at approximately $2,910,432. The disclosure for this sale can be found here. In the last three months, insiders sold 2,307,246 shares of company stock valued at $30,344,481. Corporate insiders own 46.58% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in PSTG. Wells Fargo & Company MN boosted its position in Pure Storage by 0.3% in the first quarter. Wells Fargo & Company MN now owns 57,389 shares of the technology company’s stock worth $564,000 after buying an additional 150 shares in the last quarter. Fox Run Management L.L.C. boosted its position in Pure Storage by 8.2% in the first quarter. Fox Run Management L.L.C. now owns 21,000 shares of the technology company’s stock worth $206,000 after buying an additional 1,600 shares in the last quarter. First Trust Advisors LP boosted its position in Pure Storage by 14.0% in the second quarter. First Trust Advisors LP now owns 15,607 shares of the technology company’s stock worth $200,000 after buying an additional 1,919 shares in the last quarter. Gradient Investments LLC boosted its position in Pure Storage by 10.3% in the second quarter. Gradient Investments LLC now owns 22,710 shares of the technology company’s stock worth $291,000 after buying an additional 2,122 shares in the last quarter. Finally, Ameritas Investment Partners Inc. boosted its position in Pure Storage by 38.8% in the second quarter. Ameritas Investment Partners Inc. now owns 8,171 shares of the technology company’s stock worth $105,000 after buying an additional 2,284 shares in the last quarter. 35.77% of the stock is owned by institutional investors and hedge funds.
Shares of Pure Storage (NYSE PSTG) traded down 0.40% on Wednesday, hitting $14.83. 2,384,979 shares of the company’s stock were exchanged. The stock’s 50 day moving average is $13.18 and its 200 day moving average is $11.87. Pure Storage has a 12 month low of $9.12 and a 12 month high of $15.14. The firm’s market cap is $3.10 billion.
Pure Storage (NYSE:PSTG) last posted its quarterly earnings results on Thursday, August 24th. The technology company reported ($0.11) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.31) by $0.20. Pure Storage had a negative net margin of 29.55% and a negative return on equity of 45.43%. The company had revenue of $224.50 million for the quarter, compared to analyst estimates of $217.97 million. During the same quarter in the previous year, the firm posted ($0.16) earnings per share. The company’s quarterly revenue was up 37.6% compared to the same quarter last year. On average, equities analysts predict that Pure Storage will post ($0.21) earnings per share for the current year.
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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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