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.

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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.

Analyst Recommendations for Pure Storage (NYSE:PSTG)

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