Pure Storage (PSTG) Shares Gap Up to $18.78

Pure Storage (NYSE:PSTG)’s share price gapped up before the market opened on Monday . The stock had previously closed at $18.00, but opened at $18.78. Pure Storage shares last traded at $19.48, with a volume of 2167451 shares traded.

Several brokerages recently commented on PSTG. Barclays upped their price target on shares of Pure Storage from $22.00 to $24.00 and gave the stock an “overweight” rating in a research report on Friday, March 2nd. Bank of America upped their price target on shares of Pure Storage from $22.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday, March 2nd. Deutsche Bank began coverage on shares of Pure Storage in a research report on Monday. They set a “buy” rating and a $24.00 price target for the company. Maxim Group reaffirmed a “hold” rating and set a $21.00 price target (up previously from $20.00) on shares of Pure Storage in a research report on Friday, March 2nd. Finally, BTIG Research upped their price target on shares of Pure Storage to $25.00 and gave the stock a “buy” rating in a research report on Friday, March 2nd. One analyst has rated the stock with a sell rating, eight have issued a hold rating and sixteen have given a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $21.72.

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Pure Storage (NYSE:PSTG) last released its quarterly earnings data on Thursday, March 1st. The technology company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.07 by $0.06. Pure Storage had a negative net margin of 17.36% and a negative return on equity of 37.84%. The company had revenue of $338.30 million during the quarter, compared to analyst estimates of $331.80 million. During the same quarter in the prior year, the business earned ($0.02) earnings per share. The business’s quarterly revenue was up 48.4% compared to the same quarter last year. analysts forecast that Pure Storage will post -0.79 EPS for the current year.

In other news, insider John Colgrove sold 8,480 shares of the company’s stock in a transaction on Thursday, April 5th. The shares were sold at an average price of $20.07, for a total value of $170,193.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, President David Hatfield sold 200,000 shares of the company’s stock in a transaction on Monday, March 19th. The shares were sold at an average price of $20.15, for a total transaction of $4,030,000.00. The disclosure for this sale can be found here. Insiders sold 842,243 shares of company stock valued at $16,503,228 in the last three months. Company insiders own 41.47% of the company’s stock.

Several hedge funds have recently made changes to their positions in PSTG. Renaissance Technologies LLC boosted its stake in shares of Pure Storage by 53.1% in the fourth quarter. Renaissance Technologies LLC now owns 5,887,800 shares of the technology company’s stock valued at $93,381,000 after purchasing an additional 2,042,985 shares during the period. Millennium Management LLC boosted its stake in shares of Pure Storage by 442.0% in the fourth quarter. Millennium Management LLC now owns 2,417,888 shares of the technology company’s stock valued at $38,348,000 after purchasing an additional 1,971,785 shares during the period. BlackRock Inc. boosted its stake in shares of Pure Storage by 11.0% in the fourth quarter. BlackRock Inc. now owns 16,162,210 shares of the technology company’s stock valued at $256,332,000 after purchasing an additional 1,598,653 shares during the period. Allianz Asset Management GmbH boosted its stake in shares of Pure Storage by 639.3% in the fourth quarter. Allianz Asset Management GmbH now owns 923,435 shares of the technology company’s stock valued at $14,646,000 after purchasing an additional 798,520 shares during the period. Finally, Trustees of Princeton University purchased a new position in shares of Pure Storage in the fourth quarter valued at $10,850,000. Institutional investors and hedge funds own 45.48% of the company’s stock.

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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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