Equities researchers at Credit Suisse Group began coverage on shares of Pure Storage (NYSE:PSTG) in a report issued on Thursday, The Fly reports. The brokerage set a “neutral” rating on the technology company’s stock.

PSTG has been the topic of a number of other reports. Maxim Group reissued a “hold” rating and issued a $21.00 price objective on shares of Pure Storage in a research report on Friday, March 1st. Raymond James lowered shares of Pure Storage from an “outperform” rating to a “market perform” rating and set a $18.81 target price on the stock. in a research report on Wednesday, February 20th. Cowen raised shares of Pure Storage from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $20.00 to $30.00 in a research report on Monday. Oppenheimer set a $26.00 target price on shares of Pure Storage and gave the stock a “buy” rating in a research report on Tuesday, March 19th. Finally, ValuEngine raised shares of Pure Storage from a “hold” rating to a “buy” rating in a research report on Monday, April 1st. Seven research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $26.27.

Pure Storage stock opened at $23.29 on Thursday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 3.25 and a current ratio of 3.34. Pure Storage has a 1-year low of $13.99 and a 1-year high of $29.14. The stock has a market capitalization of $5.63 billion, a P/E ratio of -33.27 and a beta of 1.72.

Pure Storage (NYSE:PSTG) last posted its quarterly earnings data on Thursday, February 28th. The technology company reported ($0.08) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.06) by ($0.02). Pure Storage had a negative return on equity of 22.64% and a negative net margin of 13.12%. The firm had revenue of $422.22 million during the quarter, compared to analysts’ expectations of $443.27 million. Sell-side analysts expect that Pure Storage will post -0.53 EPS for the current fiscal year.

In other news, CFO Timothy Riitters sold 5,210 shares of the stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $19.92, for a total transaction of $103,783.20. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Scott Dietzen sold 400,000 shares of the stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $20.46, for a total transaction of $8,184,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 431,260 shares of company stock worth $8,835,771. Corporate insiders own 15.30% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in Pure Storage by 14.4% in the third quarter. Vanguard Group Inc. now owns 15,371,526 shares of the technology company’s stock valued at $398,892,000 after acquiring an additional 1,933,591 shares in the last quarter. Vanguard Group Inc boosted its stake in Pure Storage by 14.4% in the third quarter. Vanguard Group Inc now owns 15,371,526 shares of the technology company’s stock valued at $398,892,000 after acquiring an additional 1,933,591 shares in the last quarter. Deutsche Bank AG boosted its stake in Pure Storage by 32.9% in the fourth quarter. Deutsche Bank AG now owns 6,071,763 shares of the technology company’s stock valued at $97,627,000 after acquiring an additional 1,503,341 shares in the last quarter. Morgan Stanley boosted its stake in Pure Storage by 46.3% in the third quarter. Morgan Stanley now owns 3,629,229 shares of the technology company’s stock valued at $94,179,000 after acquiring an additional 1,148,297 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in Pure Storage by 38.3% in the third quarter. JPMorgan Chase & Co. now owns 2,666,222 shares of the technology company’s stock valued at $69,188,000 after acquiring an additional 738,838 shares in the last quarter. Hedge funds and other institutional investors own 74.78% of the company’s stock.

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, a converged infrastructure solution.

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Analyst Recommendations for Pure Storage (NYSE:PSTG)

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