Pure Storage, Inc. (NYSE:PSTG) Downgraded by Maxim Group
Pure Storage, Inc. (NYSE:PSTG) was downgraded by equities researchers at Maxim Group from a “buy” rating to a “hold” rating in a note issued to investors on Monday, MarketBeat Ratings reports. They currently have a $15.00 price objective on the technology company’s stock, down from their prior price objective of $20.00. Maxim Group’s price target points to a potential upside of 18.39% from the company’s previous close.
A number of other research firms have also recently commented on PSTG. BidaskClub raised shares of Pure Storage from a “hold” rating to a “buy” rating in a research report on Wednesday, July 19th. Pacific Crest reaffirmed an “overweight” rating and issued a $17.00 target price on shares of Pure Storage in a research report on Friday, June 16th. Wells Fargo & Company reaffirmed a “market perform” rating on shares of Pure Storage in a research report on Friday, June 16th. ValuEngine raised shares of Pure Storage from a “sell” rating to a “hold” rating in a research report on Friday, June 16th. Finally, Vetr raised shares of Pure Storage from a “buy” rating to a “strong-buy” rating and set a $15.00 target price on the stock in a research report on Tuesday, May 30th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $15.39.
Shares of Pure Storage (PSTG) opened at 12.67 on Monday. The stock’s market capitalization is $2.64 billion. The firm’s 50-day moving average is $12.98 and its 200-day moving average is $11.65. Pure Storage has a one year low of $9.12 and a one year high of $15.14.
Pure Storage (NYSE:PSTG) last posted its earnings results on Wednesday, May 24th. The technology company reported ($0.14) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.22) by $0.08. Pure Storage had a negative net margin of 31.62% and a negative return on equity of 44.04%. The company had revenue of $182.60 million for the quarter, compared to analysts’ expectations of $176.13 million. During the same quarter in the prior year, the company posted ($0.22) earnings per share. Pure Storage’s revenue for the quarter was up 30.5% compared to the same quarter last year. On average, analysts expect that Pure Storage will post ($0.27) earnings per share for the current fiscal year.
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In related news, CFO Timothy Riitters sold 10,248 shares of the company’s stock in a transaction that occurred on Thursday, July 6th. The shares were sold at an average price of $12.81, for a total transaction of $131,276.88. Following the sale, the chief financial officer now directly owns 227,200 shares in the company, valued at $2,910,432. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Michelangelo Volpi sold 1,425,000 shares of the company’s stock in a transaction that occurred on Friday, June 16th. The stock was sold at an average price of $13.15, for a total transaction of $18,738,750.00. The disclosure for this sale can be found here. Insiders have sold 2,312,246 shares of company stock worth $30,410,081 over the last 90 days. Insiders own 41.47% of the company’s stock.
A number of institutional investors have recently made changes to their positions in PSTG. First Trust Advisors LP acquired a new position in shares of Pure Storage during the first quarter worth about $135,000. Point72 Asia Hong Kong Ltd increased its position in shares of Pure Storage by 34.7% in the first quarter. Point72 Asia Hong Kong Ltd now owns 13,815 shares of the technology company’s stock worth $136,000 after buying an additional 3,557 shares during the period. BNP Paribas Arbitrage SA increased its position in shares of Pure Storage by 641.5% in the second quarter. BNP Paribas Arbitrage SA now owns 11,649 shares of the technology company’s stock worth $149,000 after buying an additional 10,078 shares during the period. American National Insurance Co. TX acquired a new position in shares of Pure Storage during the first quarter worth about $150,000. Finally, Amalgamated Bank acquired a new position in shares of Pure Storage during the second quarter worth about $151,000. 34.86% of the stock is 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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