Shares of Pure Storage Inc (NYSE:PSTG) have earned an average recommendation of “Buy” from the twenty-seven research firms that are currently covering the stock. Eight analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $16.00.
Several research firms recently issued reports on PSTG. Vetr lowered Pure Storage from a “strong-buy” rating to a “buy” rating and set a $13.46 price target on the stock. in a research report on Tuesday, February 14th. Zacks Investment Research raised Pure Storage from a “hold” rating to a “buy” rating and set a $13.00 price target on the stock in a research report on Friday, January 13th. Needham & Company LLC reaffirmed a “buy” rating and issued a $15.00 target price (down from $18.00) on shares of Pure Storage in a research report on Thursday, March 2nd. Oppenheimer Holdings Inc. set a $15.00 target price on Pure Storage and gave the stock a “buy” rating in a research report on Thursday, March 2nd. Finally, CIBC reaffirmed a “buy” rating and issued a $15.00 target price on shares of Pure Storage in a research report on Tuesday, April 4th.
Shares of Pure Storage (NYSE:PSTG) traded down 0.97% during midday trading on Friday, reaching $10.24. 822,657 shares of the company were exchanged. Pure Storage has a 52 week low of $9.12 and a 52 week high of $15.20. The firm has a 50-day moving average of $10.16 and a 200 day moving average of $11.87. The firm’s market capitalization is $2.12 billion.
Pure Storage (NYSE:PSTG) last announced its earnings results on Wednesday, March 1st. The technology company reported ($0.02) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.08) by $0.06. Pure Storage had a negative return on equity of 41.13% and a negative net margin of 37.84%. The company had revenue of $227.90 million for the quarter, compared to analyst estimates of $224.37 million. During the same period in the prior year, the company posted ($0.12) EPS. Pure Storage’s quarterly revenue was up 51.7% on a year-over-year basis. On average, equities research analysts expect that Pure Storage will post ($0.34) EPS for the current year.
In related news, Director Michelangelo Volpi sold 1,356,976 shares of the stock in a transaction dated Wednesday, March 8th. The stock was sold at an average price of $10.41, for a total value of $14,126,120.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Timothy Riitters sold 3,416 shares of the stock in a transaction dated Tuesday, March 21st. The stock was sold at an average price of $10.30, for a total value of $35,184.80. Following the completion of the sale, the chief financial officer now directly owns 15,004 shares of the company’s stock, valued at $154,541.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,318,416 shares of company stock valued at $23,913,989. 46.58% of the stock is currently owned by company insiders.
Several large investors have recently bought and sold shares of the company. Key Square Capital Management LLC purchased a new stake in Pure Storage during the fourth quarter worth $19,162,000. Alyeska Investment Group L.P. increased its stake in Pure Storage by 497.3% in the fourth quarter. Alyeska Investment Group L.P. now owns 1,548,691 shares of the technology company’s stock worth $17,516,000 after buying an additional 1,289,407 shares during the period. State Street Corp increased its stake in Pure Storage by 4.4% in the fourth quarter. State Street Corp now owns 1,129,901 shares of the technology company’s stock worth $12,779,000 after buying an additional 47,633 shares during the period. BlackRock Investment Management LLC increased its stake in Pure Storage by 6.1% in the third quarter. BlackRock Investment Management LLC now owns 779,412 shares of the technology company’s stock worth $10,561,000 after buying an additional 44,839 shares during the period. Finally, Two Sigma Investments LP increased its stake in Pure Storage by 102.1% in the fourth quarter. Two Sigma Investments LP now owns 533,112 shares of the technology company’s stock worth $6,029,000 after buying an additional 269,312 shares during the period. 49.00% of the stock is owned by institutional investors.
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About Pure Storage
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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