Pure Storage, Inc. (NYSE:PSTG) has been given a consensus recommendation of “Buy” by the twenty-seven analysts that are presently covering the stock, Marketbeat reports. One analyst has rated the stock with a sell recommendation, eight have given a hold recommendation, sixteen have given a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $16.85.
Several research firms have issued reports on PSTG. Summit Redstone raised Pure Storage from a “hold” rating to a “buy” rating in a research note on Friday, August 25th. BidaskClub upgraded Pure Storage from a “sell” rating to a “hold” rating in a research report on Tuesday, October 17th. KeyCorp restated a “buy” rating on shares of Pure Storage in a research report on Wednesday, November 1st. Wells Fargo & Company began coverage on Pure Storage in a research report on Tuesday. They set an “outperform” rating and a $22.00 price target for the company. Finally, Robert W. Baird set a $14.00 price target on Pure Storage and gave the stock a “hold” rating in a research report on Monday, August 14th.
In other news, CFO Timothy Riitters sold 15,175 shares of the company’s stock in a transaction on Friday, October 6th. The stock was sold at an average price of $15.55, for a total transaction of $235,971.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President David Hatfield sold 70,000 shares of the stock in a transaction 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 disclosure for this sale can be found here. In the last ninety days, insiders sold 242,028 shares of company stock worth $3,773,235. 46.58% of the stock is owned by corporate insiders.
A number of large investors have recently bought and sold shares of the business. BlackRock Inc. boosted its position in Pure Storage by 6.3% in the 2nd quarter. BlackRock Inc. now owns 14,513,166 shares of the technology company’s stock valued at $185,913,000 after buying an additional 863,990 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Pure Storage by 26.7% during the second quarter. Vanguard Group Inc. now owns 7,059,059 shares of the technology company’s stock worth $90,427,000 after purchasing an additional 1,489,008 shares during the last quarter. FMR LLC lifted its position in shares of Pure Storage by 10.9% during the second quarter. FMR LLC now owns 6,359,676 shares of the technology company’s stock worth $81,467,000 after purchasing an additional 622,600 shares during the last quarter. Okumus Fund Management Ltd. lifted its position in shares of Pure Storage by 4.1% during the third quarter. Okumus Fund Management Ltd. now owns 5,299,197 shares of the technology company’s stock worth $84,734,000 after purchasing an additional 206,943 shares during the last quarter. Finally, Franklin Resources Inc. lifted its position in shares of Pure Storage by 5.0% during the second quarter. Franklin Resources Inc. now owns 3,097,439 shares of the technology company’s stock worth $39,679,000 after purchasing an additional 146,411 shares during the last quarter. 35.17% of the stock is owned by institutional investors.
Pure Storage (NYSE:PSTG) traded up $0.30 during trading hours on Monday, hitting $17.03. The company had a trading volume of 2,674,527 shares, compared to its average volume of 1,695,494. Pure Storage has a 12-month low of $9.12 and a 12-month high of $17.14.
Pure Storage (NYSE:PSTG) last posted its quarterly earnings results on Thursday, August 24th. The technology company reported ($0.11) EPS for the quarter, beating the consensus estimate of ($0.31) by $0.20. The firm had revenue of $224.50 million during the quarter, compared to analysts’ expectations of $217.97 million. Pure Storage had a negative return on equity of 46.12% and a negative net margin of 29.55%. The business’s revenue for the quarter was up 37.6% on a year-over-year basis. During the same quarter last year, the firm earned ($0.16) earnings per share. research analysts forecast that Pure Storage will post -0.97 EPS for the current year.
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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