Oppenheimer Holdings, Inc. Reiterates “Outperform” Rating for Pure Storage, Inc. (PSTG)
Pure Storage, Inc. (NYSE:PSTG)‘s stock had its “outperform” rating restated by stock analysts at Oppenheimer Holdings, Inc. in a research note issued to investors on Wednesday. They presently have a $17.00 price objective on the stock. Oppenheimer Holdings, Inc.’s price target would indicate a potential upside of 47.44% from the company’s previous close.
Several other equities analysts have also recently commented on the company. Vetr cut Pure Storage from a “buy” rating to a “hold” rating and set a $14.72 price target for the company. in a report on Tuesday, October 4th. Zacks Investment Research cut Pure Storage from a “buy” rating to a “hold” rating in a report on Tuesday, January 3rd. Barclays PLC reaffirmed an “equal weight” rating on shares of Pure Storage in a report on Tuesday, November 8th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $20.00 price target on shares of Pure Storage in a report on Monday, November 28th. Finally, BMO Capital Markets raised Pure Storage from a “market perform” rating to an “outperform” rating and set a $14.00 price target for the company in a report on Thursday, January 5th. Nine research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $16.44.
Pure Storage (NYSE:PSTG) opened at 11.53 on Wednesday. Pure Storage has a 12 month low of $9.62 and a 12 month high of $16.40. The firm’s 50-day moving average price is $12.23 and its 200-day moving average price is $12.59. The firm’s market cap is $2.30 billion.
Pure Storage (NYSE:PSTG) last posted its quarterly earnings results on Wednesday, November 30th. The company reported ($0.10) EPS for the quarter, beating the consensus estimate of ($0.15) by $0.05. The firm earned $197 million during the quarter, compared to analysts’ expectations of $192.36 million. Pure Storage had a negative return on equity of 41.13% and a negative net margin of 37.84%. The company’s revenue for the quarter was up 49.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.18) EPS. Equities research analysts predict that Pure Storage will post ($0.56) earnings per share for the current year.
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In other Pure Storage news, CFO Timothy Riitters sold 5,000 shares of the stock in a transaction on Thursday, December 15th. The stock was sold at an average price of $11.94, for a total value of $59,700.00. Following the transaction, the chief financial officer now directly owns 26,769 shares in the company, valued at approximately $319,621.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Michelangelo Volpi sold 251,000 shares of the stock in a transaction on Friday, January 6th. The shares were sold at an average price of $12.03, for a total value of $3,019,530.00. The disclosure for this sale can be found here. 46.58% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in PSTG. Raymond James & Associates purchased a new position in shares of Pure Storage during the second quarter worth approximately $133,000. State Board of Administration of Florida Retirement System purchased a new position in shares of Pure Storage during the second quarter worth approximately $140,000. Royal Bank of Canada raised its position in shares of Pure Storage by 5,486.4% in the second quarter. Royal Bank of Canada now owns 13,966 shares of the company’s stock worth $152,000 after buying an additional 13,716 shares during the last quarter. UBS Asset Management Americas Inc. purchased a new position in shares of Pure Storage during the second quarter worth approximately $195,000. Finally, Barclays PLC raised its position in shares of Pure Storage by 26.9% in the second quarter. Barclays PLC now owns 18,150 shares of the company’s stock worth $198,000 after buying an additional 3,850 shares during the last quarter. Hedge funds and other institutional investors own 49.09% of the company’s stock.
About Pure Storage
Pure Storage, Inc provides an enterprise data storage platform. The Company’s storage platform consists of approximately three integrated components, including the Purity Operating Environment, which is its flash-optimized software; FlashArray, which is its modular and scalable all-flash array hardware, and Pure1, which is its cloud-based management and support.
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