Pure Storage, Inc. (PSTG) Upgraded at Summit Redstone
Other equities analysts have also issued reports about the stock. BidaskClub lowered shares of Pure Storage from a buy rating to a hold rating in a research note on Saturday, June 10th. Jefferies Group LLC upped their target price on shares of Pure Storage from $10.00 to $11.50 and gave the stock a hold rating in a research note on Thursday, May 25th. BMO Capital Markets reaffirmed a buy rating on shares of Pure Storage in a research note on Wednesday, June 14th. Robert W. Baird set a $14.00 target price on shares of Pure Storage and gave the stock a hold rating in a research note on Monday, August 14th. Finally, Vetr raised shares of Pure Storage from a buy rating to a strong-buy rating and set a $15.00 target price for the company in a research note on Tuesday, May 30th. Eleven analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of Buy and an average price target of $15.61.
Shares of Pure Storage (PSTG) opened at 14.25 on Friday. The firm’s 50-day moving average price is $12.94 and its 200-day moving average price is $11.75. Pure Storage has a 52-week low of $9.12 and a 52-week high of $15.14. The stock’s market capitalization is $2.98 billion.
Pure Storage (NYSE:PSTG) last announced its earnings results on Thursday, August 24th. The technology company reported ($0.11) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.31) by $0.20. The firm had revenue of $224.50 million during the quarter, compared to analyst estimates of $217.97 million. Pure Storage had a negative net margin of 29.55% and a negative return on equity of 45.43%. The company’s revenue for the quarter was up 37.6% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.16) EPS. Equities analysts forecast that Pure Storage will post ($0.22) earnings per share for the current fiscal year.
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In related news, CFO Timothy Riitters sold 5,000 shares of the firm’s stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $13.12, for a total value of $65,600.00. Following the completion of the sale, the chief financial officer now directly owns 245,703 shares in the company, valued at approximately $3,223,623.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michelangelo Volpi sold 19,086 shares of the firm’s stock in a transaction dated Friday, June 9th. The shares were sold at an average price of $13.00, for a total transaction of $248,118.00. The disclosure for this sale can be found here. Insiders sold a total of 2,312,246 shares of company stock valued at $30,410,081 over the last quarter. 41.47% of the stock is currently owned by company insiders.
Large investors have recently modified their holdings of the stock. Norges Bank purchased a new stake in shares of Pure Storage during the fourth quarter valued at about $1,697,000. Bank of Montreal Can purchased a new stake in shares of Pure Storage during the first quarter valued at about $1,894,000. Fox Run Management L.L.C. increased its stake in shares of Pure Storage by 8.2% in the first quarter. Fox Run Management L.L.C. now owns 21,000 shares of the technology company’s stock valued at $206,000 after buying an additional 1,600 shares during the period. Wesbanco Bank Inc. purchased a new stake in shares of Pure Storage during the first quarter valued at about $462,000. Finally, Wells Fargo & Company MN increased its stake in shares of Pure Storage by 0.3% in the first quarter. Wells Fargo & Company MN now owns 57,389 shares of the technology company’s stock valued at $564,000 after buying an additional 150 shares during the period. Institutional investors and hedge funds own 35.77% of the company’s stock.
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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