Barclays upgraded shares of Pure Storage (NYSE:PSTG) from an equal weight rating to an overweight rating in a research note released on Wednesday morning, MarketBeat reports. The firm currently has $22.00 price objective on the technology company’s stock, up from their prior price objective of $19.00.
Other equities research analysts have also recently issued research reports about the stock. Lake Street Capital set a $21.00 target price on shares of Pure Storage and gave the company a buy rating in a research report on Wednesday, November 29th. They noted that the move was a valuation call. KeyCorp restated a buy rating and set a $24.00 price target on shares of Pure Storage in a research note on Wednesday, November 29th. BMO Capital Markets upped their price target on shares of Pure Storage to $22.00 and gave the company an outperform rating in a research note on Wednesday, November 29th. Robert W. Baird restated a hold rating and set a $20.00 price target on shares of Pure Storage in a research note on Wednesday, November 29th. Finally, Maxim Group restated a hold rating and set a $20.00 price target (up previously from $15.00) on shares of Pure Storage in a research note on Wednesday, November 29th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of Buy and an average price target of $18.70.
Pure Storage (NYSE PSTG) traded up $0.06 during midday trading on Wednesday, reaching $17.87. 1,979,783 shares of the company’s stock traded hands, compared to its average volume of 1,675,674. Pure Storage has a twelve month low of $9.12 and a twelve month high of $19.27.
Pure Storage (NYSE:PSTG) last posted its quarterly earnings results on Tuesday, November 28th. The technology company reported ($0.01) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.03) by $0.02. Pure Storage had a negative net margin of 22.86% and a negative return on equity of 44.96%. The business had revenue of $277.70 million during the quarter, compared to analyst estimates of $272.07 million. During the same period in the prior year, the business posted ($0.10) earnings per share. The company’s revenue was up 41.0% on a year-over-year basis. equities research analysts anticipate that Pure Storage will post -0.93 EPS for the current year.
In other news, major shareholder Stefan A. Dyckerhoff sold 25,407 shares of the firm’s stock in a transaction dated Thursday, December 7th. The shares were sold at an average price of $17.05, for a total value of $433,189.35. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, President David Hatfield sold 130,000 shares of the firm’s stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $18.05, for a total transaction of $2,346,500.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 552,362 shares of company stock worth $9,517,585. Insiders own 46.58% of the company’s stock.
Several large investors have recently bought and sold shares of PSTG. Voya Investment Management LLC increased its holdings in shares of Pure Storage by 64.7% in the 2nd quarter. Voya Investment Management LLC now owns 43,164 shares of the technology company’s stock valued at $553,000 after acquiring an additional 16,955 shares during the period. Vanguard Group Inc. raised its position 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 acquiring an additional 1,489,008 shares in the last quarter. AXA raised its position in shares of Pure Storage by 9.4% in the 3rd quarter. AXA now owns 346,700 shares of the technology company’s stock worth $5,544,000 after acquiring an additional 29,700 shares in the last quarter. BARING ASSET MANAGEMENT Ltd bought a new position in shares of Pure Storage in the 3rd quarter worth about $252,000. Finally, Legal & General Group Plc raised its position in shares of Pure Storage by 42.7% in the 2nd quarter. Legal & General Group Plc now owns 23,623 shares of the technology company’s stock worth $303,000 after acquiring an additional 7,068 shares in the last quarter. 37.50% of the stock is currently owned by hedge funds and other institutional investors.
About Pure Storage
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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