Pure Storage Inc (NYSE:PSTG) shot up 10.7% during mid-day trading on Wednesday . The stock traded as high as $17.97 and last traded at $17.89. 4,693,655 shares were traded during trading, an increase of 132% from the average session volume of 2,023,700 shares. The stock had previously closed at $16.16.

Several research firms have issued reports on PSTG. Lake Street Capital set a $21.00 price target on shares of Pure Storage and gave the stock a “buy” rating in a research note on Wednesday, November 29th. They noted that the move was a valuation call. Maxim Group reaffirmed a “hold” rating and set a $20.00 price target (up from $15.00) on shares of Pure Storage in a research note on Wednesday, November 29th. UBS Group reaffirmed a “buy” rating and set a $22.00 price target (up from $18.00) on shares of Pure Storage in a research note on Wednesday, November 29th. BMO Capital Markets raised their price target on shares of Pure Storage to $22.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 29th. Finally, Barclays reaffirmed a “hold” rating and set a $19.00 price target on shares of Pure Storage in a research note on Wednesday, November 29th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $18.70.

The company has a market cap of $3,878.23, a PE ratio of -17.81 and a beta of 0.97.

Pure Storage (NYSE:PSTG) last released its earnings results on Tuesday, November 28th. The technology company reported ($0.01) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.03) by $0.02. Pure Storage had a negative net margin of 22.86% and a negative return on equity of 44.96%. The business had revenue of $277.70 million for the quarter, compared to analysts’ expectations of $272.07 million. During the same period last year, the company earned ($0.10) earnings per share. The company’s quarterly revenue was up 41.0% on a year-over-year basis. equities research analysts anticipate that Pure Storage Inc will post -0.93 earnings per share for the current fiscal year.

In related news, President David Hatfield sold 130,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $18.05, for a total value of $2,346,500.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder James N. White sold 95,123 shares of the firm’s stock in a transaction that occurred on Thursday, January 11th. The shares were sold at an average price of $16.62, for a total transaction of $1,580,944.26. The disclosure for this sale can be found here. Insiders sold 552,362 shares of company stock worth $9,517,585 over the last three months. Corporate insiders own 46.58% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of PSTG. Ameritas Investment Partners Inc. raised its holdings in Pure Storage by 38.8% in the second quarter. Ameritas Investment Partners Inc. now owns 8,171 shares of the technology company’s stock valued at $105,000 after buying an additional 2,284 shares during the period. BNP Paribas Arbitrage SA raised its holdings in Pure Storage by 641.5% in the second quarter. BNP Paribas Arbitrage SA now owns 11,649 shares of the technology company’s stock valued at $149,000 after buying an additional 10,078 shares during the period. Amalgamated Bank purchased a new position in Pure Storage in the second quarter valued at approximately $151,000. Principal Financial Group Inc. purchased a new position in Pure Storage in the second quarter valued at approximately $166,000. Finally, Great West Life Assurance Co. Can raised its holdings in Pure Storage by 151.3% in the third quarter. Great West Life Assurance Co. Can now owns 11,310 shares of the technology company’s stock valued at $180,000 after buying an additional 6,810 shares during the period. Hedge funds and other institutional investors own 37.50% 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.

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