Pure Storage (NYSE:PSTG) had its target price raised by Stifel Nicolaus from $16.00 to $18.00 in a report released on Wednesday morning, BenzingaRatingsTable reports. Stifel Nicolaus currently has a hold rating on the technology company’s stock.

A number of other research analysts have also recently issued reports on the stock. KeyCorp reduced their price objective on shares of Pure Storage from $25.00 to $22.00 and set an overweight rating for the company in a report on Thursday, August 22nd. Lake Street Capital set a $19.00 price objective on shares of Pure Storage and gave the company a buy rating in a report on Thursday, August 22nd. Zacks Investment Research upgraded shares of Pure Storage from a hold rating to a buy rating and set a $17.00 price objective for the company in a report on Tuesday, August 27th. Maxim Group upgraded shares of Pure Storage from a hold rating to a buy rating and lifted their price objective for the company from $18.00 to $20.00 in a report on Thursday, August 22nd. Finally, Cowen reiterated an outperform rating and set a $23.00 price objective (down from $28.00) on shares of Pure Storage in a report on Thursday, August 22nd. Six research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. The stock currently has an average rating of Buy and an average price target of $20.67.

Shares of NYSE PSTG opened at $17.39 on Wednesday. The company has a 50-day moving average price of $15.39 and a 200-day moving average price of $18.00. Pure Storage has a 1 year low of $12.68 and a 1 year high of $27.59. The company has a current ratio of 3.21, a quick ratio of 3.14 and a debt-to-equity ratio of 0.76.

Pure Storage (NYSE:PSTG) last issued its quarterly earnings data on Wednesday, August 21st. The technology company reported ($0.23) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.05. The firm had revenue of $396.30 million during the quarter, compared to analysts’ expectations of $392.34 million. Pure Storage had a negative net margin of 14.51% and a negative return on equity of 25.22%. The business’s revenue was up 28.3% on a year-over-year basis. During the same period last year, the company earned $0.01 earnings per share. On average, research analysts anticipate that Pure Storage will post -0.7 EPS for the current fiscal year.

In related news, CFO Timothy Riitters sold 10,420 shares of the firm’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $17.79, for a total transaction of $185,371.80. Insiders have sold 31,260 shares of company stock worth $512,247 over the last three months. 10.00% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in PSTG. Dimensional Fund Advisors LP lifted its position in shares of Pure Storage by 33.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 446,035 shares of the technology company’s stock valued at $7,172,000 after purchasing an additional 112,438 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Pure Storage by 2.5% during the fourth quarter. Geode Capital Management LLC now owns 1,556,348 shares of the technology company’s stock valued at $25,026,000 after purchasing an additional 37,773 shares in the last quarter. Comerica Bank lifted its position in shares of Pure Storage by 29.7% during the first quarter. Comerica Bank now owns 50,209 shares of the technology company’s stock valued at $1,169,000 after purchasing an additional 11,486 shares in the last quarter. State Board of Administration of Florida Retirement System lifted its position in shares of Pure Storage by 2.0% during the first quarter. State Board of Administration of Florida Retirement System now owns 176,906 shares of the technology company’s stock valued at $3,855,000 after purchasing an additional 3,550 shares in the last quarter. Finally, Raymond James & Associates lifted its position in shares of Pure Storage by 73.2% during the first quarter. Raymond James & Associates now owns 140,712 shares of the technology company’s stock valued at $3,066,000 after purchasing an additional 59,476 shares in the last quarter. 77.26% of the stock is currently owned by institutional investors.

Pure Storage Company Profile

Pure Storage, Inc engages in building a data platform that enables businesses to enhance performance and reduce complexity and costs worldwide. The company delivers its data platform through Purity Operating Environment, an optimized software for solid-state memory that offers enterprise-class storage and protocol services; FlashArray and FlashBlade optimized hardware products for solid-state memory to enhance the performance and density of flash, optimize its advanced software services, and reduce solution cost for customers; Pure1, a cloud-based management and support software; and FlashStack and Artificial Intelligence Ready Infrastructure converged infrastructure solutions.

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Analyst Recommendations for Pure Storage (NYSE:PSTG)

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