BidaskClub downgraded shares of Pure Storage, Inc. (NYSE:PSTG) from a hold rating to a sell rating in a report issued on Wednesday.
A number of other brokerages also recently weighed in on PSTG. ValuEngine raised shares of Pure Storage from a sell rating to a hold rating in a research note on Saturday, August 26th. Jefferies Group LLC reissued a hold rating and set a $13.50 target price on shares of Pure Storage in a research note on Friday, August 25th. Maxim Group reissued a hold rating and set a $15.00 target price on shares of Pure Storage in a research note on Friday, August 25th. Pacific Crest reissued an overweight rating and set a $17.00 target price on shares of Pure Storage in a research note on Friday, June 16th. Finally, Wells Fargo & Company restated a market perform rating on shares of Pure Storage in a report on Friday, June 16th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of Buy and an average target price of $15.61.
Shares of Pure Storage (PSTG) traded down 0.450% during trading on Wednesday, hitting $14.385. 592,293 shares of the stock traded hands. Pure Storage has a 1-year low of $9.12 and a 1-year high of $15.14. The firm’s market capitalization is $3.04 billion. The firm has a 50-day moving average of $13.34 and a 200-day moving average of $11.99.
Pure Storage (NYSE:PSTG) last announced its earnings results on Thursday, August 24th. The technology company reported ($0.11) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.20. Pure Storage had a negative net margin of 29.55% and a negative return on equity of 46.12%. The business had revenue of $224.50 million during the quarter, compared to the consensus estimate of $217.97 million. During the same quarter last year, the firm earned ($0.16) earnings per share. Pure Storage’s quarterly revenue was up 37.6% on a year-over-year basis. On average, equities analysts forecast that Pure Storage will post ($0.21) earnings per share for the current year.
In related news, Director Michelangelo Volpi sold 390,957 shares of the firm’s stock in a transaction dated Tuesday, June 20th. The shares were sold at an average price of $13.33, for a total transaction of $5,211,456.81. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Timothy Riitters sold 8,255 shares of the firm’s stock in a transaction dated Thursday, June 22nd. The shares were sold at an average price of $13.14, for a total transaction of $108,470.70. Following the transaction, the chief financial officer now directly owns 242,448 shares in the company, valued at $3,185,766.72. The disclosure for this sale can be found here. Insiders have sold 2,348,160 shares of company stock valued at $30,984,263 over the last quarter. Corporate insiders own 46.58% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in PSTG. Ameritas Investment Partners Inc. lifted its position in shares of Pure Storage by 38.8% during the second quarter. Ameritas Investment Partners Inc. now owns 8,171 shares of the technology company’s stock valued at $105,000 after purchasing an additional 2,284 shares in the last quarter. First Trust Advisors LP bought a new position in shares of Pure Storage during the first quarter valued at about $135,000. Point72 Asia Hong Kong Ltd lifted its position in shares of Pure Storage by 34.7% during the first quarter. Point72 Asia Hong Kong Ltd now owns 13,815 shares of the technology company’s stock valued at $136,000 after purchasing an additional 3,557 shares in the last quarter. BNP Paribas Arbitrage SA lifted its position in shares of Pure Storage by 641.5% during the second quarter. BNP Paribas Arbitrage SA now owns 11,649 shares of the technology company’s stock valued at $149,000 after purchasing an additional 10,078 shares in the last quarter. Finally, Amalgamated Bank bought a new position in shares of Pure Storage during the second quarter valued at about $151,000. 35.77% of the stock is currently owned by institutional investors.
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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