Pure Storage (PSTG) Given a $21.00 Price Target at Lake Street Capital
Lake Street Capital set a $21.00 price objective on Pure Storage (NYSE:PSTG) in a research report released on Wednesday morning. The brokerage currently has a buy rating on the technology company’s stock. The analysts noted that the move was a valuation call.
Other analysts have also recently issued reports about the company. Summit Redstone raised Pure Storage from a hold rating to a buy rating in a research report on Friday, August 25th. UBS reissued a buy rating and issued a $18.00 price target (up from $15.00) on shares of Pure Storage in a research report on Monday, September 25th. BTIG Research boosted their price target on Pure Storage from $14.00 to $20.00 and gave the stock a buy rating in a research report on Thursday, October 19th. KeyCorp reissued a buy rating on shares of Pure Storage in a research report on Wednesday, November 1st. Finally, Morgan Stanley reissued an equal weight rating and issued a $15.00 price target (up from $13.00) on shares of Pure Storage in a research report on Friday, August 25th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. Pure Storage currently has a consensus rating of Buy and a consensus price target of $18.57.
Shares of Pure Storage (NYSE:PSTG) opened at $16.97 on Wednesday. Pure Storage has a 12-month low of $9.12 and a 12-month high of $19.27.
Pure Storage (NYSE:PSTG) last posted its quarterly earnings data on Tuesday, November 28th. The technology company reported ($0.01) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.03) by $0.02. The business had revenue of $277.70 million for the quarter, compared to analysts’ expectations of $272.07 million. Pure Storage had a negative return on equity of 44.86% and a negative net margin of 22.86%. The business’s revenue was up 41.0% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.10) EPS. equities analysts forecast that Pure Storage will post -0.97 EPS for the current year.
In related news, CFO Timothy Riitters sold 5,000 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the chief financial officer now directly owns 282,200 shares in the company, valued at approximately $4,108,832. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, President David Hatfield sold 40,000 shares of the business’s stock in a transaction that occurred 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 owns 225,190 shares of the company’s stock, valued at $3,603,040. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 317,028 shares of company stock valued at $5,304,635. 46.58% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in Pure Storage by 26.7% during the 2nd quarter. Vanguard Group Inc. now owns 7,059,059 shares of the technology company’s stock valued at $90,427,000 after buying an additional 1,489,008 shares during the last quarter. Renaissance Technologies LLC raised its stake in Pure Storage by 91.7% during the 2nd quarter. Renaissance Technologies LLC now owns 2,461,000 shares of the technology company’s stock valued at $31,525,000 after buying an additional 1,177,000 shares during the last quarter. UBS Oconnor LLC purchased a new stake in Pure Storage during the 2nd quarter valued at $13,130,000. AO Asset Management LLC purchased a new stake in Pure Storage during the 2nd quarter valued at $12,170,000. Finally, BlackRock Inc. raised its stake in Pure Storage by 6.3% during the 2nd quarter. BlackRock Inc. now owns 14,513,166 shares of the technology company’s stock valued at $185,913,000 after buying an additional 863,990 shares during the last quarter. Institutional investors own 38.46% of the company’s stock.
ILLEGAL ACTIVITY WARNING: “Pure Storage (PSTG) Given a $21.00 Price Target at Lake Street Capital” was published by Watch List News and is owned by of Watch List News. If you are viewing this piece on another website, it was copied illegally and republished in violation of United States and international trademark & copyright law. The original version of this piece can be accessed at https://www.watchlistnews.com/pure-storage-pstg-given-a-21-00-price-target-at-lake-street-capital/1740608.html.
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.
Receive News & Ratings for Pure Storage Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pure Storage Inc and related companies with Analyst Ratings Network's FREE daily email newsletter.