Pure Storage, Inc. (NYSE:PSTG) has earned a consensus recommendation of “Buy” from the twenty-seven analysts that are presently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $16.58.
Several equities research analysts recently issued reports on the stock. KeyCorp reissued a “buy” rating on shares of Pure Storage in a report on Wednesday, November 1st. BTIG Research increased their target price on shares of Pure Storage from $14.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, October 19th. BidaskClub raised shares of Pure Storage from a “sell” rating to a “hold” rating in a report on Tuesday, October 17th. JMP Securities increased their target price on shares of Pure Storage from $16.00 to $22.00 and gave the stock an “outperform” rating in a report on Friday, October 13th. Finally, Susquehanna Bancshares Inc reaffirmed a “positive” rating and set a $20.00 price objective (up from $18.00) on shares of Pure Storage in a report on Thursday, October 5th.
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In other Pure Storage news, President David Hatfield sold 70,000 shares of the stock in a transaction on Wednesday, October 18th. The stock was sold at an average price of $16.35, for a total value of $1,144,500.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Timothy Riitters sold 5,000 shares of the stock in a transaction on Friday, September 8th. The stock was sold at an average price of $14.56, for a total value of $72,800.00. Following the completion of the sale, the chief financial officer now owns 282,200 shares in the company, valued at approximately $4,108,832. The disclosure for this sale can be found here. In the last quarter, insiders sold 242,028 shares of company stock worth $3,773,235. Insiders own 41.47% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the business. Voya Investment Management LLC increased its stake in shares of Pure Storage by 64.7% during the second quarter. Voya Investment Management LLC now owns 43,164 shares of the technology company’s stock valued at $553,000 after buying an additional 16,955 shares during the period. Renaissance Technologies LLC increased its stake in shares of Pure Storage by 480.2% during the first quarter. Renaissance Technologies LLC now owns 1,284,000 shares of the technology company’s stock valued at $12,622,000 after buying an additional 1,062,700 shares during the period. Vanguard Group Inc. increased its stake in shares of Pure Storage by 26.7% during the second 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 period. Legal & General Group Plc increased its stake in shares of Pure Storage by 42.7% during the second quarter. Legal & General Group Plc now owns 23,623 shares of the technology company’s stock valued at $303,000 after buying an additional 7,068 shares during the period. Finally, Marcus Capital LLC increased its stake in shares of Pure Storage by 57.6% during the second quarter. Marcus Capital LLC now owns 231,500 shares of the technology company’s stock valued at $2,966,000 after buying an additional 84,600 shares during the period. Institutional investors and hedge funds own 35.17% of the company’s stock.
Pure Storage (NYSE PSTG) traded up $0.25 during trading on Monday, reaching $16.83. 1,974,600 shares of the company traded hands, compared to its average volume of 1,131,026. Pure Storage has a one year low of $9.12 and a one year high of $16.87.
Pure Storage (NYSE:PSTG) last released its earnings results on Thursday, August 24th. The technology company reported ($0.11) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.31) by $0.20. The company had revenue of $224.50 million during the quarter, compared to analyst estimates of $217.97 million. Pure Storage had a negative net margin of 29.55% and a negative return on equity of 46.12%. The firm’s quarterly revenue was up 37.6% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.16) EPS. analysts predict that Pure Storage will post -0.97 earnings per share for the current fiscal year.
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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