Pure Storage, Inc. (PSTG) Price Target Raised to $20.00
Pure Storage, Inc. (NYSE:PSTG) had its price target raised by stock analysts at BTIG Research from $14.00 to $20.00 in a report issued on Thursday. The brokerage currently has a “buy” rating on the technology company’s stock. BTIG Research’s price objective would suggest a potential upside of 22.03% from the stock’s previous close.
PSTG has been the subject of several other reports. Summit Redstone raised Pure Storage from a “hold” rating to a “buy” rating in a research note on Friday, August 25th. BidaskClub raised Pure Storage from a “sell” rating to a “hold” rating in a research note on Tuesday. KeyCorp increased their price objective on Pure Storage from $17.00 to $18.00 and gave the stock an “overweight” rating in a research note on Friday, August 25th. Robert W. Baird set a $14.00 price objective on Pure Storage and gave the stock a “hold” rating in a research note on Monday, August 14th. Finally, Morgan Stanley reissued an “equal weight” rating and issued a $15.00 price objective (up from $13.00) on shares of Pure Storage in a research note on Friday, August 25th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $16.36.
Pure Storage (NYSE PSTG) traded up 0.702% on Thursday, reaching $16.505. The company’s stock had a trading volume of 1,247,231 shares. The firm’s 50-day moving average price is $15.37 and its 200 day moving average price is $12.98. The company’s market cap is $3.49 billion. Pure Storage has a 52-week low of $9.12 and a 52-week high of $16.57.
Pure Storage (NYSE:PSTG) last issued its quarterly earnings data on Thursday, August 24th. The technology company reported ($0.11) EPS for the quarter, topping the consensus estimate of ($0.31) by $0.20. The firm had revenue of $224.50 million during the quarter, compared to the consensus estimate of $217.97 million. Pure Storage had a negative return on equity of 46.12% and a negative net margin of 29.55%. The company’s quarterly revenue was up 37.6% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.16) earnings per share. Equities analysts anticipate that Pure Storage will post ($0.22) EPS for the current fiscal year.
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In other Pure Storage news, President David Hatfield sold 40,000 shares of the stock in a transaction on Wednesday, September 27th. The stock was sold at an average price of $16.00, for a total transaction of $640,000.00. Following the completion of the transaction, the president now directly owns 225,190 shares of the company’s stock, valued at $3,603,040. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Timothy Riitters sold 5,000 shares of the stock in a transaction on Friday, September 8th. The shares were sold at an average price of $14.56, for a total value of $72,800.00. Following the transaction, the chief financial officer now directly owns 282,200 shares of the company’s stock, valued at $4,108,832. The disclosure for this sale can be found here. Over the last three months, insiders have sold 172,028 shares of company stock valued at $2,628,735. 46.58% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in PSTG. Ameritas Investment Partners Inc. grew its holdings in Pure Storage by 38.8% during the second quarter. Ameritas Investment Partners Inc. now owns 8,171 shares of the technology company’s stock valued at $105,000 after purchasing an additional 2,284 shares during the period. First Trust Advisors LP bought a new position in Pure Storage during the first quarter valued at $135,000. Point72 Asia Hong Kong Ltd grew its holdings in Pure Storage by 34.7% during the first quarter. Point72 Asia Hong Kong Ltd now owns 13,815 shares of the technology company’s stock valued at $136,000 after purchasing an additional 3,557 shares during the period. BNP Paribas Arbitrage SA grew its holdings in Pure Storage by 641.5% during the second quarter. BNP Paribas Arbitrage SA now owns 11,649 shares of the technology company’s stock valued at $149,000 after purchasing an additional 10,078 shares during the period. Finally, Amalgamated Bank bought a new position in Pure Storage during the second quarter valued at $151,000. 35.30% of the stock is owned by institutional investors and hedge funds.
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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