Pure Storage, Inc. (PSTG) Given “Ourperform” Rating at William Blair
Several other equities analysts have also commented on the company. Morgan Stanley lowered Pure Storage from an overweight rating to an equal weight rating and dropped their target price for the company from $17.00 to $12.00 in a report on Thursday, May 18th. BidaskClub raised Pure Storage from a hold rating to a buy rating in a report on Wednesday, July 19th. Goldman Sachs Group, Inc. (The) reissued a neutral rating and issued a $14.00 target price on shares of Pure Storage in a report on Thursday, May 25th. Vetr raised Pure Storage from a buy rating to a strong-buy rating and set a $15.00 target price on the stock in a report on Tuesday, May 30th. Finally, ValuEngine raised Pure Storage from a sell rating to a hold rating in a report on Friday, June 16th. Eleven research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company’s stock. Pure Storage currently has an average rating of Buy and a consensus price target of $15.61.
Shares of Pure Storage (NYSE:PSTG) opened at 14.25 on Friday. The stock’s market capitalization is $2.98 billion. Pure Storage has a 52 week low of $9.12 and a 52 week high of $15.14. The company has a 50-day moving average price of $12.94 and a 200 day moving average price of $11.75.
Pure Storage (NYSE:PSTG) last posted its 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 for the quarter, compared to analyst estimates of $217.97 million. Pure Storage had a negative return on equity of 45.43% and a negative net margin of 29.55%. Pure Storage’s revenue for the quarter was up 37.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.16) earnings per share. Equities analysts forecast that Pure Storage will post ($0.22) EPS for the current fiscal year.
In related news, Director Michelangelo Volpi sold 1,425,000 shares of the firm’s stock in a transaction dated Friday, June 16th. The stock was sold at an average price of $13.15, for a total transaction of $18,738,750.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Timothy Riitters sold 10,248 shares of the firm’s stock in a transaction dated Thursday, July 6th. The stock was sold at an average price of $12.81, for a total value of $131,276.88. Following the transaction, the chief financial officer now directly owns 227,200 shares in the company, valued at approximately $2,910,432. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,312,246 shares of company stock worth $30,410,081. Corporate insiders own 41.47% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in PSTG. Ameritas Investment Partners Inc. increased its stake in shares of 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 during the last quarter. BNP Paribas Arbitrage SA increased its stake 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 last quarter. Amalgamated Bank purchased a new stake in shares of Pure Storage during the second quarter worth approximately $151,000. Principal Financial Group Inc. purchased a new stake in shares of Pure Storage during the second quarter worth approximately $166,000. Finally, First Trust Advisors LP purchased a new stake in shares of Pure Storage during the first quarter worth approximately $135,000. 35.77% of the stock is currently owned by hedge funds and other institutional investors.
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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